Flare, a new Layer 1 blockchain platform on the Ethereum Virtual Machine, has gone live with the release of two core protocols aimed at powering decentralized interoperability applications.
The platform works as an oracle network that allows developers to create applications intended to be interoperable with different blockchains and Internet platforms and services.
Flare has two protocols that power its application building suite. Its State Connector protocol allows 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 promoted to deliver powerful data to the network and facilitate the development of cross-chain solutions.
For its part, Flare Time Series Oracle (FTSO) sources and provides decentralized data and pricing to decentralized applications (DApps) running on the layer-one blockchain platform. According to Flare’s white paper, the FTSO smart contract provides rolling estimates for different types of data.
Independent providers obtain data from external sources, such as centralized and decentralized exchanges, and feed it into the FTSO system.. The information is weighted based on the voting power of each provider and a median is calculated to obtain the final estimate.
This functions as an incentive system for data providers, who are rewarded for supplying price pairs and other near-median information from various sources.
The two networks of the protocol, Songbird and Flare, run the Ethereum Virtual Machine, which allows Ethereum contracts and tools to be used in the development of smart contracts and applications. However, these layer 1 networks work independently of the main Ethereum network.
Details of the platform’s launch shared with Cointelegraph highlight the importance of providing secure access to data. Flare CEO and co-founder Hugo Philion believes that the two protocols can lead to new use cases for blockchain technology, such as activating a Flare smart contract with a payment made on another chain or via input from a conventional website.
“It also facilitates a new way of connecting, specifically to bring non-smart contract tokens into Flare for use in applications such as DeFi protocols.”
Flare kicked off its token airdrop on Jan. 9, with 4.27 billion FLR tokens distributed to millions of users across various cryptocurrency exchanges. The release itself marked a unique milestone as developers can start using Flare’s EVM and data acquisition protocols.
The initial token distribution released 15% of the total public token allocation, with the remainder to be released monthly over 36 months. The method of allocating the rest of the tokens will be decided by a community vote through the Flare Improvement Proposal 01 (FIP.01).
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