Tunneling between blockchains: Flare Network is a blockchain platform designed to bring smart contract functionality to assets that do not natively support it. It was created to extend the functionality of existing blockchain networks and enable more complex and versatile decentralized applications (dApps).

Features:

The native cryptocurrency of Flare Network is the Spark Token (FLR). This token is used to facilitate transactions, pay network fees and reward participants for supporting and securing the network.

Flare Network has a few key features that set it apart from other blockchain platforms:

  • Interoperability: Flare Network was designed to be interoperable with other blockchain networks, such as Ripple (XRP) and Litecoin (LTC). This allows holders of these assets to use smart contracts without converting their assets to other cryptocurrencies.

  • Smart Contracts: Flare Network uses the Ethereum Virtual Machine (EVM) protocol to enable the creation and execution of smart contracts. This means that developers familiar with Ethereum and its programming language, Solidity, can easily create dApps (decentralized applications) on Flare.

  • Consensus mechanism: Flare uses a consensus mechanism called Avalanche, which is based on federated Proof of Stake. This system is designed to be fast, scalable and energy efficient.

  • Integrated Oracle: Flare Network has an integrated oracle that provides reliable, real-time pricing data for assets connected to the network. This facilitates the creation of dApps that require up-to-date price information, such as decentralized lending and trading platforms.

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