- Genesis has occurred on Flare Network and is open for builders and developers.
- The platform provides safe and secure decentralized applications.
- Flare Network Genesis protects users from the risk of CeFi failures.
Layer-1 blockchain platform Flare Network recently announced that Genesis has occurred for its platform and is ready to accept builders and developers, with an important upcoming adoption program in August 2022.
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, the platform also allows for decentralized and insured multilateral bridging, cross-chain relay and insured cross-chain relay, Web2 to Web3 composability, and a secure fully interoperable multichain solution.
To signify, 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.
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.
Speaking of the network, Hugo Philion, Flare CEO & Co-founder remarked that there had been CeFi and bridge failures in the blockchain realm. In contrast, Philion says that DeFi and decentralized approaches have shown continued robustness. Therefore, the industry needs decentralized and secure solutions instead of centralized quick fixes.
As a solution to the aforementioned issues, Philion further added:
Flare is focused on delivering decentralized and secure solutions that provide 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.
Moreover, the CEO added that his company is ready 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.