Flare, a new layer 1 Ethereum virtual machine blockchain platform, went live with the release of two core protocols aimed at powering decentralized interoperability applications.
The platform serves as an Oracle network that allows developers to build applications intended to be interoperable with different blockchains and Internet platforms and services.
Flare features two protocols that power its app 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 touted to deliver powerful data to the network and facilitate the development of cross-chain solutions.
Meanwhile, Flare Time Series Oracle (FTSO) sources and provides decentralized pricing and data feeds for decentralized applications (DApps) running on the layer 1 blockchain platform. According to Flare's white paper, the FTSO smart contract provides continuous estimates. for different types of data.
Independent providers retrieve data from external sources such as centralized and decentralized exchanges and supply that data to the FTSO system. The information is weighted according to the voting power of each provider and a median is calculated to obtain the final estimate.
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This works as an incentive system for data providers, who are rewarded for providing price pairs and other near-median information from various sources.
The two networks of the protocol, Songbird and Flare, run the Ethereum Virtual Machine, allowing Ethereum contracts and tools to be used in the development of smart contracts and applications. However, these layer 1 networks run 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 website input. conventional.
โIt also facilitates a new way of connecting, specifically to bring non-smart contract tokens into Flare for use in applications like DeFi protocols.โ
Flare kicked off its token airdrop on January 9, with 4.27 billion FLR tokens distributed to millions of users on various cryptocurrency exchanges. The airdrop itself marked a unique milestone, as developers can now start using Flare's EVM and data acquisition protocols.
The initial token distribution released 15 percent of the total public token allocation, with the remainder to be released monthly for 36 months. The allocation method for the remaining token supply will be decided by a community vote via the Flare 01 Improvement Proposal (FIP.01).
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