The Flare Network Debuts on KuCoin Exchange
Kucoin announced that the new Flare network will be listed on their exchange following an airdrop event by the Flare team. The new network has sparked interest among some of the most notable people in the cryptocurrency space because of the team’s goal of expanding interoperability and developing a network that prioritizes developers and their ability to build.
What is Flare?
The Flare network is a layer 1 EVM (Ethereum virtual machine) blockchain that is designed for developers by incorporating two core protocols: the State Connector and Flare Time Series Oracle (FTSO).
The State Connector protocol is necessary for the network to provide its interoperable potential because it is capable of pulling information and data from separate blockchains such as Bitcoin which are not part of the same network. This creates a majority opportunity for builders to create dApps and other programs/protocols that can allow bitcoin to interact with DeFi services, creating a huge boon for web3.
FTSO is a separate protocol which, as an oracle, can pull data from off-chain sources and use it to create decentralized price pairings that can assist with creating additional financial protocols.
By combining the two protocols, the Flare network is envisioning a network that has the ability to use external blockchain information to help aid its own dApps and DeFi. Their website states that they are in the process of developing technology that can provide financial services for networks that don’t use smart contracts.
A network for builders
The Flare network makes it clear that the blockchain they’ve developed is primarily made to empower developers by giving them a blockchain which has unlimited potential in terms of dApp development due to its interoperability and a suite of other features including its industry-standard EVM, bridge development, and data collection from FTSO.
Moreover, the network also hosts a grant program that will award builders with the funds necessary to bring their projects to life on-chain. The team at Flare reviews each application and grants awards to those whom they approve every quarter, both financially and non-financially, to help with builder tools, projects, and infrastructure.
AI potential?
Another interesting aspect of Flare is its potential for AI integration. According to Coinmarketcap, the team at Flare originally met while studying machine learning which achieved significant goals in 2022.
By incorporating machine learning into their protocols, it could be possible for the FTSO to begin extracting huge amounts of financial data that are linked to every prominent blockchain available. This could make a serious impact on the web3 industry as a whole.
Jesus Rodriguez, the Chief Scientist at Invector Labs and a leading expert in AI & Machine Learning, sent out a tweet supporting the Flare network team and congratulating them for their success at launch.
While only sitting at $.04 per coin, the Flare token has a lot of potential going forward as many eyes its ability to improve interoperability in web3; and if the potential for AI integration is at all possible, there could be an even bigger impact on the way.
