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General questions:
EVM is a Turing-complete virtual machine, which means that it can execute any program that can be expressed in code. This allows developers to build a wide variety of decentralized applications (DApps), including decentralized exchanges, games, and financial products. The EVM is also responsible for maintaining the state of the blockchain, meaning that it keeps track of the balances of all accounts, as well as the code and state of all smart contracts.
A consensus algorithm is a set of rules used in distributed systems, like blockchains, to ensure all participants agree on the current state of the system, even in the presence of failures or malicious actors.
Flare Network uses proof-of-stake consensus algorithm. More specific the Avalanche Snowman++ consensus algorithm.
Avalanche Snowman++ is a sophisticated proof-of-stake consensus protocol that is designed to be highly scalable and secure. It uses a unique combination of directed acyclic graphs (DAGs) and consensus checkpoints to achieve fast transaction finality and high throughput.
First, Avalanche Snowman++ enables Flare Network to process thousands of transactions per second, which is essential for a blockchain designed to support many decentralized applications (DApps).
Second, Avalanche Snowman++ is highly secure and resistant to attacks such as Sybil attacks, denial-of-service attacks, and 51% attacks, because it uses many techniques to prevent malicious actors from gaining control of the network.
Third, Avalanche Snowman++ is also relatively energy-efficient, compared to other proof-of-stake consensus mechanisms.
The Flare Network consists of three chains:
C-chain: on which the Ethereum Virtual Machine runs and with which the vast majority of the community currently interacts.
P-chain: on which staking takes place.
X-chain: which is intended for fast and simple monetary (micro) transactions and is currently not in use.
Web3 envisions a future internet owned by its users, powered by decentralization and blockchain technology.
The Flare Time Series Oracle (FTSO) and State Connector protocols, integrated into the Flare Network base layer, are essential components that enable Flare smart contracts to access timely and accurate off-chain data and to interact with other blockchains without needing centralized intermediaries.
State Connector protocol provides deterministic data from other blockchains and off-chain data sources. State Connector offers improved security, flexibility, and faster processing compared to other Oracle systems on the market. It makes it possible to transfer state data from one blockchain to another.
This protocol is a key element of the Flare network because it allows integration with other platforms and the creation of new applications. State Connector is integrated with the Flare Time Series Oracle (FTSO) protocol, which provides reliable and decentralized data. This allows State Connector to provide a consistent state between different blockchains.
The Focus Project is an Infrastructure Provider on the Flare Network, known under the FocusTSO brand. As an IP, we play a dual role: an FTSO Data Provider and a network Validator. We run our FTSO and Validator on the Songbird Network (Flare’s Canary Network). These roles are crucial for the entire system’s sustainability, as they support the whole ecosystem. At the same time, we provide educational content for the community, explaining and guiding them through the complex technical aspects of network architecture through our Twitter accounts, Medium blogs, and YouTube channel. Focus project released a limited edition of NFT Passes that allow users to earn additional rewards. The total supply is 600 NFT Passes, divided into 4 rarities with a different number of passes in each category. Each rarity will have a different pool ratio for the rewards.
FTSO delegation:
In the context of blockchain, an Oracle refers to a special type of blockchain network node that serves to deliver information from external sources to smart contracts. The Oracle acts as an intermediary between the external world and the smart contract, providing information on which the contract can base its operations.
The type of information provided by an Oracle depends on the requirements and can include market data, financial data, or other external data that may impact the functioning of the smart contract. This enables smart contracts to respond to changes in the external world, increasing their flexibility and usefulness. Many companies utilize Oracle services in blockchain networks to provide cryptocurrency prices or other financial instrument data to their smart contracts.
Oracle plays a crucial role in the DeFi sector, bridging the real world with the blockchain world. For DeFi applications to function and be valuable to people and organizations worldwide, they require real-world information such as price data. Currently, the market capitalization of the top 100 DeFi projects (value of tokens issued by them) exceeds $120 billion (as of March 2023).
Flare Time Series Oracle (FTSO) protocol, is a native oracle for time-series data, such as asset prices. This protocol provides highly accurate and decentralized data to applications on the Flare network. The data delivery process is not controlled by a single entity, but by a group of independent Signal Providers, who collect data from various sources, such as decentralized or centralized exchanges.
Data / Signal Providers are a crucial element of the Flare Network in terms of bringing real-world data onto the blockchain. They are off-chain systems that provide data to the Flare Time Series Oracle (FTSO) protocol. FTSO is responsible for making this data available to applications. Signal Providers play a vital role in the development of a decentralized network, as smart contracts alone cannot communicate with the off-chain world. Currently, Data Providers on the Flare network are responsible for delivering reliable and accurate price data for supported tokens. In the future, they will also be responsible for providing data for any real-world asset that gets tokenized, as well as various types of data such as weather forecasts or football match results.
Currently, 18 currencies are available, whose prices are expressed in US dollars: ADA, ALGO, BTC, DOGE, ETH, FIL, LTC, SGB, XLM, XRP, ARB, AVAX, BNB, MATIC, SOL, USDC, USDT, and XDC. In the future, there will likely be many more currency pairs and types of assets. The time it takes to produce forecasts will also be shortened in the future, and the types of data provided will likely be expanded.
The data provided in the FTSO system is called a “public good” by the Flare team, as it is available to the end user for free. The network of decentralized signal providers is rewarded from the inflation built into the protocol. Thanks to the use of a native protocol, the FTSO system can be highly scalable, while retaining its “public good” feature, which will likely help it in wider adoption, when data provided on the blockchain will play a major role in the future.
Significant upgrade and step to higher decentralization and scalability. FTSO, v2, offers faster updates, wider data coverage, and lower costs – all while remaining decentralized.
Having their own proprietary algorithm is crucial for Data Providers to ensure the security and decentralization of the blockchain-based data delivery system. This eliminates the risk of a single point of failure, where an attack on one or more DPs does not affect the operation of FTSO due to the diversity of algorithms.
Delegation is the temporary assignment of your FLR or SGB tokens to FTSO Data Providers. You can undelegate them at any time and you are not locked out of using them for other purposes. No tokens are transferred.
This feature lets FLR holders grant voting power to Data Provider in FTSO. You can delegate all or a portion of your voting rights (in wrappers tokens WFLR / WSGB) without transferring the actual tokens themselves.
By wrapping our FLR/SGB tokens, we add smart contract functionality. This allows us to delegate voting rights to a desired Data Provider without losing control over our assets.
Yes. FOCUS runs Data Provider - FocusTSO. You can delegate to us using Bifrost Wallet or Flare Portal https://portal.flare.network/
Focus TSO on Flare Network
You can delegate your $WFLR to FocusTSO contract address:
0xb084575CaCedf7DEdd78329656715651F8f66712
FocusTSO on Songbird Network
You can delegate your $WSGB to FocusTSO contract address:
0x8bb53ac4239834d518aa26502c318ea093e9763d
Probabilistic data refers to information that is uncertain or has an element of randomness. This means the data cannot be predicted with perfect accuracy, but rather with a certain degree of probability. Examples of probabilistic data include weather forecasts, stock market predictions, and medical diagnoses based on symptoms. The Flare Time Series Oracle protocol addresses the oracle problem within this category.
Deterministic data refers to information that is certain and predictable. It can be precisely calculated and has no inherent randomness. Examples include mathematical equations, physical laws, and computer algorithms. Unlike probabilistic data, deterministic data allows for precise answers to binary questions like "yes" or "no," "one" or "zero." The State Connector protocol addresses the oracle problem within this category.
Staking with Validator:
Proof of Stake (PoS) is a consensus mechanism used in some blockchains to validate transactions and secure the network. It's an alternative to the more traditional Proof of Work (PoW) method used by Bitcoin.
Unlike Proof of Work where miners compete to solve complex puzzles to validate transactions, Proof of Stake relies on validators. These validators are chosen based on their stake in the cryptocurrency.
Energy Efficient: PoS uses significantly less energy compared to PoW, making it a more environmentally friendly option.
Faster Transactions: PoS can validate transactions quicker than PoW, leading to faster transaction times.
Security: The staked cryptocurrency acts as collateral, making it economically risky for validators to cheat.
Staking, in the world of cryptocurrency, is the process of locking up your digital assets to support a blockchain network and earn rewards. By staking your crypto with designated validators, you participate in the validation process on a Proof of Stake (PoS) blockchain. Staking can be a way to earn passive income on your cryptocurrency holdings while contributing to the security and smooth operation of the network. However, it's important to understand the potential risks and choose reputable platforms before staking your crypto.
Validators are responsible for verifying transactions and securing the network.
Each Infrastructure Provider on the Flare Network plays a dual role on the network. It’s responsible for proposing and validating new blocks on the Flare Network chain, contributing to the Proof of Stake consensus mechanism, and providing data to the Oracle protocol (Flare Time Series Oracle).
Each Infrastructure Provider on the Flare Network fulfills a dual role. They are responsible for proposing and validating new blocks on the Flare Network chain, contributing to the Proof of Stake consensus mechanism, and providing data to the Flare Time Series Oracle protocol. These roles are crucial for the entire system’s sustainability, as they support the whole ecosystem.
Focus is an Infrastructure Provider on the Flare Network, operating under the FocusTSO brand. In this role, we fulfill a dual function: acting as both an FTSO Data Provider and a network validator. We run our FTSO node and validator software on the Songbird Network (Flare's Canary Network).
You can stake your FLR with one of our two Validators.
focusTSO Validator 1 address:
NodeID-D3QKd6XxLnrKowkziZJSG4RNLtffz8ESk
focusTSO Validator 2 address:
NodeID-G5kkF5H1AGaY3n9h9PCXdiFqjyP1jYhJW
You can stake using bifrost, solidifi wallet or flare portal.
On the Flare Network, the P-chain is the designated chain for staking.
You can stake your FLR tokens using Bifrost, SolidiFi wallet or the Flare Portal https://portal.flare.network/
The minimum stake amount is 50K $FLR.
Your stake must be held for a minimum of 14 days.
NFTs:
NFTs, or non-fungible tokens, are digital certificates of ownership for real-world or digital assets. Think of them like certificates of authenticity for rare collectibles, but in digital form.
Unlike cryptocurrencies (like Bitcoin), which are fungible (one Bitcoin is the same as another), NFTs are unique and irreplaceable. Each NFT has a unique identifier stored on a blockchain, making it easy to verify ownership and authenticity.
NFTs can represent ownership of various things, including:
- Digital art (images, videos, music)
- Collectibles (trading cards, sports memorabilia)
- In-game items (weapons, avatars)
- Virtual real estate
- Even physical assets (with a digital token representing ownership)
The value of an NFT depends on factors like its rarity, utility (any special benefits it grants), and overall demand. Some NFTs sell for millions due to their uniqueness and potential future value.
The most common token standard for NFTs on Ethereum is ERC-721.
ERC-721 defines a set of rules for creating and managing NFTs. It ensures that each NFT is unique and cannot be replicated. This standard is widely used and supported by most Ethereum wallets and NFT marketplaces.
The NFT market is still young and volatile. While some NFTs have skyrocketed in value, others may not hold their worth. Investing in NFTs involves risk, so do your research before buying.