Flare’s Partnership With Algorand Enables Bitcoin Bridge Development -Breaking
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© Reuters Flare’s Partnership With Algorand Enables Bitcoin Bridge Development- The official announcement by the Algorand Foundation about a partnership between Layer-1 protocol Flare and the Algorand Foundation is made
- Flare was awarded an Algorand Foundation Bridges SupaGrant.
- Flare Time Series Oracle (NYSE) will be used to construct the Flare Bridge (FTSO).
The official announcement by Layer-1 protocol Flare about its partnership with Algorand Foundation. Flare is a network that aims to establish trustless interoperability among ALGO and BTC. The network also contains non-smart tokens like DOGE, LTC and XLM.
Flare Layer-1 Protocol promises to connect everything with cross-chain interoperability and multi-chain security. The network was awarded an Algorand Foundation Bridges SupaGrant. Flare can now develop a bridge to support growth in the Algorand ecosystem.
Sean Rowan, CTO & Co-founder of Flare
We are very proud to have the opportunity to build a trustless and secure bridge for Algorand’s ecosystem. It is clear that the existing methods of bridging are ineffective and have been repeatedly proven to be unsatisfying. 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.
Technology-wise, Flare’s bridge will use the Flare Time Series Oracle and State Connector. The FTSO delivers rapidly updated decentralized prices data to Flare. 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 is Head of DeFi at Algorand Foundation
We’re excited to partner with Flare and welcome them to the Algorand ecosystem. Flare’s grant partnership will help develop important DeFi infrastructure, including a link to Bitcoin. This will open up new opportunities for collaboration and innovation. We are looking forward to our partnership adding value to each other’s communities.
These composable technology enable Flare’s secure universal interoperability among any two chains. The bridge can be potentially upgraded to support interoperability with ALGO or any smart contract Layer-1.
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