Flare 101
Flare 101
Flare is the blockchain for data.
It is a Layer 1 like Ethereum, with added data acquisition functionality. Flare can therefore offer developers decentralized access to high-integrity data from other chains and the internet. This enables the creation of dapps with new use cases and monetization models. It also allows these dapps to serve multiple chains through a single deployment.
Flare is Ethereum Virtual Machine (EVM) based, meaning any applications written in Solidity to run on any other EVM chain can also be used on Flare.
Flare is the blockchain for data.
It is a Layer 1 like Ethereum, with added data acquisition functionality. Flare can therefore offer developers decentralized access to high-integrity data from other chains and the internet. This enables the creation of dapps with new use cases and monetization models. It also allows these dapps to serve multiple chains through a single deployment.
Flare is Ethereum Virtual Machine (EVM) based, meaning any applications written in Solidity to run on any other EVM chain can also be used on Flare.
Flare is the blockchain for data.
It is a Layer 1 like Ethereum, with added data acquisition functionality. Flare can therefore offer developers decentralized access to high-integrity data from other chains and the internet. This enables the creation of dapps with new use cases and monetization models. It also allows these dapps to serve multiple chains through a single deployment.
Flare is Ethereum Virtual Machine (EVM) based, meaning any applications written in Solidity to run on any other EVM chain can also be used on Flare.
The FTSO is a highly-decentralized protocol for safely retrieving external time series data for use on Flare, such as digital asset price pairs. It takes data at predetermined intervals (currently 3 minutes) from an independent network of data providers, which are incentivized to deliver accurate data.
The FTSO system computes an estimate for each time series and makes it available for any user or application to request. This data can be used for any number of use cases, such as asset prices in a decentralized lending protocol.
Approximately 100 independent data providers are incentivized by the network to deliver this information accurately. The rewards that each data provider receives for successful provision of decentralized data are then shared with all token holders that have delegated to them.
The website FlareMetrics.io provides statistics on the performance of all of the network’s data providers.
<h4>The FTSO is a highly-decentralized protocol for safely retrieving external time series data for use on Flare, such as digital asset price pairs. It takes data at predetermined intervals (currently 3 minutes) from an independent network of data providers, which are incentivized to deliver accurate data.</h4>
The FTSO system computes an estimate for each time series and makes it available for any user or application to request. This data can be used for any number of use cases, such as asset prices in a decentralized lending protocol.
Approximately 100 independent data providers are incentivized by the network to deliver this information accurately. The rewards that each data provider receives for successful provision of decentralized data are then shared with all token holders that have delegated to them.
The website FlareMetrics.io provides statistics on the performance of all of the network’s data providers.
<h4>The FTSO is a highly-decentralized protocol for safely retrieving external time series data for use on Flare, such as digital asset price pairs. It takes data at predetermined intervals (currently 3 minutes) from an independent network of data providers, which are incentivized to deliver accurate data.</h4>
The FTSO system computes an estimate for each time series and makes it available for any user or application to request. This data can be used for any number of use cases, such as asset prices in a decentralized lending protocol.
Approximately 100 independent data providers are incentivized by the network to deliver this information accurately. The rewards that each data provider receives for successful provision of decentralized data are then shared with all token holders that have delegated to them.
The website FlareMetrics.io provides statistics on the performance of all of the network’s data providers.
<h4>The FTSO is a highly-decentralized protocol for safely retrieving external time series data for use on Flare, such as digital asset price pairs. It takes data at predetermined intervals (currently 3 minutes) from an independent network of data providers, which are incentivized to deliver accurate data.</h4>
The FTSO system computes an estimate for each time series and makes it available for any user or application to request. This data can be used for any number of use cases, such as asset prices in a decentralized lending protocol.
Approximately 100 independent data providers are incentivized by the network to deliver this information accurately. The rewards that each data provider receives for successful provision of decentralized data are then shared with all token holders that have delegated to them.
The website FlareMetrics.io provides statistics on the performance of all of the network’s data providers.
Delegating to the FTSO
Delegation is the temporary assignment of your FLR or SGB tokens to Flare Time Series Oracle data providers to support the delivery of decentralized data to the network. The tokens can be undelegated at any time, and they are not locked from being used for other purposes.
Token holders receive a share of the rewards earned by the data providers they have delegated to. The more accurate a data provider’s submissions and the larger the number of tokens delegated to them, the more rewards they receive and are able to share with their delegators. This creates a positive feedback loop incentivizing the provision of accurate data, whereby the most successful data providers will attract the most delegations.
Delegating to the FTSO
Delegation is the temporary assignment of your FLR or SGB tokens to Flare Time Series Oracle data providers to support the delivery of decentralized data to the network. The tokens can be undelegated at any time, and they are not locked from being used for other purposes.
Token holders receive a share of the rewards earned by the data providers they have delegated to. The more accurate a data provider’s submissions and the larger the number of tokens delegated to them, the more rewards they receive and are able to share with their delegators. This creates a positive feedback loop incentivizing the provision of accurate data, whereby the most successful data providers will attract the most delegations.
Wrapped FLR
FLR is the native token used for payments and transaction fees. FLR can also be wrapped into an ERC-20 variant, WFLR. WFLR tokens have additional functionality and can be delegated to FTSO data providers or used to participate in network governance. These two uses are not mutually exclusive and do not prevent the tokens from being used in other EVM-compatible dapps and smart contracts on Flare.
Tokens can be wrapped natively in Bifrost Wallet, or by connecting to the Flare Portal when using a different hardware or software wallet.
Autoclaiming
Both the FlareDrops and FTSO Delegation Rewards can be automatically claimed and wrapped to maximize compounding. This feature will also be available on Songbird in the near future.
Songbird
Songbird is the canary network for Flare. It is an operational blockchain with a defined token supply that allows new features or applications to be tested under production conditions before they are deployed on the main network. This is in contrast to a testnet which generally has an unlimited token supply.
Ecosystem
Flare.Builders is a third party catalogue of the different projects being built on the Flare and Songbird networks.
Governance
Governance on Flare originates from two primary sources. First, the Flare Foundation can submit governance proposals for the Flare mainnet and Songbird canary network, which FLR and SGB token holders can vote upon. Second, future developments will implement a bicameral system where SGB token holders can submit and vote upon governance proposals for the Songbird network with the intention of them being advanced as Flare Improvement Proposals if they are successful.
Proposals are visible in the Proposals Repository and when active can be voted on using the Flare Portal.