flare-token logo download PNG or SVG

Information about flare-token

Flare Network is a blockchain platform designed to bring smart contract functionality to various networks, including the XRP Ledger. Flare Network's native cryptocurrency, FLR, is not a standalone cryptocurrency, but rather a utility token within the Flare Network ecosystem.

FLR serves multiple purposes within the network. One of its key functions is to facilitate decentralized applications (DApps) and smart contracts on Flare Network. It acts as a fuel for executing these smart contracts, similar to how gas functions on Ethereum.

Another important aspect of FLR is its role in securing the network. FLR token holders can participate in the consensus mechanism known as the Federated Byzantine Agreement (FBA). By staking FLR tokens, users can become validators and help secure the network by verifying and validating transactions.

Moreover, FLR also plays a vital role in the Flare Network's unique feature called "Spark." Spark tokens, representing a portion of FLR, are distributed to XRP holders periodically based on their holdings. Holders of Spark tokens can participate in governance decisions of the Flare Network and access various ecosystem benefits.

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