The Algorand Foundation Bridges SupaGrant will enable Flare to develop a Bitcoin bridge that will help boost the Algorand ecosystem.
EMV-compatible layer 1 protocol, Flare, has received the Algorand Foundation Bridges SupaGrant to build a bridge that will connect the Bitcoin network with Algorand.The grant partnership between both firms will help boost the growth of the Algorand ecosystem and the DeFi industry at large.on Tuesday, Flare noted that the bridge will enable secure and trustless interoperability between Algorand’s native token, ALGO, and BTC.
Flare Network obtains the latest decentralized price data using the FTSO protocol, and its State Connector ensures that any open system, both on- and off-chain, can be trustlessly proven to smart contracts on Flare. Flare uses these two technologies to enable seamless and secure interoperability between multiple chains. They form the basis of the Bitcoin bridge, which can be upgraded to support ALGO’s interoperability with other smart contract Layer-1 tokens.
Sean Rowan, the co-founder and CTO of Flare, said: “We have a huge amount of respect for the Algorand team and are excited to be developing a secure and trustless bridge for the Algorand ecosystem. The simple fact is that existing approaches to bridging have time and again been proven unsatisfactory.
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