Glossary

Glossary Of Terms

A list of terms, and their definitions, relating to the Flare Network and associated projects.


Address
Is a unique identifier that serves as a virtual location where cryptocurrency can be sent.
Agent
Owners of Flare's native token, Spark, who send their tokens to a collection of smart contracts on Flare that are referred to as the FXRP system.
APY
Annual Percentage Yield is a normalised representation of an interest rate, based on a compounding period in one year. APY figures allow a reasonable, single-point of comparison of different offerings with varying compounding schedules.
Blockchain
Is a growing list of records, called blocks, that are linked together using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data.
CEX
A Centralized Exchange is a type of cryptocurrency exchange that is operated by a company that owns it in a centralized manner.
Collateral
Spark that has been sent to smart contracts by an agent.
Coston
The Flare Test Network named in remembrance and celebration of a great inventor, Martha J. Coston (1826-1904)
DeFi
Decentralized Finance is a blockchain-based form of finance that does not rely on central financial intermediaries such as brokerages, exchanges, or banks to offer traditional financial instruments, and instead utilizes smart contracts on blockchains
Delegation
Allows an address to bestow all or a fraction of the votes associated with its Spark tokens upon another address for the purposes of both FTSO and governance participation without moving or transferring those tokens.
DEX
A decentralized exchange is a peer-to-peer (P2P) marketplace that connects cryptocurrency buyers and sellers. In contrast to centralized exchanges (CEXs), decentralized platforms are non-custodial, meaning a user remains in control of their private keys when transacting on a DEX platform.
EVM
Ethereum virtual machine, or EVM for short, is a blockchain-based software platform. It allows developers to create decentralized applications (Dapps). Programmers value them for having no downtimes and keeping all created objects safe from modifying.
F-Asset
An F-Asset is a 1:1 representation on Flare of any token from another chain. Flare’s F-Asset protocol can be thought of as a pure trustless and non-custodial bridge from one chain to Flare and back again. F-Assets are created and redeemed without relying on a third party.
FBA
Federated Byzantine Agreement, is a form of Byzantine agreement where each byzantine general is responsible for their own blockchain.
Flare Network
The Flare Network is a distributed network whereby nodes run the Avalanche consensus protocol adapted to the FBA consensus topology and leveraging the EVM.
FTSO
The Flare Times Series Oracle provides externally sourced data estimates to the Flare Network in a decentralised manner. It does so by leveraging the distributed nature of the network and its participants.
Governance
The means of achieving the direction, control, and coordination of stakeholders within the context of a given blockchain project to which they jointly contribute
KYC
Know Your Customer, refers to the verification process that customers to go through in order to verify their identity and link it to a cryptocurrency wallet.
Liquidity
Refers to how easy it is to convert cryptocurrency into cash quickly — and whether this can be achieved without the asset's value suffering.
Minting
The computer process of validating information, creating a new block and recording that information into the blockchain.
NFT
A non-fungible token (NFT) is a unit of data stored on a digital ledger, called a blockchain, which can be sold and traded. The NFT can be associated with a particular digital or physical asset (a file or a physical object) and a license to use the asset for a specified purpose.
Non-Custodial
A non-custodial wallet, you have sole control of your private keys, which in turn control your cryptocurrency and prove the funds are yours.
Signal Provider
Submits price pairs to the STSO / FTSO according to their own methodology. They facilitate passive earning opportunities through vote delegation for successful price submissions.
Smart Contract
A smart contract is a computer program or a transaction protocol which is intended to automatically execute, control or document legally relevant events and actions according to the terms of a contract or an agreement. The objectives of smart contracts are the reduction of need in trusted intermediators, arbitrations and enforcement costs, fraud losses, as well as the reduction of malicious and accidental exceptions.
Songbird
Songbird is the Canary network for Flare, it will have two distinct phases. Prior to the launch of Flare, Songbird will be instrumental in the continued testing of the Flare Time Series Oracle, the StateConnector and F-Asset systems and the network architecture.
Spark Token (FLR)
Is the native cryptocurrency of the Flare Network, a new protocol that intends to bring decentralized finance to the XRP ecosystem.
Stable Coin
Is a type of cryptocurrency whose value is tied to an outside asset, such as the U.S. dollar or gold, to stabilize the price.
State Connector
Proving the state of any underlying chain for all smart contracts. State Connector nodes are run independently by every Flare Network validator, and they observe the state of an external system in a safe and decentralized manner.
STSO
The Songbird Times Series Oracle provides externally sourced data estimates to the Songbird Network in a decentralised manner. It does so by leveraging the distributed nature of the network and its participants.
Trustless
Means that the participants involved do not need to know or trust each other or a third party for the system to function.
Turing Complete
Refers to a machine that, given enough time and memory along with the necessary instructions, can solve any computational problem, no matter how complex.
UNL
Is a group of nodes that broadcast a vote on which transaction history is correct, and the consistent majority will be chosen to advance the ledger.
Validator
Is someone who is responsible for verifying transactions on a blockchain. Once transactions are verified, they are added to the distributed ledger.
Vote Delegation
Corresponds to an address on Flare assigning its own Spark (FLR) token votes (or F-Asset votes) and any votes already assigned to it, to another address on Flare. This is primarily done via a Signal Provider for the purpose of generating passive income.