[PRESS RELEASE – Dubai, UAE, 14th July 2022]
Genesis has occurred for Flare Network, the blockchain built for universal connectivity with other blockchains and real-world data sources.
Flare is a powerful new blockchain with the first new consensus protocol for external data. Decentralized applications on Flare can safely and trustlessly acquire and use information from other blockchains and real-world data sources, solving the oracle problem and opening the door to a new era of utility, specifically: decentralized and insured multilateral bridging, cross-chain relay, and insured cross chain relay, Web2 to Web3 composability and a secure fully interoperable multichain solution.
The network has entered a minimum 8-week observation period to reach sufficient decentralization ahead of the public token distribution event (TDE). At genesis, the Flare Foundation controlled 100% of the validation power. During Observation Mode, the addition of validators independent of Flare will reduce the Flare Foundation’s validator power to below 33%. This is below the threshold for the foundation to control the network in any way, bringing Flare to a decentralized state of operation.
Flare is live and ready for builders, with a significant developer adoption program launching in August. This program has been designed to facilitate the development of interoperable dapps on Flare that build upon Flare’s groundbreaking new technology: the State Connector <link> and Flare Time Series Oracle <link>. Engineers and builders can submit their dApp proposals here.
Hugo Philion, Flare CEO & Co-founder, commented: “The last year has been characterized by a stream of CeFi and bridge failures. At the same time DeFi and decentralized approaches have shown continued robustness. The key conclusion to draw here is that the industry needs decentralized and secure solutions instead of centralized quick fixes. This can only come from genuine technical innovation.
Flare is focused on delivering decentralized and secure solutions that provide the user protection against the risk of loss. Protecting the user to the greatest extent possible is what will drive the next wave of adoption in the digital asset ecosystem. I’m excited to welcome projects to the network and see the creative ways builders will harness Flare’s cross-chain composability and Web2 data in their dapps.
I encourage anyone about to start a new Web3 project to take a look at Flare’s technology. The chain has been designed to reward positive participation by all actors, from token holders, to data providers and validators, with initial incentive pools deployed to accelerate development.”