Flare (@FlareNetworks) is an innovative blockchain platform designed to enhance the functionality of existing blockchain networks by providing support for smart contracts and decentralized applications (dApps). What makes Flare unique is its ability to connect blockchains that do not support smart contracts (such as #BTC and #DOGE) with ecosystems that do support smart contracts (like ETH), enabling cross-chain operations and value transfers.
Core Advantages:
- Smart Contract Support
With EVM compatibility, Flare supports the Ethereum Virtual Machine (EVM), allowing Ethereum developers to easily migrate their applications to the Flare network. This compatibility lowers the entry barrier for developers and promotes the rapid development of dApps.
- Cross-Chain Interoperability
Connecting blockchains that do not support smart contracts: Flare allows blockchains that do not support smart contracts (such as #BTC and #DOGE) to interact with ecosystems that do support smart contracts (like Ethereum), enabling functionalities such as DEFI lending, staking, and liquidity provision for #DOGE. This cross-chain interoperability greatly expands the use cases and liquidity of assets.
- Decentralized Oracles
Flare Time Series Oracle (FTSO): Flare has two sets of oracle systems, which are also one of its core technologies. The built-in embedded oracle is an oracle integrated into the core protocol of the blockchain network. These oracles inherit the full security of the network, meaning that compromising the security or validity of the oracle would require compromising the entire network. Flare has 67% of its tokens staked, ensuring the security of the oracles.
Additionally, the Flare Data Connector (FDC) reaches consensus on information from external blockchains and the internet, ensuring that it can be used securely and trustlessly by smart contracts on Flare. This ensures that smart contracts can access accurate and real-time market information. This functionality is crucial for many decentralized finance (DeFi) applications, enhancing the reliability and security of smart contracts.
- Innovative Technical Foundation
Flare Consensus Protocol: Flare uses a dPOS consensus mechanism, based on a delegated proof-of-stake consensus mechanism proposed by blockchain technology pioneer Daniel Larimer. This mechanism ensures the security and decentralization of the network. This technical design improves the efficiency and attack resistance of the network.
Recently, the project has continued to innovate, launching new features and significant collaborations.
1️⃣ Blockchain Machine Images: Flare's blockchain image tool has launched on Google Cloud, aimed at simplifying the deployment and management of blockchain nodes, currently supporting over 20 blockchain networks (including BTC and ETH), with plans to expand further in the future. This ongoing innovation keeps it at the forefront of a competitive market.
2️⃣ On November 8, Flare, along with ten technology finance companies including China Mobile, Franklin Templeton, and Hongzao Technology, launched a cross-border anonymous KYC trial based on BSN real-name DID services in Hong Kong, supporting users in completing cross-border identity verification while protecting privacy and meeting compliance requirements. This trial includes four major application scenarios, achieving anonymous identity verification for entry, account opening, and compliant financial services, marking a new milestone in privacy protection and identity management, and providing an innovative blueprint for future cross-border privacy and anonymous identity data exchange.
Summary: As an innovative blockchain platform, Flare is driving the development of blockchain technology through its unique cross-chain interoperability and smart contract support. Its robust ecosystem and active community provide users with rich application scenarios and opportunities, continuously embodying the spirit of Web3 Build, which is commendable and worth long-term attention and anticipation! 🧐
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