Flare Network’s CEO and co-founder, Hugo Philion, is all set to join a distinguished panel of experts at the Future Blockchain Summit, happening on October 17th. This high-profile panel discussion will be delving into the exciting realm of blockchain scalability and its implications for wider adoption.
Flare Network is an innovative distributed protocol that boasts the integration of the Ethereum Virtual Machine (EVM), a technology that enables the execution of fully functional smart contracts. The “Turing-complete” nature of these smart contracts means they have the capacity to tackle a wide array of computational challenges, provided they have sufficient memory.
This key feature positions Flare Network as a prime catalyst for nurturing a thriving ecosystem of decentralized applications (DApps), with the primary goal of enhancing the scalability of smart contract networks.
What sets Flare Network apart is its unique consensus algorithm called Avalanche, fine-tuned to operate in harmony with the Federated Byzantine Agreement (FBA) – a consensus mechanism also used by networks like XRPL and Stellar. In a marked departure from the norm, Flare Network’s consensus protocol does not rely on economic mechanisms such as Proof of Stake (PoS) for maintaining network security.
This is in stark contrast to many other networks, including Ethereum, which is in the process of transitioning to a PoS system with Ethereum 2.0, where the security of the network depends on validators who stake tokens.
At the core of Flare Network’s operation is the Spark token (FLR), which serves as the native currency. The Spark token plays a crucial role in safeguarding the network against spam attacks by imposing a cost on network transactions. Additionally, it serves as collateral within decentralized applications (DApps), reinforcing the security and resilience of various applications on the network.
Beyond this, the Spark token acts as a conduit for data to flow into an on-chain oracle and empowers users to engage in protocol governance, further cementing the network’s democratic and decentralized character.