- Flare’s innovative approach is completely different, created from the ground up rather than relying on current bridge technology, and it will usher in a new era of secure, decentralized interoperability across all chains.
- Flare is a great addition to the Algorand ecosystem, and we’re pleased to work with them. Our grant work with Flare will construct critical DeFi infrastructure, including a Bitcoin gateway, allowing for further collaboration and innovation.
- Flare Network uses the FTSO protocol to get the most up-to-date decentralized price data, and its State Connector assures that any open system, both on- and off-chain, may be reliably verified to smart contracts on Flare
The Algorand Foundation Bridges SupaGrant has been awarded to Flare, an EMV-compatible layer 1 protocol, to create a bridge that will connect the Bitcoin network with Algorand. The Algorand ecosystem and the DeFi sector as a whole will benefit from the grant relationship between the two companies. The bridge will enable secure and trustless interoperability between Algorand’s native token, ALGO, and BTC, according to an official press release shared with CryptoPotato on Tuesday.
Flare Will Serve As A Link Between Bitcoin As Well As Algorand
Algorand’s interoperability with non-smart contract tokens such as DOGE, XRP, LTC, and XLM will also be improved. Daniel Oon, Head of DeFi at Algorand Foundation, commented on the new partnership: Flare is a great addition to the Algorand ecosystem, and we’re pleased to work with them. Our grant work with Flare will construct critical DeFi infrastructure, including a Bitcoin gateway, allowing for further collaboration and innovation.
We are excited to see how our collaboration will benefit our respective communities. Flare is a novel L1 protocol that allows for cross-chain interoperability while maintaining security. In the blockchain world, it promises to link everything. Flare’s novel interoperability protocols – the Flare Time Series Oracle (FTSO) and the State Connector – will be used to build the bridge.
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Bringing The World Together
Flare Network uses the FTSO protocol to get the most up-to-date decentralized price data, and its State Connector assures that any open system, both on- and off-chain, may be reliably verified to smart contracts on Flare. These two technologies are used by Flare to provide seamless and secure interoperability between various chains. They serve as the foundation for the Bitcoin bridge, which can be extended to facilitate ALGO’s compatibility with other Layer-1 smart contracts.
We have a big lot of respect for the Algorand team and are delighted to be developing a secure and trustless bridge for the Algorand ecosystem, said Sean Rowan, co-founder and CTO of Flare. The basic fact is that conventional bridging options have repeatedly proven unsatisfactory. Flare’s innovative approach is completely different, created from the ground up rather than relying on current bridge technology, and it will usher in a new era of secure, decentralized interoperability across all chains.
Source: https://www.thecoinrepublic.com/2022/04/29/the-flare-network-will-connect-bitcoin-as-well-as-algorand/