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Flare Network: Institutional Report

3 min readResearch

Flare Network: Institutional Report

Flare Network: Abbreviated Introduction

Flare Network was launched in 2017 by Flare Networks Limited. The team set out to solve two perceived problems present in the public blockchain space: Firstly, a significant portion of the value in blockchains (Ripple, Litecoin, Stellar) cannot currently be used with smart contracts in a trustless manner. Secondly, Proof-of-Stake (PoS) blockchains rely on native tokens to achieve safety.

In a nutshell, Flare is a next-generation Layer-1 blockchain that enables smart contracts with multiple non-Turing complete assets that settle on its native chain. Flare Network’s key features are:

  • Flare Consensus Protocol (FCL) – Flare uses the Avalanche consensus protocol with a key adaptation to a Federated Byzantine Agreement consensus (FBA) consensus topology.
  • Turing-completeness – Integrates Ethereum Virtual Machine (EVM).
  • The Flare Time Series Oracle (FTSO) – Provides externally sourced data estimates to the network.
  • The State Connector – Flare’s system to observe the state of underlying chains.
  • The Songbird Canary Network – A live testing venue for proposed Flare protocols.
  • Native tokens – Spark (FLR) on Flare and Songbird (SGB) on the Canary Network. The Project issued both tokens via an airdrop.

A team of experts contributes to the Flare Network, and a well-known group of investors is backing the project. Token holders will eventually govern the Flare network.

In terms of project progress, it is currently observational on Flare’s Canary network, Songbird. Songbird offers Flare’s underlying blockchain and FTSO functionalities at the moment. The Songbird network has so far produced over 2.2 million blocks and shows over 221.5k wallet addresses. The network also achieves a block time between 1.7-2 seconds. Before moving to the Flare mainnet, Songbird has to test other vital elements like the State Connector and F-Assets.

The team has not set a timeline for the Flare mainnet launch.

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