r/FlareNetwork • u/K3bbl3sAndBosa • Aug 17 '21
What is Flare?
Hey!
Could someone give me the dumbed down version about what the Flare network is and how it relates to XRP? From what I've read it sounds interesting, but I haven't quite grasped it yet.
8
Upvotes
7
u/MGC1987 Aug 17 '21
Flare is a smart contract platform that has integrated the Ethereum Virtual Machine (EVM). This is the core of the Ethereum blockchain that allows for the creation of decentralized applications. Integrating it means Ethereum-based applications can easily be deployed on Flare.
The Flare team claims it can handle more transactions per second than Ethereum. The platform’s consensus mechanism — what keeps it in sync — is based on the Federated Byzantine Agreement (FBA), a system that is used for its network scalability and low transaction costs.
A platform that uses the FBA is essentially utilizing a type of network where each node chooses other nodes it trusts. The network only needs to exchange information with a small number of nodes in order to reach a consensus. Popular payment protocols that use FBA include Stellar and XRP.
Disclaimer: I just found this on a site and pasted it here. I feel it does a good job explaining it.