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Flare Network is the world’s first blockchain with full Turing , Federal Byzantine Convention (FBA) . Flare brings the power of smart contracts to complete non-Turing blockchain networks that currently lack this functionality (e.g., … XRP Ledger), in a scalable, efficient and cost-effective way. Flare’s own digital asset is called Spark (FLR) and is not used to secure the network, which allows it to be used in applications throughout the network. FLR has several use cases, including acting as collateral to support the minting of F-assets, the payment of gas fees, and the promotion of oracle decentralization on the network through smart contract shells.
The ability to enter an FLR into a smart contract with detachable voting rights allows FLR holders to participate in Flare Time Series Oracle (FTSO) , which also functions as an inflation mechanism for the Flare Network. This provides FLR owners with a risk-free income, as the process of delegating votes is not related to storage, as the FTSO rewards FLR holders for providing accurate pricing data. In addition, the FTSO will be responsible for aggregating data offline on the Flare network in a decentralized way through signal providers.. Decentralized applications on Flare can connect to the FTSO with the proviso that a governance vote is held for this. All F-assets also come with this detachable voice, which can be used in the FTSO to provide an accurate estimate of the assets represented on the network; however, the FTSO only awards FLR votes.
System F-Asset is a trustless interconnect decentralized exchange (DEX) , which allows you to represent the cost from other networks in the Flare network. This system consists of agents and initiators. Agents provide collateral to the FLR to support these assets represented in the chain and pay the initiators back into their underlying asset. The creators provide the assets that will be added to the Flare network in the form of F-assets. Currently, only XRP, Litecoin, Dogecoin, and Stellar can be minted as F-assets on the Flare network; however, it is expected that more will be added through flare management in the future.
Movement design The Flare Network rewards participants for performing useful online activities, such as participating in the FTSO process, by delegating separate votes to trusted signal providers and adding value by minting F-assets. Both of these rewarding activities result in the participant receiving a daily reward in FLR for their contributions. It also gives the network the ability to encourage early adopters to boot up the network with decentralization and liquidity. Rewards are mostly based on participation, so as the number of Flare members grows, the amount of FLR rewards will decrease.
Flare Network is a blockchain ecosystem created for other blockchain communities to facilitate grassroots participation. FLR owners will oversee the management of the network, allowing liquid democracies to approve proposals such as future f-asset integrations, inflation rates, creation fees, and collateral ratios. Flare, being the first of its kind blockchain, allows it to benefit from an exponentially growing market. DeFi and asset tokenization.
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