» Flare celebrates the Genesis event with an open invitation to blockchain developers

Flare celebrates the Genesis event with an open invitation to blockchain developers

Flare, the interoperable Layer 1 blockchain, is finally open for business. Its genesis event kicked off on July 14, kicking off an eight-week run period before things ramped up with a token generation event. Before then, there is plenty to do, with new validators joining the network and a grant program rewarding developers interested in creating the first Flare 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 developers will leverage Flare’s cross-chain composition and Web2 data in their dapps. I encourage anyone about to start a new Web3 project to take a look at Flare’s technology.

This technology includes State Connector, which brings together on-chain and off-chain data sources, and Flare Time Series Oracle (FTSO), which provides external pricing in a decentralized manner. For assets like XRP, for example, that will be represented on the network, the FSO will ensure that the corresponding asset is accurately valued on Flare at all times. Meanwhile, for the end users of the Flare Network, there are more tangible concerns to master, starting with a TGE in mid-September, when the Flare token finally makes its debut.

When the token Flare?

As noted, the “Observation Mode” that follows the genesis event will last for eight weeks. Once this is resolved, there will be a Token Generation Event (TGE) marking the culmination of over two years of development. Tagged as part of FL02, which has been on the Flare roadmap for several months, the TGE will see 15% of Flare’s total token supply issued. The distribution of these tokens will be enough to allow the native Flare token to start trading, but what about the remaining 85%?

Most of these tokens will only be distributed once a government vote has ratified the measure. As the documentation describing the Flare implementation process explains, “The governance vote on this proposal will only occur when 75% of the initial 15% distribution is freely available to participate 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 In the case of exchanges, this means that the token will have been distributed and can be withdrawn from the exchange.

The builders will build

Before TGE begins, Flare rolls out the red carpet for developers. Their developer adoption program starts in August. Budding development teams, or independent coders, are invited to submit proposals for dApps they would like to develop on Flare. Successful introductions are likely to use the network’s FTSO and State Connector, perhaps creating markets to trade non-native assets, be it XRP or BTC, on the new layer1. As Flare says, “the only limit is your imagination.” If the developers can dream up and create it, the Flare Foundation can provide the funds to help bring the concept to life.

Flare celebrates the Genesis event with an open invitation to blockchain developers