Flare Network Completes A Live Demonstration Of Its New Interoperability Feature

Twitter icon  •  Published 1년 전  •  Hassan Maishera

The layer-1 for data, Flare, has announced the completion of a live demonstration of new interoperability functionality now available in beta on the network.

The layer-1 for data, Flare, has announced the completion of a live demonstration of new interoperability functionality now available in beta on the network. 

In a press release shared with Cryptowisser, Flare said it used two core interoperability protocols, State Connector and Flare Time Series Oracle (FTSO), in the experiment. 

Using these two protocols, an NFT was trustlessly purchased with the transaction taking place on a different chain using a different token. The demo was performed on Flare’s canary network, Songbird, with the purchase made using DOGE and XRP tokens.

According to Flare, its State Connector protocols enable information, both from other blockchains and the internet, to be used securely, scalably and trustlessly with EVM-based smart contracts on Flare chains. In the experiment, the protocol was used to show that a transaction has been confirmed on a non-Flare chain and simultaneously verify the correct payment reference was included.

Meanwhile, the Flare Time Series Oracle delivers highly decentralized prices, and data feeds to dapps on Flare, without relying on a centralized provider to bring the data on-chain. In this experiment, the oracle was used to provide the live updating price of the NFT in the currency of the other chain.

 Flare added that as an EVM-based blockchain, what is obtainable on Ethereum and other EVM chains can equally be achieved on Flare. This implies that the NFTs minted during the demonstration are ERC721 contracts written in Solidity and deployed on the network. However, the NFTs differ thanks to the addition of methods to integrate with the FTSO and State Connector.

While commenting on this latest development, Hugo Philion, Flare CEO & Co-founder, said;

“This demo highlights Flare’s ability to provide more types of secure, decentralized data on-chain in order to power new functionality and potential use cases for the industry. The NFT demo is one example of the web3 utility Flare can unlock for legacy tokens, enabling them to be used trustlessly in dapps on the network. We are excited to see what other applications engineers can develop, harnessing the capabilities of Flare’s native interoperability protocols.”

Flare is an EVM-based Layer 1 blockchain that gives developers decentralized access to high-integrity data from other chains and the internet. This enables new use cases and monetization models while allowing apps to serve multiple chains through a single deployment.

FLR, the native token of the Flare ecosystem, is up by less than 1% in the last 24 hours and is currently trading at $0.04205 per coin.

Author

Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.