Flare Network: Smart Contracts for Non-Smart Blockchains

The Flare Network whitepaper introduces a revolutionary Layer 1 blockchain that brings smart contract functionality to non-smart contract networks like Bitcoin, XRP, Dogecoin, and Litecoin through innovative State Connector and Flare Time Series Oracle protocols that enable these assets to be used in decentralized applications without requiring changes to their underlying networks. Flare's unique approach solves the interoperability challenge by creating a bridge between proof-of-work networks and smart contract platforms, allowing Bitcoin and other UTXO-based cryptocurrencies to participate in DeFi, NFTs, and Web3 applications while maintaining their security guarantees. The Federated Byzantine Agreement (FBA) consensus mechanism provides fast finality and high throughput while ensuring decentralization through a network of validators that secure both the native FLR token and wrapped versions of external assets. The State Connector protocol enables trustless verification of events and transactions from external blockchains, making it possible to create accurate price feeds, verify cross-chain transactions, and execute complex multi-chain smart contracts. Flare's Time Series Oracle (FTSO) provides decentralized price data for various cryptocurrencies and real-world assets, eliminating the oracle problem that affects many DeFi protocols.