Crypto is in the midst of a major transformation—a shift to a new era of flare price prediction. These days, no one wants to use Bitcoin or any other cryptocurrency as a payment method. The idea is that they’re too slow and too costly. But what if I told you that there are some blockchain-based currencies running circles around the traditional digital assets? In fact, there are even coins that can outcompete bitcoin in one use case or another, with some being more useful than others. Some of these newer technology-backed currencies have developed due to innovations in design and function. This article provides an overview on cryptocurrencies with unique differences and innovative features.
1. Flare—A Different Kind of Blockchain
A new, different blockchain? Say what? That’s right. Flare is a blockchain that has a completely different hash algorithm than bitcoin does. In case you aren’t familiar with the term, this essentially means that it is not “memory hard” and it doesn’t have a block reward halving every four years. However, this isn’t all that makes Flare different from other crypto platforms; here are some of its best features:
2. Faster Transactions
Compared to bitcoin and other crypto currencies, Flare is noticeably faster when it comes to transaction processing times. How so? Bitcoin transactions take an average of 10 minutes to go through. Even Ethereum, which is touted as the “fastest cryptocurrency,” only has a processing speed of 15 transactions per second (TPS). The Flare network, on the other hand, can handle 576 TPS with one second settlement times and no scaling concerns.
3. No Inflation
Many cryptocurrencies have built-in inflation, whereby their total supply increases over time as long as they’re in use. This isn’t the case with Flare; it has a static supply and is inflation-proof.
4. To the Moon!
To maximize its value, Flare can be used as a store of value, or a form of payment for goods and services. Its popularity could lead to its value increasing significantly in the future. This doesn’t present a problem because the currency is deflationary, meaning that it grows stronger over time—as opposed to fiat currencies that inflate over time and lose their purchasing power.
5. Quantum Proof
Another feature that makes Flare stand out from other blockchain-based networks is that it is quantum proof . A quantum computer is capable of solving certain problems much faster than current computers can. However, quantum computers are hard to build and development takes a lot of time.
6. Consortium of Support
Many blockchain developers and entrepreneurs have come together to create the Flarco, which is a group that supports this currency. This consortium will be vital in helping the currency both survive and thrive.
7. Secure Recovery Funds
The technology powering Flare is the proof of the stake algorithm . Because there is no mining involved, it helps to keep money from being lost in an unanswered dispute over code changes between developers or users. Flare has this secured with a three-phase recovery fund system wherein the funds are split into three parts, one for each phase of protocol changes.
8. A Thriving Community
You know that a cryptocurrency has the potential to succeed when the community believes in it enough to invest their time and effort into it. As of now, there are thousands of investors and hundreds of businesses that support Flare.
9. Competitive Fees for Microtransactions
One of the major challenges for bitcoin has always been its relatively high transaction fees. This makes microtransactions impractical and can even make simple purchases such as buying a cup of coffee difficult. Flare, on the other hand, is free to transact and its fees are competitive to stock exchange transactions with fees under 1% in some cases.
10. White Paper—A Roadmap for the Future
While some companies would rather not release a white paper, Flare has published its own to provide investors with a detailed roadmap of planned developments.
11. The Flare Wallet is Already Here!
The Flare wallet is simple, easy to use and provides users with all the tools they need to transact and store their currency. Besides that, it offers a secure environment for storing cryptocurrency and has built-in ShapeShift exchange functionality for weaning out of one investment into another one smoothly and easily.
12. First Masternode Set For Release Soon
If you’re familiar with Dashcoin or PIVX, you’ll know that these currencies have masternodes . The masternodes in those currencies facilitate faster transaction times and provide a layer of privacy for the users. With the release of the first masternode set for Flare, it will support decentralization, anonymity and instant confirmations.
13. Peaceful Coexistence with Other Blockchain-Based Currencies
Flare is not looking to take over as the leading coin in the cryptocurrency world; rather, it seeks to coexist with other blockchain-based currencies by enhancing their strengths and improving on their weaknesses. This is an approach that stands in stark contrast to Bitcoin’s hostile stance towards rival coins such as Dashcoin and Bitcoin Cash . It’s an unusual approach that may be effective in spreading some positive vibes around blockchain technology.
It would be pretty difficult to argue that the development team behind Flare isn’t competent. They have already released a working software and are well-suited to making their proposed changes work. The Flare blockchain will have a deflationary supply and is quantum proof. These features, along with its low transaction fees, will boost its value, making it potentially the preferred coin platform for microtransactions and small payments.