Flare Network to Bring New Utility to BTC, XRP, and DOGE

Flare Labs, a Ripple Labs-backed blockchain for data network has recently announced plans to revolutionize the utility of Bitcoin (BTC), XRP, and Dogecoin (DOGE) through its innovative FAssets system. This development marks a huge step forward for the blockchain space, as Flare Network aims to bring new purpose and functionality to these established cryptocurrencies. 

FAssets: a Gateway to New Possibilities

According to the announcement, the FAssets system will empower users to earn yield in Decentralized Applications (dApps) on the Flare Network or bridge their assets to other ecosystems using the innovative LayerCake protocol. The latter, described as an insured-in-transit bridging and cross-network composability protocol, offers users a seamless and secure means of connecting with different blockchain networks.

The multi-asset backing structure of FAssets ensures stability and security, making it a trustless gateway for non-smart contract assets to participate in Decentralized Finance (DeFi) or Non-Fungible Token (NFT) ecosystems.

The announcement comes on the heels of recent massive selloffs in the crypto market. As noted in an earlier report, Bitcoin fell 7%, while popular altcoins including XRP, and DOGE saw major selling within minutes.

Notably, Flare Network, as an EVM-compatible Layer-1, is designed to enhance interoperability and usability in the blockchain space. With oracles secured by the network, Flare aims to enable open, decentralized, and safe interoperability not only between blockchains but also between blockchains and Web2 APIs. 

The goal is to simplify the process of building dApps by providing developers with the tools and protocols needed to securely access diverse data.

Flare Network: Core Protocol

Flare Network’s two core protocols, the State Connector and Flare Time Series Oracle (FTSO), play a crucial role in operationalizing EVM-based smart contracts and the associated dApps. 

The State Connector facilitates the secure acquisition of time series data, including cryptocurrency price data, and event data from other blockchains and Web2 APIs. The FTSO ensures the provision of accurate and trustless data by incentivizing independent decentralized nodes to contribute.

The recent collaboration between Flare Network and Bloxico, a leading blockchain service company, adds another layer of innovation to the ecosystem. Bloxico’s expertise will introduce a Reputation Score to the Flare network, enabling community members to assess and choose the best infrastructure providers and decentralized oracles to allocate their capital.