The more we are diving into the world of Web3, the more developments are coming up to support the existing functions. One such Layer 1 EVM is Flare. The network that went live recently, aiming for providing a much smoother platform for developers to build decentralized interoperable applications.
Flare, a new layer-1 EVM, which stands for Ethereum Virtual Machine blockchain, platform. The network has gone live with the launch of two core protocols, both of which has a vision of powering the decentralized interoperability applications. The Flare platform is working as an oracle network which makes it possible for developers to build applications that are focused on being interoperable with different blockchains while also being compatible with multiple internet platforms and services.
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FLR is live.
— Flare ☀️ (@FlareNetworks) January 10, 2023
The platform also features two protocols that helps it in powering its application-building suite. The State Connector protocol in Flare helps the platform in enabling information and data to be put to use securely and at a scale from various blockchains and internet sources by making use of smart contracts. The functionality is set to be able to offer powerful data to the network along with helping it facilitate the development of cross-chain solutions.
While Flare is providing the space for developers, FTSO which is the Flare Time Series Oracle, helps in sourcing and providing decentralized price and data feeds to the decentralized applications or DApps that are running on the layer-1 blockchain platform. As per the technical documentation on Flare’s website, the FTSO smart contract has the ability to provide continuous estimates for different types of data. Various independent providers extract the data from external sources, for example various centralized and decentralized exchanges and then supply that data to the FTSO system. The information is then weighted according to each provider’s voting power, with a median that is calculated to produce the final estimate.
This process for data and informations that are run via the Flare’s system, thus, operates as an incentive system for data providers. They are rewarded for supplying price pairs and other information that is close to the median value from various sources. Songbird and Flare, which are the two networks of the Flare protocol, run the Ethereum Virtual Machine. In short, these two networks allow Ethereum contracts and tools to be incorporated within the development of smart contracts and applications.
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Did You Know? Both of these layer 1 networks run independently of the Ethereum mainnet.
Hugo Philion, the CEO and co-founder of Flare said, “It also facilitates a new way of bridging, specifically to bring non-smart contract tokens to Flare for use in applications like DeFi protocols.”
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