At 11:59 p.m. UTC on January 9, 2023, Flare, the blockchain for developing applications that utilise data from other chains and the internet, finally began its much-anticipated token airdrop. One of the largest-scale distributions in cryptocurrency history, the airdrop saw 4.279 billion Flare (FLR) tokens issued to millions of users, including users on Binance, OKX, Kraken, Bithumb, UpBit, Kucoin, BitBank, and more.
The initial 15% of all public tokens will be issued during the Flare token sale, with the remaining 85% being distributed monthly over the next 36 months. The community vote on Flare Improvement Proposal 01 (FIP.01) will determine how the remaining 85% of tokens will be distributed.
Flare’s revolutionary approach to decentralization
The purpose of Flare is to provide a means for developers to create programs that can access more data in a secure manner. This could pave the way for new use scenarios, such as a Flare smart contract’s action being triggered by a payment made on another chain or by data provided by an internet/web2 API. Flare also allows for a unique kind of bridging, one that can be used to transfer tokens that aren’t issued by smart contracts over to the platform for use in things like DeFi protocols.
Flare’s Time Series Oracle (FTSO) takes advantage of the distributed nature of the network to give dapps with highly decentralized pricing and data series. In the FTSO, approximately a 100 different data providers are rewarded to produce accurate data once every three minutes.
When combined with the State Connector and Flare Time Series Oracle, the airdrop marks a major step forward for Flare’s EVM and native data gathering methods. These network-protected native protocols enable new use cases and revenue models by allowing decentralized access to high-integrity data from other blockchains and the internet.
Data may be used in smart contracts on Flare in a safe, scalable, and trustworthy way thanks to the State Connector protocols. As a result, more cross-chain solutions can be developed and a new, powerful type of data can be made available on the network. The State Connector is secure because it uses a binary forking protocol in combination with a distributed collection of attestor nodes, which makes it possible to challenge a hostile majority of data providers.