Flare Goes Live with Two Key Protocols
Introducing Flare, the new kid on the blockchain block! This layer-1 Ethereum Virtual Machine (EVM) platform has officially launched, bringing with it two core protocols that promise to shake things up in the decentralized interoperability apps arena. Think of Flare as a high-tech oracle network – your go-to hub for building applications that seamlessly interact with an array of blockchains and internet services.
The Power of the State Connector Protocol
At the heart of Flare’s functionality is its State Connector protocol. This nifty feature allows developers to secure and utilize information from various blockchains and even the broader internet using smart contracts. Imagine having access to a treasure trove of data – that’s what Flare offers! The State Connector is designed to bolster cross-chain solutions, making it powerful and versatile.
Unlocking Scalable Solutions
- Secure information acquisition
- Enhanced decentralized applications (DApps)
- Interconnected blockchain functionality
With these capabilities, developers can craft applications that deliver robust cross-chain functionality. Who doesn’t love a bit of convenient cross-pollination between blockchains?
The Flare Time Series Oracle (FTSO)
Now, let’s talk about the Flare Time Series Oracle, or FTSO for short. This protocol provides the backbone for decentralized price and data feeds, keeping DApps running smoothly on this layer-1 platform. According to Flare’s technical documentation, the FTSO smart contract is like a busy bee—constantly buzzing around to deliver continuous data estimates.
Decentralized Data Delivery
“It’s like asking multiple experts for their opinion, and then averaging their advice – but with numbers!”
Independent providers act like data couriers, sourcing information from both centralized and decentralized exchanges. The system then weighs this data according to the voting power of each provider. Voila! A median estimate emerges, leading to some pretty delightful outcomes for DApp developers.
A Rewarding Ecosystem for Data Providers
What’s more, the FTSO operates on an incentive-based system. Data providers are rewarded for their contributions, ensuring that the price pairs and other useful information they provide hover closer to that coveted median value. It’s a win-win situation for both the data aficionados and the developers!
Operating Independently—And Perfectly
Both the Flare and Songbird networks run on the Ethereum Virtual Machine, allowing developers to harness the full power of existing Ethereum tools and contracts. However, it’s essential to note that these layer-1 networks operate independently from the Ethereum mainnet. They’re like sophisticated siblings—related but perfecting their own unique skills!
A New Beginning with Token Distribution
Flare’s journey began with a massive token airdrop on January 9, with a whopping 4.27 billion FLR tokens making their way to millions of crypto enthusiasts and exchanges. This milestone not only marked the launch but also opened the door for developers to start utilizing Flare’s EVM and data acquisition protocols.
The initial distribution divvied up 15 percent of the public token supply, with the remaining tokens set to roll out monthly over the next three years. But here’s the kicker: the allocation method will be determined by a community vote laid out in Flare Improvement Proposal 01.
