A mission to make blockchain more useful: Flare, the blockchain for data.
For the blockchain industry to flourish, we need a greater number of decentralized applications that can play a role in people’s lives beyond speculative investment. However, development of new use cases is currently constrained by the types of data available on-chain. To achieve greater real world utility and adoption, dapps need to be given access to an increased variety of data. There is an important caveat. The data must be acquired in a sufficiently decentralized manner to maintain security and censorship resistance.
Flare is an EVM-based Layer 1 blockchain aiming to address this issue, making blockchain more useful by providing decentralized access to high-integrity data from other chains and the internet. This will enable new use cases and monetization models, while allowing dapps to serve multiple chains through a single deployment.
An example use case could be triggering a Flare smart contract action with a payment made on another chain, or with input from an Web2 API. Flare’s technology can also facilitate new ways of bridging between blockchains, supporting free decentralized movement of both smart-contract and non-smart contract assets between chains.
To make this possible, Flare has developed two native interoperability protocols which enable on-chain, decentralized acquisition of blockchain, time series and Web2 API data. The protocols are secured by the network itself, with decentralized and independent data providers incentivized to deliver accurate data. This helps Flare to minimize risks for users and developers.
The State Connector securely acquires event information from other blockchains and the internet to be used in smart contracts on Flare. This could be detailed data regarding an individual transaction on another chain, including using the contents of the memo data field to transmit a payment reference. Alternatively, it could be event data from a Web2 API, such as for a bank or social media platform.
It acquires this data securely, scalably and in a decentralized manner, with a set of independent attestation providers needing to come to consensus on the validity of an event before the data is made available to dapps on the network. In contrast to a proof of stake based system where data providers are obliged to stake value, the security of the State Connector is not limited by the amount staked in the system. This means that the State Connector is invariant in its safety relative to the size of a transaction, offering a secure system capable of powering higher value use cases.
The second core protocol is the Flare Time Series Oracle (FTSO). This utilizes the network structure to deliver highly decentralized prices and data series to dapps on Flare without relying on centralized data providers. The FTSO is supported by almost 100 independent data providers incentivized to provide reliable data every 3 minutes.
By providing reliable access to cryptocurrency prices, detailed transaction information from other chains, and Web2 event data, Flare empowers developers to build applications that provide more utility to a larger group of users.
Learn more at Flare.Network.
This post is commissioned by Flare Network and does not serve as a testimonial or endorsement by The Block. This post is for informational purposes only and should not be relied upon as a basis for investment, tax, legal or other advice. You should conduct your own research and consult independent counsel and advisors on the matters discussed within this post. Past performance of any asset is not indicative of future results.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
