implementation: News of Flare (FLR) - June 2024 Price Update - 7.39% Breakout Crypto News and Analysis

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Explore the Core.

Flare Network: Bridging the Gap Between Blockchains Flare Network tackles a major limitation in the blockchain world: interoperability. Let's delve into its core concept: Problems Addressed: Isolated Blockchains: Many blockchains operate in silos, hindering communication and asset transfer between them. This limits the overall functionality and potential of the blockchain ecosystem. Limited Smart Contract Functionality: Certain blockchains, like XRP Ledger (XRPL), lack the ability to execute complex smart contracts, restricting their use cases for developers. Flare Network's Solution: The Federated Byzantine Agreement (FBA): Flare Network uses a variation of FBA to achieve consensus and secure the network. This allows it to connect to other blockchains without relying on their native security mechanisms. State Connector: This component acts as a bridge, allowing data and assets to flow between Flare and other connected blockchains, like XRP Ledger. The Spark (FLR) Token: This native token fuels the Flare Network. Users pay FLR to collateralize assets from other blockchains and utilize Flare's functionalities. Innovative Use Cases: Unlocking XRP Ledger's Potential: By enabling smart contracts on XRPL through the Flare Time Series Oracle (FTSO), Flare opens doors for new applications on the XRP Ledger, such as decentralized finance (DeFi) and non-fungible tokens (NFTs). Cross-Chain Asset Transfer: Users can securely transfer and trade assets (like XRP) between Flare and other connected blockchains, promoting interoperability and liquidity across the ecosystem. Smart Contract Applications: Developers can leverage Flare's Turing-complete virtual machine to build decentralized applications (dApps) with access to data and assets from various blockchains. Here are some additional considerations: Network Maturity: Flare Network is a relatively young project with its core functionalities still under development. Security Considerations: The security of the Flare Network relies on the underlying FBA implementation and the security of connected blockchains. Adoption by Established Blockchains: Flare's success depends on the integration and adoption by major blockchains like XRP Ledger

Spot the Main Event:

Update on upgraded FTSO Rewards on Songbird Today marks the transition to phase 2 of the Flare Systems Protocol implementation and FTSO scaling on #Songbird, following the approval of STP.06 on March 5th. Changes to FTSO rewards on Songbird: • FTSO rewards will be split evenly (50/50) between data providers running old and upgraded versions. •FTSO reward epochs are 1 week for the previous version and 3.5 days for the upgraded FTSO. Important note for both FTSO data providers and delegators: Automatic distribution every 3.5 days for the upgraded version of the FTSO is planned to be in place by the beginning of July. In the meantime, they will be distributed manually every 2 weeks, similar to staking rewards. The first distribution will be on or around the 20th June. We'll keep you updated on the exact time for claiming them.

Spot the Main Event:

Today marks the transition to phase 2 of the Flare Systems Protocol implementation and FTSO scaling on Songbird, following the approval of STP.06 on March 5th.

Spot the Main Event:

FLARE V2 Transition phase to FTSO v2 Scaling on Songbird begins this Thursday June 6th. You can read more about this important step and its effect on FTSO rewards below FTSO is undergoing a significant upgrade. The first step is the implementation of the Flare Systems Protocol and FTSO scaling on #Songbird, which started with the approval of STP.06 on March 5. This will enable the FTSO to provide developers with up to 1000 data feeds, updated every 90 seconds. The implementation has three phases. 1. We are currently in the trial phase where all inflation rewards are still allocated to data providers supporting the previous version of the FTSO. 2. On Thursday June 6th, we will transition to phase 2. FTSO rewards will be shared equally between data providers supporting the previous and the upgraded versions of the FTSO - 50% for each group

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