based on materials from the site - By CoinRank_io

Flare is a Layer 1 blockchain network fully compatible with the Ethereum Virtual Machine (EVM), designed to enable interaction across the entire Web3 ecosystem. Its native token, FLR, plays a central role in this architecture, supporting mechanisms for executing smart contracts, governance, and incentives.

Essentially, Flare aims to solve a key Web3 challenge: to provide seamless and secure interaction between different blockchains and real-world data sources. This is achieved through two foundational protocols — State Connector and Flare Time Series Oracle (FTSO) — which are deeply integrated into the network's structure.
The State Connector allows Flare to securely and trustlessly access data from external blockchains and even from the Internet. This is a crucial step towards true blockchain interoperability, enabling decentralized applications (dApps) built on Flare to utilize off-chain information in a reliable and decentralized manner. Through this system, Flare can reconstruct data from other blockchains, such as balances of specific tokens or transaction details, and use them in its own decentralized applications (dApps) within its network.

Flare Time Series Oracle (FTSO) serves as Flare's proprietary oracle system for time-sensitive data, particularly cryptocurrency asset prices. It provides decentralized, frequently updated, and accurate price data for on-chain applications.

FTSO obtains data from various independent data providers, including both centralized and decentralized exchanges.

This staking and delegation model ensures data quality by incentivizing honest and accurate reporting. As a result, Flare supports a wide range of DeFi use cases by offering reliable real-time price data that can be directly utilized in smart contracts.

FLR is the native cryptocurrency of the Flare ecosystem. Initially launched as Spark, it was officially renamed FLR in October 2022. FLR is not just a typical Layer 1 token; it serves a multifunctional role in the Flare network.

Like other native tokens, FLR is used to pay transaction fees, acts as collateral in decentralized applications (dApps), and participates in staking. However, its application extends far beyond this. FLR also powers Flare's native oracle system, serving as a bridge between smart contracts and external data, making it a critically important component for ensuring the operation of real-time data streams in Web3.

Additionally, FLR provides governance within the network, allowing token holders to influence key decisions within the Flare protocol. This includes voting on proposals related to network upgrades, protocol parameters, and resource allocation. The governance mechanism also plays a vital role in routing data between interconnected ecosystems, determining how nodes of different systems interact and share information. In short, FLR is not just a transactional token but the foundation of a broader vision for cross-chain interaction and decentralized data infrastructure.

The FLR token has a fixed total supply of 100 billion, of which 58% is distributed among the community, mainly through a large-scale airdrop. About 19% of the tokens were reserved for the Flare development team, early backers, and advisors, while 22.5% are for organizations and funds directly related to Flare.
The first 15% of public tokens — 4.3 billion FLR — were successfully distributed on January 9, 2023, among wallets that held XRP during a snapshot taken in December 2020. The remaining 85% (24.2 billion FLR) is being decentralizedly distributed among holders of Wrapped Flare (WFLR). WFLR holders receive monthly payouts of approximately 700 million FLR over 36 months.
FLR was officially launched on January 10, 2023, with an initial market price of $0.04. New FLR tokens, which have an inflationary mechanism, are issued and distributed primarily through Flare's own oracle system, FTSO.

The Flare network is undoubtedly designed with an ambitious goal: to become the fundamental layer for cross-chain interaction in a fully decentralized Web3 world. With a set of proprietary protocols, Flare enables developers to create a wide range of interaction-oriented solutions that go far beyond the limitations of traditional blockchains.

Two standout innovations already implemented in the Flare network are F-Assets and LayerCake.

✅ F-Assets allow users to bring assets from other blockchains into Flare without the need for trust, using a collateral-based system. This creates wrapped assets that retain access to their source chains while leveraging the benefits of Flare smart contracts.

✅ LayerCake, on the other hand, enhances interaction between smart contracts by offering increased security, scalability, and speed. It is initially multi-chain, meaning that users can easily combine assets directly between any two supported chains in the LayerCake network without relying on centralized intermediaries.

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