Flare to Launch FAssets v.1.2 on Songbird on August 20th

Flare has announced the upcoming launch of FAssets v1.2 on the Songbird network as part of its enhanced security roadmap. The upgrade follows a completed audit by Zellic, confirming the robustness of the code. To enable deployment, the FAssets system will undergo a scheduled upgrade on August 20, lasting up to 8 hours. During this window, minting and redemption of FAssets will be temporarily paused. Once the upgrade is complete, the v1.2 version will go live automatically with no action required from users or collateral providers.

FLR Info

Flare 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.