Flare Network, a decentralized blockchain system that uses its own consensus protocol, has initiated one of the largest token distributions in crypto history for Ripple (XRP) holders.
After a nearly two-year-long wait, the world’s largest cryptocurrency exchanges added FLR support over the last few months. In addition to Binance, OKX, and Kraken, millions of eligible users at other well-known platforms such as Bithumb, UpBit, Kucoin, and BitBank participated in the Flare Token Distribution Event (TDE).
The initial distribution process saw the first 15% of FLR tokens given out to existing airdrop recipients. Following this, the remaining 85% of tokens, which are equivalent to 4.279B FLR, will be handed out in 36 monthly installments.
The distribution follows this schedule because the team behind the innovative layer-1 solution wants to provide strong incentives for network participation that brings value and utility.
The Flare Network is a sophisticated blockchain technology that aims to increase the functionality of the Ethereum Virtual Machine (EVM). The project essentially wants to bring DeFi capabilities to other protocols like Ripple and Litecoin.
In addition, the Flare Token adds value to both the network and the currency, providing functionality related to protocol governance, collateralization, and data via an on-chain oracle.
Hugo Philion, CEO & Co-founder of Flare said: “For the blockchain industry to flourish, we need more useful decentralized applications. Flare is tackling this through data, not just prices but transaction details, Web2 events etc, so that developers can build applications that provide more utility to a larger group of users.”
Hugo continues, “Flare’s objective is to enable developers to build applications that securely access more data. This could enable new use cases to be built, such as triggering a Flare smart contract action with a payment made on another chain, or with input from an internet/web2 API. It also facilitates a new way of bridging, specifically to bring non-smart contract tokens to Flare for use in applications like DeFi protocols.”
Flare’s State Connector is a smart contract that allows anyone to query information from outside the Flare network. It does so in a decentralized manner to offer a powerful class of data on the network and enables more cross-chain solutions to be built.
This is accomplished by combining a decentralized set of attestors with a binary forking protocol, which fetch the required information from the world and deliver it to the Flare network. The State Connector smart contract then checks if there is enough consensus among the received answers and publishes the results if so. This means it is invariant in its safety relative to the size of a transaction, which offers a secure system capable of handling large amounts of value.
