Flare Launches Layer 1 Oracle Network

Dubai, UAE, 10th January, 2023, Chainwire

Flare, the blockchain for building applications that use data from other chains and the internet, has successfully completed its long-awaited token airdrop at 11:59 pm UTC on January 9th. The airdrop saw 4.279B Flare (FLR) tokens distributed to millions of recipients, including users on Binance, OKX, Kraken, Bithumb, UpBit, Kucoin, BitBank, & more, in one of the largest scale distributions in crypto history.

The airdrop is a significant milestone for Flare as developers can now start to take advantage of Flare’s EVM and native data acquisition protocols, the State Connector and Flare Time Series Oracle. These native protocols, secured by the network, provide decentralized access to high-integrity data from other blockchains and the internet, enabling the creation of new use cases and monetization models. 

Hugo Philion, CEO & Co-founder of Flare said, 

“For the blockchain industry to flourish, we need more useful decentralized applications. Flare is tackling this through data, not just prices but transaction details, Web2 events etc, so that developers can build applications that provide more utility to a larger group of users.”

Hugo continues, “Flare’s objective is to enable developers to build applications that securely access more data. This could enable new use cases to be built, such as triggering a Flare smart contract action with a payment made on another chain, or with input from an internet/web2 API. 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’s State Connector protocols enable information to be used securely, scalably and trustlessly with smart contracts on Flare. This offers the most powerful class of data on the network and enables more cross-chain solutions to be built. The State Connector derives its safety from combining a decentralized set of attestors with a binary forking protocol, which allows for a malicious majority of data providers to be challenged. In contrast to a proof of stake based system where data providers are obliged to stake value, the security of the State Connector is not limited by the amount staked in the system. This means that the State Connector is invariant in its safety relative to the size of a transaction, this offers a secure system capable of handling large amounts of value.
The Flare Time Series Oracle (FTSO) utilizes the network structure to deliver highly decentralized prices and data series to dapps on Flare without relying on centralized data providers. The FTSO is a highly decentralized data feed oracle, with almost 100 independent data providers incentivized to provide reliable data every 3 minutes. 

The Flare token distribution represents the first 15% of the full public token distribution, with the remainder to be distributed on a monthly basis over 36 months. The method of allocation of the remaining 85% of token supply depends on the outcome of a community vote on Flare Improvement Proposal 01 (FIP.01)

About Flare
Flare is the Layer 1 oracle network that allows developers to build applications that are interoperable with blockchains and the internet. By providing decentralized access to high-integrity data, Flare enables new use cases and monetisation models.

Flare’s State Connector protocols enable information, both from other blockchains and the internet to be used securely, scalably and trustlessly with smart contracts on Flare.

The Flare Time Series Oracle delivers highly-decentralized price and data feeds to dapps on Flare, without relying on centralized providers.

Build on Flare with more data than ever before or build with Flare to serve multiple ecosystems.

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Contact

Nadav Dakner
nadav@marketacross.com

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Bitcoin Lightning Network goes live on Cash App

Mobile payment service Cash App revealed that Lightning Network can now be used to transfer Bitcoin (BTC) through its app. With the new feature, its users can send their BTC to any Lightning or on-chain BTC address.

A few weeks ago, the company announced through a notification within the app that it has integrated the Lightning Network. Now, its users can finally use the feature and utilize the benefits that the Bitcoin Lightning Network brings into everyday BTC transactions.

To use Lightning Network on Cash App, users need to scan a Lightning QR using their cameras, confirm the details of the payment and tap on pay. 

The Lightning Network, sometimes called Lightning or LN, is a layer-2 solution that brings scalability to Bitcoin. Lightning eases the load on the Bitcoin blockchain by creating a separate network where users transact and creating minimal engagements with the Bitcoin blockchain to lessen fees and speed up transactions.

While many users rejoiced that they are able to use the Lightning Network feature through their Cash App, some could only watch. As the firm mentioned a few weeks ago, the feature will be available everywhere in the United States apart from New York. “At this time New York residents aren’t eligible for Lightning,” Cash App tweeted.

Twitter user notgrubles disagreed. According to him, users in New York are still eligible if “they run their own LN node.” Because of the decentralized nature of Bitcoin Lightning Network transactions, it can be used by anyone regardless of their location outside of Cash App. ProofofBrain, another user, also supported this sentiment by tweeting:

Related: Block job postings reveal Jack Dorsey’s Bitcoin plans

Cash App is a service developed and operated by Block Inc., a company founded by Jack Dorsey. Back in 2021, Dorsey stepped down as Twitter’s CEO. While he mentions that stepping down is a way to give the company freedom from the founder’s influence, many speculate that the move means that Dorsey will spend more time on Bitcoin.