Flare blockchain development - outsourcing company Boosty Labs

Flare Key Features

Turing-complete

Flare is the world's first Turing-complete FBA network, integrated with the EVM. It provides low transaction costs, scalability and lack of dependence on the native token.

Spark

Spark is a token that can be obtained for free by Ripple holders. It is the native token of the Flare network. It is used for paying transaction costs on the network and thus preventing attacks on it. If transactions were completely free, it would be too easy to spam the network and flood it with worthless transactions. Besides that, this token can be used as collateral in DApps.

Tokenization process

The solutions developed by the Flare Network bring the functionality of smart contracts to Dogecoin, XRP, Litecoin and Stellar crypto assets, allowing these coins to be used in DeFi protocols, the NFT sphere and other use cases. To do this, the Flare Network releases tokenized (wrapped) versions of cryptocurrencies. During the process, the original coins are blocked, and the corresponding number of tokens is generated instead. After the completion of operations with smart contracts, the tokens are destroyed, and the original crypto assets are unlocked.

Flare Development Advantages

Expanding Ripple Applicability

The Ripple network is optimized for payments and the exchange of funds, but has limited use in other areas. The blockchain solves this problem by implementing smart contract support for the XRP token.

Scaling Smart Contract Networks

Since the blockchain integrates the EVM, the network can run Turing-complete smart contracts, allowing it to serve as a means of scaling smart contract networks.

Flexibility Without Sacrificing Safety

Blockchain does not rely on economic mechanisms such as PoS, so it is possible to implement features that would be dangerous for networks where security depends on a token. This fundamental decision adds flexibility to the token without sacrificing security.

The Flare platform was created by a team of six developers entirely at their own expense. They are independent of Ripple, XRP Labs, Flare Network or any other organization.

Flare Network is an add-on that solves the problems of other blockchains, the first of which is Ripple. The first problem is the lack of smart contracts. They make it possible to create any decentralized applications – from financial to entertainment. Smart contracts are supported on Ethereum, Tron, EOS, and NEO, but not on most blockchains.

The second problem is related to the disadvantages of Proof-of-Stake. This is one of the consensus algorithms that describes the rules for creating blocks in the blockchain. Without going into technical details, it is enough to know that developers criticize this method mainly for security problems.

First of all, the improvements affect Ripple, a payment system focused on the banking market. The XRP cryptocurrency is in the top five in terms of capitalization. With the help of the Flare Network, it becomes possible to use XRP in decentralized applications.

Flare Finance is the first decentralized finance app for XRP holders. Unlike most DeFi platforms, Flare Finance includes several financial instruments:

FlareX is a decentralized exchange (DEX). Users will be able to securely exchange their tokens and not worry that their account will be blocked.It does not require registration and verification. Uniswap, a decentralized exchange based on the Ethereum blockchain, works in a similar way.

FlareFarm is a yield farming platform. Users will be able to earn income from deposits of XRP and other tokens. Yearn Finance, a DeFi platform based on the Ethereum blockchain, works in a similar way.

FlareWrap is a cross-chain bridge. Allows users to transfer ERC-20 tokens from the Ethereum blockchain. Wormhole, a cross-chain bridge between Solana and Ethereum, works in a similar way.

FlareLoans is a platform for decentralized loans. Users will be able to give loans and take loans. The loan will be issued under 120% collateral and, in case of delay, will be repaid at the expense of it. Aave, a lending application on the Ethereum blockchain, works in a similar way.

FlareMutual is an insurance fund. Projects on the Flare Network will be able to insure themselves against hacks and smart contract failures. Insurance coverage will be supplied by other users in exchange for interest on profitability. Cover Protocol, the largest insurance application on Ethereum, works in a similar way.

FlareMine is a decentralized mining pool. Users will be able to provide their computing power for mining BTC and ETH. The mined coins are immediately exchanged for FLR at the best rate and go to the miner's wallet.

Thus, Flare Finance provides all the most popular DeFi services. XRP holders will be able to earn with their assets without any banking institutions and third-party intermediaries.

Flare Finance provides for the release of three types of internal tokens.They are required to manage the project, pay commissions and distribute rewards.

YieldFlare Token (YFLR) is the main platform token that will be used in all products. The main function of YFLR is the payment of commissions. In addition, each token is equal to one vote when choosing platform updates. After the vote, the tokens will not disappear, but a total of 110 million tokens will be created. The function of issuing new tokens is not provided in the smart contract.

YieldFin Token (YFIN) is a governance token. It will be used in all products. Ownership of the token gives you the ability to vote on platform updates. This is its main function. 1 token is equal to 10 thousand votes. After voting, the tokens will not disappear, but only 11 thousand of them will be created. The function of issuing new tokens is not provided in the smart contract.

YieldMine Token (YMIN) is an additional reward token for providing computing power in the FlareMine mining pool. Up to 100 thousand YMIN will be distributed between miners daily. They help speed up farming on the FlareFarm platform. The total number is not limited.
In addition to internal tokens, Flare Finance will also support tokens from other blockchains. Compatibility with new assets will be added as the Flare Network evolves.