Flare Network Explained
First, let me tell you what the Flare Network is. It is a new blockchain network researching the future of blockchain technology. It makes it possible to use XRP tokens with smart contracts. Spark Token is Flare's native token.
More about the Flare Network
It is a distributed network integrating the Ethereum Virtual Machine (EVM). At its core, EVM transfers smart contracts into instructions that computers can read, allowing the network to run complete Turing intelligent contracts.
Being fully Turing means that this contract can handle any computational task if there is a large enough memory to run the smart contract. In short, Flare helps to be a way to scale intelligent contract networks.
It uses a consensus protocol called Avalanche, adapted to work with the Federated Byzantine Agreement (FBA). FBA is a consensus mechanism used by networks such as XRPL and Stellar.
Flare's consensus algorithm does not use economic tools such as Proof of Stake (PoS) to protect the network’s security.
The new blockchain network allows the network token to have different uses. The originators of Flare said that this design choice brings variety to the token without compromising security.
With the new announcement from Flare’s team, the protocol is getting closer to decentralised management.
The date of transition to airdrop and beta mode was set as 24 October. The group released an official announcement stating that the protocol is moving to decentralised management. The network will run in beta mode for the next six to nine months.
Most of the processes needed to create the Flare Network have been done. According to the Flare team, it is now in the monitoring phase and has passed several previous phases without any flaws or problems.
The Flare Network size
Do you want to know how extensive it will be?
It will create 100 billion Spark tokens, reflecting the quantity of XRP. Around 45 billion XRP tokens don’t belong to Ripple labs. The distribution aims for XRP holders to claim around a 1:1 amount of Spark to their XRP holding other than Ripple.
How does the Spark token (FLR) work?
Spark token (FLR) is the cryptocurrency of the Flare Network. It is a project implemented with a usage fork in the XRP network. Spark tokens continue to operate as the cryptocurrency of the Flare Network ecosystem.
It is stated that this platform is a system that works to make the XRP ecosystem better. As it is known, smart contracts are a service offered to users on the leading altcoin Ethereum (ETH) network.
Thanks to smart contracts, new crypto-money projects are allowed to step into the market. It is possible to attribute the value of ETH to this service.
How to buy Spark token (FLR)?
To invest in the Flare Network or buy Spark Token, you could simply buy a Flare token. To learn more about that, you can visit CoinMarketCap and research where you can buy the Flare token.
It is very difficult to follow the movements of Spark token (FLR) in the market from existing web resources. According to the data on the team's website, this cryptocurrency works with many exchanges.
However, the information on which platforms the FLR tokens are listed on or where they are traded is not included. It is possible to buy this cryptocurrency through the Flare Network.
The Flare Network has already been met with optimization from the crypto community because it’s the system mechanism. A promising future awaits it in the cryptocurrency and blockchain community.
Author: Fatma Mohamed
Fatma Mohamed is a freelancer translator, proofreader and content writer. She has studied oriental languages and literature, worked as a Freelancer translator with nine years of experience & translated many books.