Flare’s Partnership With Algorand Enables Bitcoin Bridge Development
- Layer-1 protocol Flare officially announces partnership with the Algorand Foundation.
- Flare received an Algorand Foundation Bridges SupaGrant.
- The Flare bridge will be constructed using the Flare Time Series Oracle (FTSO).
Layer-1 protocol Flare officially announces its partnership with the Algorand Foundation. In detail, the Flare network aims to create a bridge for Algorand that secures trustless interoperability between ALGO and BTC. It also includes non-smart contract tokens such as DOGE, LTC, XRP, and XLM.
Flare Layer-1 protocol promises a tech that connects everything by delivering cross-chain interoperability with the security of multi-chain. As a result, the network has been awarded an Algorand Foundation Bridges SupaGrant. Through this, Flare will be able to develop a Bitcoin bridge that would help support the growth of the Algorand ecosystem.
Sean Rowan, CTO & Co-founder of Flare
We have a huge amount of respect for the Algorand team, and are excited to be developing a secure and trustless bridge for the Algorand ecosystem. The simple fact is that existing approaches to bridging have time and again been proven unsatisfactory. Flare’s new approach is an entirely different way, built from the ground up rather than being based on existing bridging technology – and will bring a breakthrough in secure, decentralized interoperability between any and all chains.
In terms of technology, the Flare bridge will be constructed using the Flare Time Series Oracle (FTSO) and the State Connector. Specifically, the FTSO provides rapidly updating decentralized price data to the Flare network. Meanwhile, the State connector enables the state of any open system – both on- and off-chain – to be trustlessly proven to smart contracts on Flare.
Daniel Oon, Head of DeFi, Algorand Foundation
We’re excited to partner with Flare and welcome them to the Algorand ecosystem. Our grant partnership with Flare will develop key DeFi infrastructure with a bridge to Bitcoin, opening up opportunities for further collaboration and innovation. We look forward to our partnership bringing value to our respective communities.
Moreover, these composable technologies enable Flare to deliver secure universal interoperability between any two chains, so the bridge could potentially be upgraded to also support interoperability between ALGO and any other smart contract Layer-1.
Read more: https://coinquora.com/flares-partnership-with-algorand-enables-bitcoin-bridge-development/
Text source: News – CoinQuora – Latest Cryptocurrency and Block
