Airdrop of Flare Network oracle tokens takes place

About 4.279 billion FLR were distributed to millions of users, with the remainder to be allocated over 36 months.

On January 9, the Flare blockchain’s token airdrop, designed to create cross-network and internet-enabled dapps. This is stated in a press release.

4.279 billion FLR were distributed to “millions of users”, including clients of cryptocurrency exchanges Binance, OKX, Kraken, Bithumb, UPbit, KuCoin and BitBank. They were received by holders of at least 1 XRP as of the December 12, 2020 snapshot.

The amount accounts for 15% of total issuance. The remaining portion will be distributed over the next 36 months depending on the results of community vote.

The connection to XRP stems from the project’s initial focus on creating a DeFi ecosystem for Ripple. Currently, the project aims to provide smart-contract solutions for blockchains that lack such functionality.

The event marked the emergence for developers of the ability to use Flare EVM and the State Connector data aggregation and Flare Time Series Oracle (FSO) protocols. The latter provide decentralized access to high-integrity data from other blockchains and the Internet, enabling new use cases and monetization models.

“Flare solves this problem [the usefulness of dapps] with data not only about prices but also about transaction details, Web 2.0 events,” said the project’s co-founder and CEO Hugo Filion.

State Connector enables safe, scalable and trustless use of information via smart contracts on Flare, thereby becoming the foundation for cross-chain solutions.

Security is achieved by combining a decentralized set of attestors with a binary-forking protocol, which allows disputing the actions of the majority of malicious data providers. Unlike the Proof-of-Stake consensus algorithm, security is not limited by the size of the stake and extends to large transactions.

The FSO blockchain oracle relies on just under a hundred independent providers. The latter have an incentive to supply price and data streams for Flare-based dapps every three minutes.

In late 2019, Flare Network development was supported by Xpring, the investment arm of Ripple.

Back in December 2022, the decentralized oracles Chainlink launched the LINK staking service on the Ethereum mainnet.

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