Flair, the blockchain network that runs on the Federated Byzantine Agreement (FBA) consensus mechanism, has raised $11.3M in its latest fundraising round. In Contribution shine Digital Currency Group has come from several prominent names in crypto including Coinfund, Keenetic Capital, LD Capital, cFund, Borderless Capital, Wave Financial and Backend Capital.
Angel investors participating in this round include Litecoin founder Charlie Lee, Vinnie Lingham and Dou Kwan. Additional investors include Newform Capital, Genesis Capital, OKEx/DreamFund, ZB Group, DeFi Capital and Ripple.
Flair CEO Hugo Fillion commented: “The investment announced today demonstrates the confidence in Flair from key exchanges, market makers, blockchain founders and entrepreneurs as well as key participants in the investment community.
“This creates an even stronger and more connected community around Flair that can drive meaningful growth and partnerships. We are grateful for the support of all investors in helping to make the Flair Network a success.”
Flair harnesses the power of unused coins
It is currently estimated that 75% of all digital assets are out of reach of DeFi, and these cryptos represent large amounts of untapped money.
Some of these assets, such as XRP, XLM, and Litecoin, are tokens for systems that are not Turing complete, meaning they cannot be used to run smart contracts or dApps, participating in DeFi. basic requirements. Flair opens the door to DeFi for these tokens, allowing users to create f-assets, for example, XRP becomes FXRP, which can then be used in Flair’s smart contract ecosystem running on the Ethereum virtual machine. is.
Another subset of untapped money in crypto is tokens that help support the Proof of Stake consensus model. While Proof of Stake has several advantages over Proof of Work, this model ensures that a large number of tokens cannot be used for DeFi, as they are used as collateral to validate transactions. .
Federated Byzantine Accords to Win
A validator, at the same time, cannot stake its tokens to secure the network as well as use those tokens to provide liquidity. f b a The consensus model, which was first brought to prominence by Ripple and proven secure by Stellar, does not rely on the wealthiest members of the blockchain community to support security with its staking tokens, and its Meaning those tokens can enter the DeFi ecosystem.
FBA has a lot of advantages that make it a desirable way to build consensus on flair. Another drawback of proof-of-stake FBA addresses is that DeFi could theoretically enrich community members to the extent that decentralization is at risk. it seems like there are tons of problems Proof-of-Stake models have to be tackled, and Flair bypasses them altogether.
FBA enables consensus in a highly decentralized manner. As the benefits of decentralization continue to unfold with each passing day, maintaining DeFi as a decentralized financial system is a paramount concern. It’s no surprise that Flair has garnered $11.3M in support of the big names responsible for shaping the future of DeFi and crypto.