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Flare - crypto

3 min read

ID: I202602131744 Status: idea Tags: Cryptocurrency

Flare - crypto

Important

I copied this entire article from the Revolut “Learn” center.

Blockchain and bitcoin

Chances are, you’ve probably heard of Bitcoin (BTC) by now. It’s a fully digital currency independent of any government or bank control. With Bitcoin, there’s no need for intermediaries. People can send and receive Bitcoin directly, anytime, anywhere.

But how does it work?

Instead of a bank keeping track of who owns which funds, Bitcoin uses a shared digital record called the blockchain. Simply put, it’s a public ledger that records every BTC transaction ever made on the network.

While powerful, the Bitcoin blockchain was built for one primary purpose: to transfer value securely. It can’t run complex, data-rich applications. This is where Flare, the blockchain for data, comes in.

What is flare

Flare is a decentralised blockchain built to support smart contracts and real-world data.

Imagine Flare as a digital city. The foundation is built on decentralisation, like BTC, but its streets (the blockchain) are filled with shops (apps) offering various services like lending, trading, and borrowing.

These decentralised apps, or dApps, run on smart contracts — code that automatically executes when certain conditions are met. Think of them like vending machines: follow the rules (insert money) and the result happens (it dispenses your snack). No humans needed.

The FLR token is the currency of this digital city. FLR powers the network. You can use it for:

  1. Paying transaction fees on the network.
  2. Securing the network through “staking”, where you “lock up” tokens to earn rewards — similar to earning interest in a fixed savings account.
  3. Voting on the future of the network.

What makes Flare unique?

Flare is built to securely access data from the outside world, pulling real-time data like prices, weather, and even sports scores directly onto the blockchain so dApps can respond to real events.

This is possible because Flare has oracles built into its core. An oracle is a service that feeds external data to a blockchain. By building them directly into the network, Flare ensures this data is decentralised, accurate, and tamper-proof, eliminating risks from relying on third parties.

Flare enhances this data capability with tools like the Flare AI Kit. Flare’s 100+ trusted data providers enable developers to build Verifiable AI applications on the network. This fusion of AI and blockchain supports advanced use cases, such as AI-driven decentralised finance.

References

revolut learn section

ID: M202602131550 Status: MOC Tags: Revolut

revolut learn section

I was looking through the “Learn” section in the Revolut app and found a section about this topic.

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