Flare Network, an innovative layer-1 solution designed to safely connect to all blockchains today announced the launch of its State Connector on its Canary Network, Songbird.
Flare Network Announces State Connector
The State Connector makes it possible for the state of any on or off-chain open system to be proven on Songbird for use in smart contracts and for safe relay of information to any other blockchain.
Notably, Flare’s protocol is faster and more resilient than existing solutions such as light client relays and oracles. While alternative blockchains compromise on decentralization, the State Connector maintains the security of a full node and, in turn, increases the decentralization of blockchain technology.
A novel innovation in the Web3 space, the State Connector offers an answer to interoperability problems facing blockchain technology for a long time. Currently, the distributed ledger technology (DLT) ecosystem comprises several chains that operate in isolation, unable to communicate with each other due to technological incompatibilities.
Today, the most common solutions tackling blockchain interoperability issues are centralized multi-sig bridges that encourage higher centralization and greater susceptibility to attack. Not to mention the heightened risk of regulations and censorship.
In contrast, Light Client Relays suffer from complex on-chain implementation, slow operation, and only an approximation of a full node’s security which makes them more susceptible to attacks. In addition, such solutions are incompatible with certain types of networks and pre-compiled contracts which means they do not facilitate true, universal interoperability.
Similarly, multi-chain systems such as Cosmos and Polkadot that seek to address interoperability issues require chains to conform to their own standards, in essence adopting that chain’s protocol and code to enable communication.
On the contrary, Flare is focused on cross-chain interoperability where a single core protocol – such as Cosmos’s IBC – cannot be integrated by each chain. In essence, Flare’s State Connector doesn’t require any code modification on the integrated chain.
What Does the State Connector Offer?
The State Connector not only trustlessly reads the state of transactions on any blockchain but can also observe and prove the state of any open deterministic real-world data source in a decentralized manner and relay the outcome to any contract on Flare or connected blockchain.
This way, the State Connector circumvents the risks associated with current centralized oracle models and opens up an array of opportunities for new utilities and business models.
Decentralized applications can leverage the State Connector to react to real-world events, such as bank transactions, insurance claims, sports outcomes, house purchases, or educational attainment. In simple words, the State Connector can be used to create a universal identity system that takes attestation from external systems.
About the Flare Time Series Oracle
The State Connector and the Flare Time Series Oracle, a decentralized price oracle are critical building block protocols for the upcoming FAssets application. The FAssets application will enable non-smart contract tokens such as BTC, DOGE, and XRP to be used on Flare and access EVM-powered smart contracts.
It’s worthy of note that in a recently proposed bridging system, Flare’s protocols make it possible to bridge any two smart contract chains with the safety of a multi-chain system, and enable the use of non-smart contract tokens on any other smart chain – solving the problem of chain sovereignty in bridging recently mentioned by Vitalik Buterin. It’s a revolutionary development because, at present, just $700 Billion of the total $2.09 Trillion value of crypto tokens can be used trustlessly in smart contract applications like DeFi or NFTs. That means two-thirds of blockchain’s total value is currently excluded from the decentralized economy.
Flare’s State Connector combines cross-chain interoperability – both of bridging and information relay – with the security and speed of multi-chain. Flare’s State Connector fosters the transfer of information and value across the entire blockchain ecosystem. This not only allows for true cross-chain dApp composability but also brings massive liquidity that promises to realize the full potential of Web3.
Hugo Philion, CEO and Co-founder of Flare, concluded:
“The launch of the State Connector on Flare’s canary network, Songbird, is a huge leap forward for Flare, as we accelerate towards the launch of our main network. It’s also a huge leap for the blockchain space in general, with the State Connector providing a long needed and compelling solution for secure trustless cross-chain interoperability with any chain. The most exciting part is seeing what developers will build, taking advantage of the combined power of the Flare Time Series Oracle and the State Connector to access the value, information and liquidity on multiple chains via a single deployment on Flare.”
Source: https://crypto.news/flare-network-state-connector-blockchain-interoperability/