Layer-1 EVM oracle network Flare goes live to help developers build decentralized interoperability applications.
Flare, a new layer-1 Ethereum Virtual Machine blockchain platform, has gone live with the launch of two core protocols aimed at powering decentralized interoperability applications.
Flare features two protocols that power its application-building suite. Its State Connector protocol enables information and data to be used securely and at scale from various blockchains and internet sources with the use of smart contracts. The functionality is touted to offer powerful data to the network and facilitate the development of cross-chain solutions.
Independent providers retrieve data from external sources like centralized and decentralized exchanges and supply that data to the FTSO system. The information is weighted according to each provider's voting power, and a median is calculated to produce the final estimate.This operates as an incentive system for data providers, which are rewarded for supplying price pairs and other information that are close to the median value from various sources.
Details of the platform launch shared with Cointelegraph highlight the importance of providing secure access to data. Flare CEO & co-founder Hugo Philion believes the two protocols can lead to new use cases for blockchain technology, such as triggering a Flare smart contract with a payment made on another chain or by input from a conventional website.
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