Flare to Participate in ETHGlobal in New York on August 15th
Flare will participate in ETHGlobal, a blockchain development conference scheduled in New York, from August 15 to 17. The three-day program will cover smart-contract innovation and related infrastructure. Refer to the official tweet by FLR: Next stop: NYC 🇺🇸📅August 15–17Flare is proud to sponsor a weekend of builders, ideas, and smart contract innovation in the city that never sleeps.Flare doesn’t just talk infra. Let's build. FLR InfoFlare Network is a distributed protocol that incorporates the Ethereum Virtual Machine (EVM), enabling the execution of Turing-complete smart contracts. Turing-complete indicates that any computational problem can be addressed given adequate memory. As such, the Flare Network can foster an ecosystem of decentralized applications (DApps), with the ultimate objective of scaling smart contract networks.Flare Network employs a consensus algorithm named Avalanche, customized to function with Federated Byzantine Agreement (FBA), a consensus mechanism utilized by networks such as XRPL and Stellar. Uniquely, Flare Network's consensus protocol doesn't depend on economic mechanisms like Proof of Stake (PoS) to maintain network security. In contrast, many networks, including Ethereum (which will fully transition to PoS with Ethereum 2.0), rely on token-staking validators for network security.The Spark token (FLR) is the native token of the Flare Network, primarily used as a safeguard against spam attacks by placing a cost on network transactions. Additionally, the token serves as collateral within decentralized applications (DApps), contributing to the robustness and security of various applications on the network. The Spark token also provides data to an on-chain oracle and enables users to participate in protocol governance, strengthening the democratic and decentralized nature of the network.