Ethereum-based Flare unveils two protocols to back decentralised applications

Flare, a layer-1 Ethereum Virtual Machine (EVM) blockchain platform, has unveiled two core protocols with the aim to support decentralised interoperability applications, as reported by Cointelegraph.

According to Cointelegraph, the platform works as an oracle network to enable developers to build applications to be interoperable with different blockchains and internet protocols. Reportedly, Flare consists of two protocols that back its application-building suite. Its State Connector protocol ensures information and data to be utilised and at scale from various blockchains and internet sources through smart contracts. 

On the basis of information by Cointelegraph, Flare Time Series Oracle (FTSO) sources and gives decentralised prices and data feeds to decentralised applications (dApps) present on layer-1 blockchain platform. Insights from Flare’s technical documentation stated that the FTSO smart contract gives continuous predictions for different kinds of data. It is believed that independent providers secure information from external sources such as centralised and decentralised exchanges and supply that data to the FTSO system. Reportedly, the protocol’s two networks called Songbird and Flare power the EVM, permitting smart contracts and tools to be directed towards progress of smart contracts and applications. 

“It also facilitates a new way of bridging, specifically to bring non-smart contract tokens to Flare for use in applications like DeFi protocols,” Hugo Philion, co-founder and CEO, Flare, stated. 

Moreover, Cointelegraph noted that on January 9, 2023, Flare started its token airdrop with 4.27 billion FLR tokens spread across users of different cryptocurrency exchanges. Reportedly, rest of the token supply’s allocation mode was sorted out by a community vote through Flare Improvement Proposal 01.

(With insights from Cointelegraph)

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