While blockchain projects continue to develop at full speed, another piece of news came from Flare Network. Flare Network has announced that it has included the popular meme token Dogecoin (DOGE) as a FAsset. This will allow Dogecoin to be used on Flare and other chains affiliated with Flare.
Flare Network is a network created by Hugo Philion and Sean Rowan to solve two fundamental Blockchain problems. Flare Network reveals a new way to scale smart contract platforms without tying the security of the network to the value of the token.
Flare shared this in response to a tweet about Dogecoin from Billy Markus, the creator of Dogecoin.
“F-Assets are key components of the Flare Network. While Spark (FLR) is the network's native token, users can bring their F Assets to the network for use. This unlocks smart contracts for assets and essentially benefits non-smart contract crypto.
Additionally, it allows users to participate in DeFi and other networking applications with their crypto.”
What is Flare Network?
Flare Network is a distributed network integrating the Ethereum Virtual Machine (EVM). At its most basic, EVM translates smart contracts into instructions that computers can read – allowing the network to run full Turing smart contracts. Being fully Turing means that this contract can handle any computational task provided there is enough memory to run the smart contract. Thus, a decentralized application ecosystem can be created by combining some powerful features. In short, Flare aims to be a way to scale smart contract networks.
Flare uses a consensus protocol called Avalanche, adapted to work with the Federated Byzantine Agreement (FBA). FBA is a consensus mechanism used by networks such as XRPL and Stellar. We won't go into technical details here, but basically, Flare's consensus algorithm does not use economic mechanisms such as Proof of Stake (PoS) to protect the security of the network.