Introduction to Flare (FLR)
This module provides a foundational overview of Flare (FLR), a Layer 1 blockchain focused on enabling smart contracts and decentralized applications through reliable data access and interoperability. You will learn what Flare is, how it was developed, who is behind the project, its funding history, and the direction the network is heading through its roadmap.
What is Flare (FLR)?
Flare is a Layer 1 blockchain designed to facilitate decentralized access to high-integrity data from various sources, including other blockchains and external data providers. By integrating the Ethereum Virtual Machine (EVM), Flare enables the development and deployment of Turing-complete smart contracts. This compatibility allows developers to create decentralized applications (dApps) that can interact seamlessly with multiple blockchain networks.
The network incorporates two primary data acquisition protocols: the Flare Time Series Oracle (FTSO) and the State Connector. The FTSO delivers decentralized price and data feeds to dApps, while the State Connector facilitates secure interoperability between Flare and other blockchains by enabling the network to assess the state of external chains and data sources.
Flare’s native token, FLR, serves multiple functions within the ecosystem, including transaction fees, network security through staking, and governance participation. The tokenomics are structured to promote community ownership, with a significant portion of FLR tokens allocated to users, developers, and ecosystem incentives.
History of Flare
Flare Network was founded in 2019 by Hugo Philion, Sean Rowan, and Dr. Naïri Usher with the objective of introducing smart contract functionality to blockchains lacking native support, such as Bitcoin and XRP. This initiative aimed to enhance interoperability and enable these assets to participate in the expanding decentralized application ecosystem.
After two years of development, Flare conducted an airdrop on January 9, 2022, distributing FLR tokens to eligible participants. The network’s initial launch occurred on July 14, 2022, in a private observation mode, followed by a public observation phase commencing on September 30, 2022.
Throughout its development, Flare has focused on creating a robust infrastructure to support decentralized data acquisition and interoperability. The integration of protocols like the FTSO and State Connector reflects the network’s commitment to providing secure and reliable data services to decentralized applications.
Team and Founders of Flare (FLR)
Flare was co-founded by Hugo Philion, who serves as the Chief Executive Officer (CEO), Dr. Naïri Usher, the Chief Scientific Officer (CSO) and Chief Technology Officer (CTO), and Sean Rowan. This team brought together expertise in blockchain technology, engineering, and scientific research to develop Flare’s innovative solutions.
Hugo Philion has been instrumental in guiding Flare’s strategic direction and fostering partnerships within the blockchain industry. Dr. Naïri Usher has focused on the scientific and technical aspects of the network, ensuring the implementation of Flare’s core protocols aligns with the project’s vision.
Investors and Backers of Flare
Flare has secured funding through multiple investment rounds, attracting support from institutional investors and notable figures in the blockchain space. In June 2021, the network raised $11.3 million in a seed round with participation from Kenetic Capital, CoinFund, Digital Currency Group, and others.
In February 2024, Flare completed a Series A funding round, raising $35 million from investors including Kenetic Capital and Aves Lair. These investments have facilitated the network’s development and expansion efforts.
Early investors have demonstrated continued commitment by extending token vesting periods and limiting token sales, reflecting confidence in Flare’s long-term vision and potential within the blockchain industry.
Roadmap of Flare (FLR)
Flare’s development roadmap outlines plans to enhance the network’s capabilities and expand its ecosystem. Key focus areas include the implementation of the FAssets system, designed to enable non-smart contract tokens to be used trustlessly with smart contracts on Flare. The system underwent private testing phases, with plans for deployment on the Songbird canary network before launching on the Flare mainnet.
The roadmap also emphasizes the integration of additional data acquisition protocols and tools to support developers in building decentralized applications that require reliable and decentralized data feeds. These enhancements aim to position Flare as a comprehensive platform for data-driven dApps.
Highlights
- Flare is an EVM-compatible Layer 1 blockchain designed to bring smart contract functionality to assets that don’t natively support it, such as BTC and XRP.
- The network relies on two key protocols — the Flare Time Series Oracle (FTSO) and the State Connector—to deliver decentralized data feeds and validate off-chain data.
- FLR is the native token used for transaction fees, staking, governance, and incentivizing network participants.
- Founded in 2019 by Hugo Philion, Dr. Naïri Usher, and Sean Rowan, Flare has attracted significant institutional investment and support from well-known crypto backers.
- Flare’s roadmap focuses on launching FAssets, expanding oracle capabilities, and supporting real-world applications in DeFi, gaming, and tokenized assets.
Introduction to Flare (FLR)
This module provides a foundational overview of Flare (FLR), a Layer 1 blockchain focused on enabling smart contracts and decentralized applications through reliable data access and interoperability. You will learn what Flare is, how it was developed, who is behind the project, its funding history, and the direction the network is heading through its roadmap.
What is Flare (FLR)?
Flare is a Layer 1 blockchain designed to facilitate decentralized access to high-integrity data from various sources, including other blockchains and external data providers. By integrating the Ethereum Virtual Machine (EVM), Flare enables the development and deployment of Turing-complete smart contracts. This compatibility allows developers to create decentralized applications (dApps) that can interact seamlessly with multiple blockchain networks.
The network incorporates two primary data acquisition protocols: the Flare Time Series Oracle (FTSO) and the State Connector. The FTSO delivers decentralized price and data feeds to dApps, while the State Connector facilitates secure interoperability between Flare and other blockchains by enabling the network to assess the state of external chains and data sources.
Flare’s native token, FLR, serves multiple functions within the ecosystem, including transaction fees, network security through staking, and governance participation. The tokenomics are structured to promote community ownership, with a significant portion of FLR tokens allocated to users, developers, and ecosystem incentives.
History of Flare
Flare Network was founded in 2019 by Hugo Philion, Sean Rowan, and Dr. Naïri Usher with the objective of introducing smart contract functionality to blockchains lacking native support, such as Bitcoin and XRP. This initiative aimed to enhance interoperability and enable these assets to participate in the expanding decentralized application ecosystem.
After two years of development, Flare conducted an airdrop on January 9, 2022, distributing FLR tokens to eligible participants. The network’s initial launch occurred on July 14, 2022, in a private observation mode, followed by a public observation phase commencing on September 30, 2022.
Throughout its development, Flare has focused on creating a robust infrastructure to support decentralized data acquisition and interoperability. The integration of protocols like the FTSO and State Connector reflects the network’s commitment to providing secure and reliable data services to decentralized applications.
Team and Founders of Flare (FLR)
Flare was co-founded by Hugo Philion, who serves as the Chief Executive Officer (CEO), Dr. Naïri Usher, the Chief Scientific Officer (CSO) and Chief Technology Officer (CTO), and Sean Rowan. This team brought together expertise in blockchain technology, engineering, and scientific research to develop Flare’s innovative solutions.
Hugo Philion has been instrumental in guiding Flare’s strategic direction and fostering partnerships within the blockchain industry. Dr. Naïri Usher has focused on the scientific and technical aspects of the network, ensuring the implementation of Flare’s core protocols aligns with the project’s vision.
Investors and Backers of Flare
Flare has secured funding through multiple investment rounds, attracting support from institutional investors and notable figures in the blockchain space. In June 2021, the network raised $11.3 million in a seed round with participation from Kenetic Capital, CoinFund, Digital Currency Group, and others.
In February 2024, Flare completed a Series A funding round, raising $35 million from investors including Kenetic Capital and Aves Lair. These investments have facilitated the network’s development and expansion efforts.
Early investors have demonstrated continued commitment by extending token vesting periods and limiting token sales, reflecting confidence in Flare’s long-term vision and potential within the blockchain industry.
Roadmap of Flare (FLR)
Flare’s development roadmap outlines plans to enhance the network’s capabilities and expand its ecosystem. Key focus areas include the implementation of the FAssets system, designed to enable non-smart contract tokens to be used trustlessly with smart contracts on Flare. The system underwent private testing phases, with plans for deployment on the Songbird canary network before launching on the Flare mainnet.
The roadmap also emphasizes the integration of additional data acquisition protocols and tools to support developers in building decentralized applications that require reliable and decentralized data feeds. These enhancements aim to position Flare as a comprehensive platform for data-driven dApps.
Highlights
- Flare is an EVM-compatible Layer 1 blockchain designed to bring smart contract functionality to assets that don’t natively support it, such as BTC and XRP.
- The network relies on two key protocols — the Flare Time Series Oracle (FTSO) and the State Connector—to deliver decentralized data feeds and validate off-chain data.
- FLR is the native token used for transaction fees, staking, governance, and incentivizing network participants.
- Founded in 2019 by Hugo Philion, Dr. Naïri Usher, and Sean Rowan, Flare has attracted significant institutional investment and support from well-known crypto backers.
- Flare’s roadmap focuses on launching FAssets, expanding oracle capabilities, and supporting real-world applications in DeFi, gaming, and tokenized assets.