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Flare is the blockchain for data. It is a layer 1, EVM smart contract platform designed to expand the utility of blockchain.
The network is built with two open native interoperability protocols: the
State Connector and the Flare Time Series Oracle (FTSO), which allow for the on-chain decentralized acquisition of, respectively, blockchain and time series data. The State Connector enables decentralized consensus on the state of external blockchains, thus enabling on-chain acquisition of external blockchain data.
The State Connector enables the state of an external blockchain to be captured in a decentralized manner on-chain. This is achieved by using two core protocols: the request-commit-reveal (RCR) and the branching protocol.
Request-Commit-Reveal (RCR)- The RCR protocol enables users to submit a request, termed an attestation request, to Flare to obtain information from another blockchain.
The FTSO is a decentralized protocol that aims to generate accurate estimates of off-chain time series data on the Flare Network. It provides continuous estimations of changing data, such as price pairs.
Consensus mechanism-
The Flare Consensus Protocol (FCP) is a new construction of the Federated Byzantine Agreement (FBA) consensus. It is an asynchronous, ordered, and leaderless version of the Federated Byzantine Agreement (FBA) consensus. FCP is leaderless, asynchronous Byzantine fault tolerant, has ordered transactions, and is highly scalable due to its usage of a novel networking complexity-reduction technique called federated virtual voting.
FLRUSD prices have surged more than 75% in the past two weeks. It hit a high of $0.0497 and is currently trading around $0.0445. The pair is holding above the short-term (21 and 55-day EMA) and above the long-term moving average (200-day EMA).
The near-term resistance is around $0.06, any indicative breach above will take the pair to $0.08/$0.10. On the lower side, immediate support is $0.0340, and any violation below targets $0.0280/$0.020.
Indicators ( 4- hour chart)
Directional movement index - Bullish
It is good to buy on dips around $0.0350 with SL around $0.0280 for TP of $0.080.
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