Flare Network will host an AMA on X

Flare Network will host an AMA on X on March 21st at 3:30 pm UTC to discuss Flare 2.0 in detail. The event will feature co-founder Hugo Philion.

Flare Network will be hosting an AMA on X on March 21st at 3:30 pm UTC to discuss Flare 2.0 in detail. The event will feature co-founder Hugo Philion.

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According to FLR, Flare Network is a distributed protocol that incorporates the Ethereum Virtual Machine (EVM), enabling the execution of Turing-complete smart contracts. Turing-completeness implies that any computable problem can be solved with sufficient memory. Ultimately, this allows Flare Network to host an ecosystem of decentralized applications (DApps) with the aim of scaling smart contract networks.

Flare Network employs a consensus algorithm named Avalanche, adapted for Federated Byzantine Agreement (FBA), a consensus mechanism used by networks such as XRPL and Stellar. Notably, Flare Network's consensus protocol does not rely on economic mechanisms like Proof of Stake (PoS) to secure the network. In contrast, many networks, including Ethereum (which will fully transition to PoS with Ethereum 2.0), depend on token-staking validators for network security.

The Spark token (FLR) is the native token of the Flare Network, primarily used to deter spam attacks by placing a cost on network transactions. The token also serves as collateral within decentralized applications (DApps), enhancing the stability and security of diverse applications on the network. Furthermore, the Spark token provides data to an on-chain oracle and enables users to participate in protocol governance, promoting the democratic and decentralized aspect of the network.