What is the most important aspect of any Blockchain project?

The way it reaches consensus.

The way transactions are verified.

Solving the double spend problem can be done in many different ways, some better than others...

🧵[THREAD]
Proof-of-Work (PoW)

PoW is a decentralized consensus mechanism that requires members of a network to expend effort solving an arbitrary mathematical puzzle - AKA mining.
Proof-of-Stake (PoS)

The PoS concept states that a person can mine or validate block transactions according to how many coins they hold. This means that the more coins owned by a miner, the more mining power they have.
Federated Byzantine Agreement (FBA)

A Byzantine Agreement is reached when a certain minimum number of nodes (known as a quorum) agrees that the solution presented is correct, thereby validating a block and allowing its inclusion on the blockchain.
PoW is inefficient with the #BTC blockchain alone consuming more energy than some small countries.

With miners searching for the locations where energy is cheapest, they often come from the same geographic location (China).

The addition of pooling makes 51% attacks a real risk.
PoS has the problem of being unable to scale.

The security of the network relies on the value of the native token.

If assets held on the network exceed the market cap of the native token, an opportunity presents itself for malicious actors to attempt a 51% attack.
FBA is extremely fast, very cheap and also scalable.

The #FlareNetwork uses consensus protocol called Avalanche, which has been adapted to work with Federated Byzantine Agreement (FBA).

This is what puts the Flare Network far ahead of its competitors, we are extremely early...

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More from @CommunityFlare

27 Jan
I'm going to break this down into the most simplest way I can, I will do it once, so please listen up.

Say I have 100 apples.

I give 100 people 100 apples.

They have 1 apple each.

Let's say I have 100 oranges.

I will distribute them equally to those who hold apples.

1/3
Scenario 1:

Let's say I decide to give out the oranges now.

That's 1 orange for each person.

100 apples evenly distributed, 100 oranges, 1 each, yes?

1 ORANGE EACH!

2/3
Scenario 2:

Let's say a month later I give everyone 1 more apple each.

Everyone now has 2 apples,

100 people, 200 apples, yes?

Let's say I distribute the 100 oranges equally between them.

That's 1 orange for everyone who hold 2 apples.

1 ORANGE EACH!

3/3
Read 5 tweets
10 Jan
#Flare vs. #Ethereum

I hear many people describing the Flare Network as the 'Ethereum killer'.

But few actually consider why that might be.

Let's look at the facts, $FLR vs $ETH

🧵[THREAD]
Ethereum, once upgraded to 2.0 will reach consensus with Proof-Of-Stake which means the security of the network depends on the price of #ETH.

A fundamental issue with PoS as a consensus algorithm is the inability to scale the fact it remains susceptible to 51% attacks.

2/
To validate transactions on a PoS network, users must stake their tokens which means validation is based on how many you own.

Now, let us consider if the #Ethereum Network wanted to tokenize Gold (estimated market cap of ~$10T) while ETH market cap was sitting at ~$150B

3/
Read 9 tweets
8 Jan
💪𝐅𝐥𝐚𝐫𝐞 𝐍𝐞𝐭𝐰𝐨𝐫𝐤 𝐆𝐨𝐯𝐞𝐫𝐧𝐚𝐧𝐜𝐞👌

Flare is governed entirely by Spark token holders through voting.

Some decisions can be implemented on-chain such as:
changing the transaction cost or changing the collateral ratio and creation fee of a F-Asset.

🧵[THREAD] Image
Other decisions such as changing network consensus parameters or more complex long-term updates require a code change.

The Flare white paper sets out a proposal, development and testing regime for manual changes which can be initiated and voted on by Spark token holders

2/ Image
To help implement that process & execute the agreed changes there will be a Flare Foundation. The foundation will be a non-profit.

It will be responsible for 5 key areas:

• Grants
• Investments
• Research & Development
• Education
• Publicity & Partnerships

3/
Read 6 tweets
2 Jan
Flare Network token distribution.

@FlareNetworks have blessed #XRP holders by taking a snapshot of the XRP Ledger (12/12/2020) for the token distribution.

Let us discuss further how Spark will be distributed and the important dates associated with the airdrop.

🧵[THREAD]
First of it is important to note, Spark will be distributed to eligible wallets, but what constitutes as an eligible wallet?

Eligible address are those who have correctly claiming Spark, details of which can be found here:

flare.ghost.io/claiming-spark…

2/
If you was storing your #XRP on an exchange at the time, then fear not. You may still be eligible for the airdrop as exchanges may have claimed Spark on your behalf.

You can find a list of supporting exchanges here:
flare.xyz/supporting-exc…

3/
Read 7 tweets
2 Jan
#Flare is the world’s first Turing complete Federated Byzantine Agreement (FBA) network.

It's going to change game!

But I would like to bring your attention to the @FlrFinance ecosystem which will be built upon the Flare Network.

🧵[THREAD]
𝗙𝗹𝗮𝗿𝗲 𝗙𝗶𝗻𝗮𝗻𝗰𝗲

Flare Finance is the first DeFi platform built on the Flare Network. It utilizes smart contracts to offer a non custodial environment for trading, farming, loans, insurance, and mining.

2/
Flare Finance offers 6 products allowing the users of the Flare Network to act as their own yield generating bank without giving up custody or control of their assets to
a centralized party, these are:

🔸FlareX
🔸FlareFarm
🔸FlareUSD
🔸FlareLoans
🔸FlareMutual
🔸FlareMine

3/
Read 10 tweets

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