Reported By: Bitcoinist.com
Flare, the interoperable layer 1 blockchain, is finally open for business. Its genesis event kicked off on July 14, initiating an eight-week bedding-in period before things kick into high gear with a token generation event. Before then, there’s a lot of action to take in, with new validators joining the network and a grants program rewarding devs interested in building Flare’s first dApps.
For Flare CEO Hugo Philion, this moment has been a long time in the making. In a statement, he enthused: “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.”
That technology includes a State Connector, which unites on- and off-chain data sources, and the Flare Time Series Oracle (FTSO) which provides external prices in a decentralized manner. For assets like XRP, for example, which will be represented on the network, the FSO will ensure that the corresponding asset is accurately priced on Flare at all times. For end users of Flare Network, meanwhile, there are more tangible concerns to get to grips with, starting with a TGE in mid-September when the Flare token will finally debut.
When Flare Token?
As noted, the “observation mode” which follows the genesis event will run for eight weeks. Once this is out of the way, there will be a token generation event (TGE) that marks the culmination of over two years’ development. Marked as part of FL02, which has been enshrined in the Flare roadmap for several months now, the TGE will see 15% of Flare’s total token supply issued. Distributing these tokens will be enough to enable Flare’s native token to start trading, but what of the remaining 85%?
The majority of these tokens will only be distributed once a governance vote has ratified the measure. As the documentation describing Flare’s rollout process explains, “The governance vote for this proposal will only take place once 75% of the initial 15% distribution is freely available to take part in the governance vote. In the case of exchanges, this means that the token will have been distributed and can be withdrawn from the exchange.”
Builders Gonna Build
Before the TGE gets underway, Flare is rolling out the red carpet to developers. Its developer adoption program starts in August. Aspiring dev teams – or solo coders – are invited to submit proposals for dApps they’d like to create on Flare. It’s likely that successful submissions will make use of the network’s FTSO and State Connector, perhaps creating markets for trading non-native assets, be it XRP or BTC, on the new layer1. As Flare puts it, “the only limitation is your imagination.” If developers can dream and create it, Flare Foundation can provide the funding to help bring the concept into reality.
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