 Hello, welcome to Make Money Territory. In this video we will be talking about the latest update on Flare. There is significant excitement surrounding the Flare network and its potential for disruption within the cryptocurrency industry. The ecosystem has gained prominence, driven in part by integrating essential industry participants such as anchor, figment, restake and north stake, and involving them in dual roles as validators and data providers. With the successful distribution of the FLT token, the network is now officially operational. This guide provides a comprehensive overview of Flare network, encompassing its definition, operational mechanisms, key features, Flare price prediction, and mission. Let's delve into the details. As of the latest data, the current price of Flare, FLR is $0.018, with a 24-hour trading volume of $145 million. The market capitalization stands at $543 million, and Flare holds a market dominance of 0.02%. Over the past 24 hours, the FLR price has increased by 27%. Flare achieved its highest price on August 13, 2022, reaching an all-time high of $0.70224. Conversely, its lowest price was recorded on October 19, 2023, at an all-time low of $0.008248. Following the all-time high, the lowest price since the peak was $0.008248, cycle low, while the highest FLR price since the last cycle low was $0.022283, cycle high. The current circulating supply of Flare is $14.75 billion, FLR. The overall sentiment for Flare's price prediction is currently bullish, and the fear and greed index indicates a score of 74 signifying greed in the market sentiment. What is Flare Network and the FLR token? Flare Network is a blockchain initiative designed to introduce smart contract capabilities to crypto assets issued on blockchain's lacking support for Turing complete smart contracts. For instance, holders of XRP can seamlessly transfer their coins to the Flare Network, where they become represented as FXRP. These FXRP tokens can then be utilized in decentralized finance applications, a functionality not available on the XRP ledger itself. Flare Network also aims to extend support to other crypto assets without native smart contracts, including Bitcoin, Stellar, and Litecoin. The network's native asset, formerly known as SparkToken, is now called Flare, and is denoted by the ticker FLR. FLR token holders play a role in the governance of the Flare Network. Additionally, the token is essential for contributing to the Flare Time Series Oracle, FTSO, which integrates external data into the Flare Network. As an example, the FTSO provides information about a token's price to the Flare Network, and in return, holders of the Flare cryptocurrency receive an Oracle reward. How does it work? The primary objective of the Flare Network is to facilitate communication and transactions among diverse blockchain networks, extending the functionality of smart contracts to alternative networks. Operating as a Turing Complete Byzantine Agreement Network, the Flare Network, utilizes the Flare Consensus Protocol. Its Turing Complete nature allows the execution of smart contracts that can simulate any computer algorithm, enabling developers to use any coding language for smart contract deployment on the network. Flare adopts the Ethereum Virtual Machine, EVM, for the deployment of smart contracts simplifying the process for Ethereum developers to create applications on the Flare platform. To enhance interoperability across various blockchains, the Flare Network employs two protocols, the State Connector, and the Flare Time Series Oracle, FTSO. The State Connector facilitates the extraction of external data from other blockchains, processing this data on chain to establish consensus on the state of the connected blockchain. This enables the Flare Network to replicate the activities occurring on the connected blockchain. Conversely, the Flare Time Series Oracle, FTSO, enables decentralized acquisition of time series data, encompassing information such as data indices, asset prices, and more, collected consistently over time on other blockchains. The Ethereum Virtual Machine, EVM, is software designed for executing and deploying smart contracts on the Ethereum blockchain. It serves as an environment for developers to create decentralized applications, DApps, within the Ethereum network. Similarly, in the Flare Network, the EVM plays a parallel role in executing smart contracts and hosting DApps, rendering the network accessible and practical for Ethereum developers. The Flare State Connector Protocol is a smart contract that empowers the Flare Network to gather data from any interconnected blockchain in a decentralized and secure manner, leveraging independent attestation providers. These providers autonomously retrieve data from a specified blockchain, and once a consensus is achieved, the Flare Network publishes this data. The FLR token native to the Flare Network serves multiple purposes, including payments, covering transaction fees to thwart spam attacks, and participating in staking within validator nodes. Additionally, FLR can be encapsulated into an ERC-20 variant known as these wrapped tokens WFLR offer versatile functionality, such as delegation to Flare Time Series Oracle, FTSO, data providers and engagement in governance processes. Achieving a price of $1 for the FLR token entails a formidable increase in its current value. A point of reference is Bitcoin, which has seen its value surge by nearly $20,000, showcasing the potential for significant price movements within the crypto space. Notably, various tokens have experienced meteoric rises, often fueled by an influx of available funds. However, the path to a $1 FLR token involves a market capitalization of almost $20 billion, surpassing established cryptocurrencies like Cardano and Solana. It's essential to consider the practicality of such growth, especially given the historical trends and market dynamics. If FLR token were to sustain a growth rate of 25% annually, it would take approximately 19 years to attain the coveted $1 mark. This projection underscores the importance of assessing both short-term and long-term factors, including market conditions, adoption rates and investor sentiment when evaluating the feasibility of such ambitious price targets. Yet, the 2024 forecast for FLR appears optimistic, as indicated by various technical quantitative indicators. This bullish outlook suggests that FLR may present itself as an attractive investment opportunity in the coming year. The predicted upward trajectory is often associated with the economic principle that scarcity tends to drive up prices.