In this week’s Wealth Mastery Altcoin Review, we’ll discuss the following topics and learn “What is Flare Network.”
- What is Flare Network?
- What is the Future of Flare Network?
- What is FLR Altcoin?
- How do you Buy Flare?
- Is Flare a Good Investment?
What is Flare Network?
Flare Network is the latest altcoin to generate massive attention in the crypto markets. For anyone that held Ripple Altcoins in their wallet on December 20th, 2020. Then you received or have yet to claim your Flare tokens. This seems familiar because this is not the first time Ripple holders have been given free tokens for holding XRP. This is because users who held at least 10 XRP on December 12th, 2020, received a share in the Songbird Network at a rate of 1 XRP to 0.1511 Songbird Tokens. But this happened back in September, and as the charts would indicate. It mostly served to briefly pump Ripple’s price on the news of Songbirds release. You can probably already guess what happened to the price afterward once the hype died down. Showing us that buying the rumor and selling the news is still viable for crypto traders. But, as it turns out, this method of artificial price appreciation can’t be exploited forever. With the release of Flare Network, we’ve already begun seeing a different narrative play out. But what does Flare bring to the table, and what makes it different enough from Songbird that anyone would even care?
Flare Network believes it can “connect everything” to the blockchain. But doesn’t even have Ledger or Trezor hardware support. With both Songbird and Flare running on the Ethereum Virtual Machine, that already limits their use outside of EVM-compatible networks. While these networks are considered Layer-1 and operate independently from other blockchains. They rely heavily on Ethereum-based contracts to function as intended.
The difference between Flare and Songbird is quite simple. As discussed, whenever we mention Polkadot, you have what is called “Canary Networks.” These canaries are intended to operate identically to their non-canary counterpart. In this situation, Songbird is the canary network for Flare. Songbird is meant to be the testing grounds for Flare. This is done to prevent breaking or putting the main chain Flare in jeopardy should something go wrong. But, in all honesty, I’ve always seen this as another way to stretch liquidity and artificially create useless tokens. Essentially all it does is add equity to a testnet. Facing the facts, there’s no need for any testnet to have a publicly traded token attached. When it does, it’s no longer considered a testnet. This is further illustrated by the few NFTs living on Songbird. Why would anyone want an NFT on a test network instead of the “real” network?
Flare was launched by a Non-Profit organization based in the Netherlands and as of right now. It is nothing more than a governance-based staking network. The rollout of Flare boasted the ability for developers to begin taking advantage of the Flare Network to gain access to data from other blockchains. But, how exactly does Flare look to accomplish this?
State Connector
So far there are two major pieces of technology that Flare uses to try and accomplish interoperability. The first is Flares State…
Jesse is a passionate seeker of truth who enjoys educating others about Bitcoin.
As a free thinker and 2nd amendment advocate, Jesse believes each individual has the right to monetary freedom.
“The swarm is headed towards us” -Satoshi Nakamoto
