Stake FLR

1. What is Flare (FLR)?

Flare is an EVM-based layer 1 aiming to make blockchain more useful by giving developers decentralized access to high-integrity data from other chains and the internet. This enables new use cases and monetization models, while allowing dapps to serve multiple chains through a single deployment.

2. What makes Flare unique?

Flare has developed two native interoperability protocols facilitating on-chain, decentralized acquisition of blockchain, time series and Web2 API data. The protocols are secured by the network itself, with decentralized, independent data providers incentivized to deliver accurate data. This helps Flare to minimize risks for users and developers. The State Connector securely acquires event information from other blockchains and the internet to be used in smart contracts on Flare. It acquires this data securely, scalably and in a decentralized manner, with a set of independent attestation providers needing to reach consensus on the validity of an event before the information can be made available to dapps on the network. The Flare Time Series Oracle (FTSO) utilizes the network structure to deliver highly decentralized prices and data series to dapps on Flare without relying on centralized data providers. By providing reliable access to cryptocurrency prices, detailed transaction information from other chains, and Web2 event data, Flare enables developers to build applications that can provide more utility to a larger group of users.

3. What is the Flare (FLR) token used for?

FLR is the native token used for payments, transaction fees to prevent spam attacks and staking in validator nodes. FLR can also be wrapped into an ERC-20 variant, WFLR. WFLR tokens serve various functions; they can be delegated to FTSO data providers, for example, or used to participate in governance. These two uses are not mutually exclusive and do not prevent the tokens from being used in other EVM-compatible dapps and smart contracts on Flare. Wrapped FLR (WFLR) can be minted by depositing native FLR tokens into a smart contract and withdrawing the newly minted WFLR.

4. How many FLR tokens are in circulation?

Genesis of Flare mainnet occurred on 14 July 2022, followed by the public token distribution event (TDE) on 9 January 2023. Total available supply at genesis was 100 billion FLR, of which 12 billion FLR were in circulation immediately after TDE. The public token distribution continues for 36 monthly installments providing a total of 28,524,921,372 FLR to the community. Flare is an inflationary network with 10% of circulating supply minted in year 1. These freshly minted FLR are provided to Flare Time Series Oracle data providers and the token holders that delegate to them (70%) to secure the decentralized provision of price data to the network, validators (20%) and State Connector attestation providers (10%).

5. Who are the founders of Flare (FLR)?

Flare was founded by Hugo Philion, Sean Rowan and Dr Nairi Usher, now CEO, CTO and Chief Scientist, respectively. They met while studying machine learning at University College London, sharing an interest in distributed systems and their potential applications.

6. Where can I buy Flare (FLR)?

Flare (FLR) is currently trading on a number of exchanges, with cryptocurrency and stablecoin pairs available.

7. What is Blockchain?

Blockchain is a decentralized and distributed ledger technology that securely records transactions across multiple computers in a verifiable and permanent way. It forms the underlying technology for cryptocurrencies like Bitcoin and enables transparency, security, and immutability.

8. What is Cryptocurrency?

Cryptocurrency is a digital or virtual form of currency that uses cryptography for security. It operates on decentralized networks, typically based on blockchain technology, and facilitates secure and transparent peer-to-peer transactions.

9. What is Bitcoin?

Bitcoin is the first and most well-known cryptocurrency, created in 2009 by an anonymous person or group known as Satoshi Nakamoto. It operates on a decentralized peer-to-peer network and is used for secure, transparent, and censorship-resistant transactions.

10. What is the difference between Bitcoin and Altcoins?

Bitcoin is the original and most widely recognized cryptocurrency, while altcoins refer to any other cryptocurrencies besides Bitcoin. Examples of altcoins include Ethereum, Ripple (XRP), Litecoin (LTC), and many others.

11. What is Staking?

Staking involves participants locking up a certain amount of cryptocurrency in a wallet to support the operations of a blockchain network. It is commonly associated with proof-of-stake (PoS) and delegated proof-of-stake (DPoS) consensus mechanisms, where participants receive rewards for helping secure the network.

12. How Can I Stake Cryptocurrency?

To stake cryptocurrency, you typically need to choose a platform or network that supports staking. Transfer your tokens to a compatible wallet, follow the staking instructions provided by the platform, and lock up the desired amount of cryptocurrency. Once staked, you may start earning rewards.

13. What Are Staking Rewards and How Are They Calculated?

Staking rewards are incentives provided to participants who lock up their cryptocurrency to support the network. The amount of rewards varies and is influenced by factors such as the network's inflation rate, the total amount staked, and the specific rules of the staking protocol.

14. Can I Unstake My Cryptocurrency at Any Time?

The ability to unstake and withdraw your cryptocurrency depends on the specific staking protocol and network. Some platforms may have lock-up periods or unbonding periods during which your staked tokens are inaccessible. Always check the terms and conditions of the staking service.

15. What are the Risks of Staking?

Staking comes with risks, including the potential loss of staked funds if a participant behaves maliciously or fails to fulfill their responsibilities. Market volatility can also impact the value of staked tokens. It's crucial to thoroughly research the staking protocol and understand the associated risks.

16. Can I Lose Money by Staking?

While staking is designed to be a rewarding activity, there is a risk of losing money, especially if the value of the staked cryptocurrency decreases or if the staking protocol encounters security issues. It's important to consider both the potential rewards and risks before participating in staking.