Ethereum layer 1 EVM oracle platform Flare launches with massive 4B token airdrop – Report

  • The Flare protocols facilitate the secure usage of information and data at a scale across blockchain networks and internet sources.
  • On Monday, Flare initiated an airdrop of 4.27 billion FLR tokens which is just 15 percent of the full token allocation.

On Monday, January 9, a new layer-1 Ethereum Virtual Machine (EVM) blockchain platform Flare went live with the launch of two core protocols. The protocols have aimed at powering the decentralized interoperability applications.

The Flare EVM platform will serve as an oracle network which will allow developers to build applications aimed at being interoperable with different blockchains as well as internet platforms and services. The two protocols of Flare would power its application-building suite.

The State Connector protocol allows secure usage of information and data, and at a scale from several blockchain and internet sources by using smart contracts. This specific functionality will offer powerful data to the network along with facilitating the development of cross-chain solutions.

On the other hand, the Flare Time Series Oracle (FTSO) will source and provide decentralized price and data feeds to all the decentralized applications (DApps) that are running on the Layer-1 blockchain. The technical documentation offered by Flare shows that the FTSO smart contract would provide real-time estimates for different kinds of data.

The independent providers would retrieve data from external sources such as centralized and decentralized exchanges. Later, they would supply the same data to the FTSO system. Based on each provider’s voting power, the information weightage shall happen.

Further, data providers get incentives in the form of rewards for supplying price pairs and other information which is close to the median value obtained from multiple sources.

Songbird and Flare

Songbird and Flare, the protocol’s two networks will run the Ethereum Virtual Machine (EVM) allowing the use of Ethereum contracts and tools in the development of smart contracts and applications. Note that all these Layer-1 networks shall run independently of the Ethereum mainnet.

Follow us for the latest crypto news!

Flare has shared the details of its platform while highlighting the importance of providing secure access to data. Flare CEO and co-founder Hugo Philion is confident that both these new protocols will lead to new use cases for blockchain technology.

This involves triggering a Flare smart contract with a payment made on another chain. Speaking to CoinTelegraph, he further added:

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 Airdrop and FLR Token Distribution

On Monday, January 9, Flare initiated a token airdrop with 4.27 billion FLR tokens distributed to millions of users across different cryptocurrency exchanges. The airdrop is a new milestone in itself as developers can now start using Flare’s EVM and data acquisition protocols.

During the initial token distribution, Flare released 15 percent of the full public token allocation. Over the next 36 months, Flare is likely to conduct the rest of the token distribution. However, a community vote done through Flare Improvement Proposal 01 shall determine the distribution of the remaining token supply.