How does FLR (Flare) differ from other cryptocurrencies?

3 answers

• Dec 24, 2021 · 3 years ago
  FLR (Flare) stands out from other cryptocurrencies due to its unique approach to smart contracts. Unlike most cryptocurrencies that are built on blockchain technology, FLR utilizes the Flare Network, which is a federated Byzantine agreement (FBA) consensus protocol. This allows FLR to offer smart contract functionality to non-Turing complete blockchains like Bitcoin and XRP. Additionally, FLR introduces the concept of 'Spark,' which is a utility token that can be used for governance and as collateral for trustless issuance of assets on the Flare Network.
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• Dec 24, 2021 · 3 years ago
  When it comes to FLR (Flare) and other cryptocurrencies, one key difference lies in their consensus mechanisms. While many cryptocurrencies rely on proof-of-work (PoW) or proof-of-stake (PoS) algorithms, FLR uses the Federated Byzantine Agreement (FBA) consensus protocol. This consensus mechanism allows for high scalability and fast finality, making FLR an attractive option for decentralized applications (dApps) and smart contracts.
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• Dec 24, 2021 · 3 years ago
  FLR (Flare) offers a unique solution for interoperability between different blockchains. By utilizing the Flare Network, FLR enables the trustless issuance of assets from non-Turing complete blockchains like Bitcoin and XRP. This means that users can enjoy the benefits of smart contracts and decentralized finance (DeFi) applications without having to migrate their assets to a new blockchain. With FLR, users can leverage the existing security and network effects of established cryptocurrencies while still accessing the innovative features of the Flare Network.
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