Flare Network is the next layer-1, designed to connect safely to all blockchains. It has launched its State Connector to its Canary network Songbird. The new Web3 core protocol allows the status of any open on- and off-chain system to be proved on Songbird to enable safe relaying to other blockchains. Flare’s protocol is faster and more secure than existing solutions such as light client relays and oracles. While alternatives can reduce decentralization while the State Connector preserves security and increases decentralization, it is more secure than other solutions.

The State Connector is a technological innovation which provides an answer to blockchain’s long-standing interoperability problems. Today, the blockchain landscape is made up of numerous disparate ecosystems – multiple chains that operate independently, siloed, unable to communicate with each other due to technological incompatibilities.

Existing cross-chain solutions to this problem aren’t satisfactory. Most common are multisig bridges with centralized centralization. This leads to greater centralization, increased susceptibility to attacks and more regulatory risk. The alternative solution, Light Client Relays , suffer from complex on-chain implementation, slow operation, and only an approximation of a full node’s security, making them more vulnerable to attack. They’re also incompatible with certain types of networks and pre-compiled contracts, meaning they do not create true, universal interoperability.

Multi-chain solutions for interoperability, generally multi-chain systems such as Cosmos and , require chains to conform to their own standards, in essence adapting that chain’s protocol and code to facilitate communication. In contrast, Flare focusses on cross-chain interoperability where a single core protocol (such as Cosmos’s IBC) cannot be integrated by each chain. As such, Flare’s State Connector doesn’t require any code modification on the integrated chain.

The State Connector is able to read the transactions state on any blockchain and trustlessly verify them. It can also monitor and proof the status of open, deterministic, real-world data sources in a distributed manner and communicate the results to Flare and connected blockchains. This eliminates risks inherent in current central oracle models. It also opens up new business and utility opportunities.

Decentralized applications that can respond to real world events like bank transactions or insurance claims, sporting outcomes, house sales, and educational attainment, may be made by using the State Connector. The State Connector could allow for the creation of a universal identification system that can be attested by external systems.

Flare’s State Connector and decentralized price oracle, the Flare Time Series Oracle (NYSE:) are critical building block protocols for the forthcoming FAssets application. The application allows non-smart contracts tokens like BTC and DOGE to be used on Flare, and allow access to EVM-based smart contract. 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.

By combining cross-chain interoperability, both of bridging and information relay, with the security and speed of multi-chain, Flare’s State Connector will enable the transfer of information and value across the entire blockchain ecosystem. It allows true cross-chain dApp compatibility and unleashes the potential for Web3 to reach its full potential.

“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.” – Hugo Philion is the CEO and co-founder at Flare..

EMAIL NEWSLETTER

Get the other side of crypto!

Upgrade your inbox and get our DailyCoin editors’ picks 1x a week delivered straight to your inbox.

[contact-form-7]
With just one click, you can unsubscribe at any time.

Continue reading on DailyCoin