Flare Network, a blockchain for data network backed by Ripple Labs, is embarking on a mission to elevate the utility of Bitcoin (BTC), XRP, and Dogecoin (DOGE) through its revolutionary FAssets system.
In a significant development for the blockchain space, Flare Labs, supported by Ripple Labs, has unveiled plans to bring new purpose and functionality to well-established cryptocurrencies. The FAssets system, at the forefront of this initiative, is poised to transform how users interact with Bitcoin, XRP, and Dogecoin.
FAssets: Unleashing New Capabilities
The FAssets system, as detailed in the announcement, empowers users to earn yield in Decentralized Applications (dApps) on the Flare Network or seamlessly bridge their assets to other ecosystems utilizing the innovative LayerCake protocol. Described as an insured-in-transit bridging and cross-network composability protocol, LayerCake provides users with a secure and smooth means of connecting with diverse blockchain networks.
With its multi-asset backing structure, FAssets ensures stability and security, serving as a trustless gateway for non-smart contract assets to actively participate in Decentralized Finance (DeFi) or Non-Fungible Token (NFT) ecosystems.
This announcement comes in the wake of significant market fluctuations, including a 7% drop in Bitcoin and substantial selling of popular altcoins such as XRP and DOGE within minutes.
Flare Network, functioning as an EVM-compatible Layer-1, is strategically designed to enhance interoperability and usability in the blockchain space. Supported by oracles secured by the network, Flare aims to facilitate open, decentralized, and secure interoperability not only among blockchains but also between blockchains and Web2 APIs.
The overarching goal is to simplify the development of dApps by providing developers with the necessary tools and protocols to securely access diverse data.
Flare Network’s Core Protocols
The operational backbone of Flare Network consists of two core protocols: the State Connector and Flare Time Series Oracle (FTSO). These protocols play a pivotal role in facilitating the execution of EVM-based smart contracts and associated dApps.
The State Connector ensures the secure acquisition of time series data, including cryptocurrency price data and event data from other blockchains and Web2 APIs. Simultaneously, the FTSO guarantees the provision of accurate and trustless data by incentivizing independent decentralized nodes to contribute.
In a recent collaboration with Bloxico, a prominent blockchain service company, Flare Network introduces another layer of innovation to its ecosystem. Leveraging Bloxico’s expertise, a Reputation Score is set to be integrated into the Flare network, enabling community members to assess and select the best infrastructure providers and decentralized oracles for allocating their capital.
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