BTSE AMA – CEO of FLARE Network Hugo Philion
By: Tolga Çelik
Tags: Btse, Spark, Flare Netwrok, Xrp

Hello everyone! Welcome to BTSE’s live telegram Ask Me Anything (AMA) session with Flare Network.

This is our special guest today is Hugo Philion. Hugo is the Co-founder and CEO of Flare Network.

Welcome HugoPhilion, we’re thrilled to have you with us today. Thanks for doing this.

Hugo Phillion:

Thank you for having me here.

My pleasure

Admin:

To kick this off, could you briefly tell us about yourself and your background?

Hugo Phillion:

Yes I am the CEO & Co-founder of Flare. Flare is a diverse team with backgrounds in distributed computing, network security, quantum computing, machine learning and myself I was previously a commodity derivatives trader. I left that and went to study machine learning at UCL where I met co-founder, Sean and Chief Scientist, Nairi.

I already had an interest in blockchain and crypto currencies. After UCL we all decided it would be great to work together.

Admin:

Nice. That’s an inspiring background story.

Hugo Phillion:

Thank you

Admin:

Last question from me: Could you also briefly tell us what the Flare Network is and what inspired its development?

Hugo Phillion:

Flare is the first Federated Byzantine Agreement network that runs smart contracts. Flare developed the first consensus algorithm that allows for this – called the Flare Consensus Protocol. Technically we developed it as we think Proof of Stake doesn’t solve the scalability problem.

Proof of Stake increases Transactions Per Second but it replaces it with a requirement for capital (stake) we see this as fundamentally unscalable. By example if the internet needed to secured with proof of stake there would need to be trillions $ of stake locked up. We see it as very unlikely that the World economy is going to collectively decide to adopt a technology that is less efficient that our current technologies – so we wanted to develop a way of scaling smart contracts without needing stake. This is Flare.

We are then applying that to bring Smart contracts to networks that do not have them, starting with XRP.

This is called the FXRP system – which uses Flare’s native token, Spark to secure the trustless issuance of XRP onto Flare.

Further Spark is also used in the Flare time series oracle which provides data to the network

Admin:

“if the internet needed to secured with proof of stake there would need to be trillions $ of stake locked up.” Hmmm. Good point! Makes one think

Hugo Phillion:

Well it wouldn’t exist!

Admin:

I’m going to unmute the group to allow questions for 15–30 seconds, and then I’ll mute it again to let you respond to the questions you picked.

Esperanza Drusilla:

I am a crypto hacker. Do Flare Network think your ecocsystem is safety with me ? Does your project have reward or something for who find the bug of your ecocsystem ?

Hugo Phillion:

Yes there will be bug bounties.

Daniil Popov:

Please tell us about the benefits of the FLR savings rate on OKEx Platform?

Hugo Phillion:

? I do not know what this is.

Drayco Malformed:

On some projects, one participant received all the awards and it was unfair and did not promote the distribution of wealth generated by the network. How do you think about iy? Is your project like that too?

Hugo Phillion:

45Bn of the tokens are being distributed to XRP holders

TTM:

1-Increasing Token price

2- make Token Valuable

3-Building Community Trust

From 3 aspects above,. I want to ask,. Which one the most important for you??

If all above are important for you,. Which one that Will you do first??

Hugo Phillion:

Trust.

Vyachcyrpto:

According to the roadmap, what are your most important next priorities? Does your team have enough funds and strong community to achieve those milestones?

Hugo Phillion:

Yes we are well funded

Jesus Freites:

Q: If Flare Network does not base its security on a native token, what methods does it use to safeguard the integrity of the assets within the platform? How do you minimize risk and security degradation?

Q: Flare Network promises low transaction rates but its platform is based on Ethereum, a network with many problems today. How do you provide these benefits to your users? How do you solve the difficult scalability and high gas rates?

Hugo Phillion:

Flare is based on Federated Byzantine Agreement it is a different form of consensus algorithm. Flare is a totally different network to Ethereum. It just uses the Ethereum Virtual Machine. IE the Ethereum OS.

Nishida Rokuro:

Your metamorphosis is a laudable one, how have you been able to survive this longest bear market and continue building and developing cos many projects have died out in this time period?

Hugo Phillion:

Hard work and low salary!

Anu Adeleke:

With Flare implementing a trustless policy of this kind, would Spark serve as a governance token as well if DAOs are created?

Hugo Phillion:

Yes this is defined in the whitepaper. Spark dependent applications.

Admin:

Great questions and answers. I’m going to open the chat one last time to take in more questions.

Anth Han:

Flare Network is obviously very beneficial to we crypto users. However- how do you plan for Flare Network to be useful and beneficial to the majority non-crypto people?

Hugo Phillion:

We can only focus on our speciality. The purpose of open networks is to allow many developers to build solutions. Therefore it is for other parties to test and build for non crypto people.

Kylee Reese:

Are there any plans for cross chain interlink for flare with other crypto platform ?

Hugo Phillion:

Flare already has this in the form of FXRP. Other F- Assets – eg FBTC etc can be built on the network.

Alva SIN:

The Transctions Speed is an issue for blockchain besides scalability. Does Flare Network provide a solution for Transctions Speed?

Hugo Phillion:

Yes Flare is highly scalable. We say Flare scales for transaction speed and for value.

Dusaf FSA:

Any small coding error can permanently damage the entire assets of the LPs. This is the biggest risk of Yield Farming . How will you deal with this problem? Has your smart contract been audited by any blockchain system ?

Hugo Phillion:

Yes all our code is audited before public release

Kelli Beahan:

As investors we’re obviously interested about the token scarcity. What kind of plans do you have regarding the token unlocks in the future after the recently occurred TGE?

Hugo Phillion:

Please read our blog: blog.flare.xyz

TRADER MATHEW:

Currently, Asian attaches great importance to Blockchain technology, is this a great opportunity for project. ? How is your project planned to develop in Asian?

Hugo Phillion:

Our community is very large in Asia. Korea, China and Japan.

Guinevere:

Do the token holders have right to participate in the governance of the project? On what kind of decisions can they vote on about the project?

Hugo Phillion:

Yes. Please read the whitepaper or the introduction to Flare here: https://blog.flare.xyz/the-flare-network/

Taikasin dika:

Who are your potential customers and which markets are you targeting on?

Hugo Phillion:

First objective is to provide a smart contract platform for the value that is locked in XRP and other tokens that do not have smart contracts.

Focus:

Could you please tell me just a little more about the team and some of their backgrounds? I have personally seen many projects launch with inexperienced team members, and some of those didn’t go so well due to easily avoidable mistakes.

Hugo Phillion:

We have quite an experienced team. Hmmn. For instance Josh worked on Systems at the UK Gov and Cap Gemini. Nairi was seconded to Siemens. Sean developed a blockchain system with Michael Clear who was accused of creating Bitcoin. My background is in Options volatility trading and risk management so I have a reasonable understanding of risk in complex systems. Towo labs are one of our core partners. Any skills we are lacking we are hiring or garnering from the wider Ripple/XRP ecosystem.

Eugenia Waters:

DeFi is a Trend Now, Why should developers choose Flare Network over platforms to develop their projects? What do you think about competitors in the same industry in the current market?

Hugo Phillion:

It’s more that then can bring their projects from Ethereum to serve the value that is in XRP

Yoko:

Are you planning to promote your project in different countries, where English is not good? Do you have a local community for them to better understand your project?

Hugo Phillion:

We are building these.

I must get back to work now!

Please read our blogs. Follow updated on Twitter. We also have a telegram group and a discord.

Admin:

I guess that’s all he has time for, today. It’s been an amazing round of great questions & answers. We appreciate you all for participating!

Hugophilion, thanks for taking the time to talk to us today about this amazing project. I am certain everyone learned something new and valuable today.

We’re looking forward to the airdrop and other great things from Flare!

Hugo Phillion:

My pleasure. Thank you for your time!

– – – – – – – – – – – – – – – –

FLARE NETWORK Telegram: https://t.me/FlareNetwork

BTSE Telegram: https://t.me/btsecom