Flare a Layer 1 EVM Oracle Platform Launches to Enhance Interoperable DApps
Flare has officially launched as a layer-1 Ethereum Virtual Machine blockchain platform, introducing two core protocols designed to enhance the capabilities of decentralized interoperability applications. This platform aims to provide developers with a powerful tool to build innovative and interoperable decentralized applications.
State Connector protocol, one of the Flare protocols, provides safe access to information and data from a variety of blockchain and internet sources through the use of smart contracts, while the Flare Time Series Oracle (FTSO) delivers decentralized prices and data feeds to all DApps running on the Layer-1 blockchain.?
Furthermore, the FTSO smart contract provides real-time estimates based on data sourced from independent providers of centralized and decentralized exchanges and weighted by their voting power.
Incentives are being offered to data providers in exchange for providing price pairs. As the protocol's networks, Songbird and Flare, run on Ethereum Virtual Machines, they are able to use Ethereum contracts and tools to develop smart contracts and applications, but they are independent of the Ethereum mainnet.
According to Flare CEO Hugo Philion, the new platform will enable secure access to data. This could lead to new blockchain use cases, such as such as activating smart contracts through payments on other chains.
“It also facilitates a new way of bridging, specifically to bring non-smart contract tokens to Flare for use in applications like DeFi protocols.”
Flare has completed a token airdrop, distributing 4.27 billion FLR tokens to millions of users across various cryptocurrency exchanges. Flare now offers data acquisition and EVM protocols to developers, which is an exciting development for the platform. In the airdrop, 15% of the total token allocation was distributed, with the remaining supply being distributed after a community vote on Flare Improvement Proposal 01 over the next 36 months.
CBW - External Analyst