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Terminology

Account​

An account is a record in the Flare ledger that holds data and facilitates the sending and receiving of tokens. Each account is identified by a unique address derived from a public key. An account can be either an externally owned account (EOA) or a smart contract.

Address​

A unique identifier representing an account on the Flare network. Addresses are derived from public keys and are used to send and receive tokens.

API​

Application Programming Interface. A set of rules and protocols that allow different software applications to communicate with each other, enabling integration and interaction.

Block​

A collection of transactions bundled together and added to the blockchain. Blocks are created by validators and are used to record transactions on the network.

Blockchain​

A distributed ledger that records transactions across multiple computers in a secure and tamper-proof way. Each block in the blockchain contains a list of transactions and a reference to the previous block, creating a continuous chain of blocks.

Bridge​

A protocol that connects independent blockchains, enabling interoperability and the transfer of assets and information between them.

Canary​

A network used for testing features under “real fire” conditions before deploying them on the mainnet. Users of the canary network are real users but are aware of the experimental nature of the platform. The term originates from the practice of using canaries in mines to detect poisonous gas. Flare's canary network is called Songbird.

Consensus​

The process by which a network of nodes agrees on the validity of transactions and the state of the ledger. Consensus mechanisms secure the network and prevent double-spending.

Delegated Proof of Stake (DPoS)​

A consensus mechanism in which token holders vote for validators to secure the network and validate transactions. Validators are elected based on the number of votes they receive from token holders.

Enshrined Oracle​

Enshrining involves incorporating essential middleware components directly into the core protocol of a blockchain network. For a component to be considered enshrined, it must require a network hard-fork to be altered (refer to Vitalik's article on enshrinement).

Enshrining can be seen as a stronger form of restaking, a concept popularized by protocols like EigenLayer. Unlike restaking, where only a fraction of the network stake is used to secure middleware, enshrining leverages the entire network stake.

An enshrined oracle is an oracle that is integrated into the core protocol of a blockchain network. These oracles inherit the full security of the network, meaning that compromising the safety or liveness of the oracle would necessitate compromising the entire network.

EVM​

Ethereum Virtual Machine. A virtual machine that runs smart contracts on the Ethereum network. The EVM is a Turing-complete machine that executes code written in Solidity or other programming languages.

Externally Owned Account (EOA)​

An account controlled by a private key and can send transactions on the network. EOAs are typically used by individuals to manage their tokens.

Fork​

A change in the protocol of a blockchain network that results in two separate chains. Forks can be caused by software updates, consensus rule changes, or network upgrades.

Gas​

A unit of measurement representing the computational work required to execute a transaction on the network. Gas is used to pay for transaction fees and prevent spam.

Hard Fork​

A type of fork that is not backward-compatible with the existing protocol. Hard forks require all nodes to upgrade to the new protocol to continue participating in the network.

Node​

A computer that participates in the Flare network by running software that validates transactions and maintains a copy of the blockchain. Nodes can be validators, data providers, or regular network participants.

Oracle​

A service that provides offchain data to smart contracts on the blockchain. Oracles bring real-world data, such as price feeds, weather information, and sports scores, to the blockchain.

Smart Contract​

An account controlled by code that can send transactions on the network. Smart contracts are self-executing contracts with the terms of the agreement directly written into lines of code.

Token​

A digital asset representing ownership of a physical or virtual asset. Tokens can represent a wide range of assets, including cryptocurrencies, real estate, and intellectual property.

Transaction​

A record of a transfer of tokens or data on the blockchain. Transactions are signed by the sender and include information such as the recipient's address, the amount of tokens transferred, and the gas fee.

Validator​

A node that participates in the consensus process and validates transactions on the network. Validators are responsible for creating new blocks and securing the network.

Wallet​

A software application that allows users to store, send, and receive tokens. Wallets can manage multiple accounts and interact with decentralized applications on the blockchain.