- March 30, 2022
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
Flare Network has announced that its much anticipated State Connector is live on its Canary network, Songbird. As a layer 1 designed to connect all blockchains, Flare Network is dedicated to providing trustless cross-chain management. With this newly launched protocol, Flare can deliver secure, trustless interoperability. It is designed to be faster and more secure than any existing solution such as relays and oracles.
The State Connector
is now live on Songbird. More information on what this means for the whole of blockchain tomorrow.
— Flare
Solving issues with interoperability
Aimed at providing an answer to the ongoing problems with interoperability, the state connector is providing the technology that connects numerous disparate ecosystems. Currently, the blockchain landscape is made up of multiple chains that operate independently, unable to communicate with each other. Available solutions to this issue often involve bridges that lead to higher centralization with increased regulatory risk and censorship.
Many current protocols 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.
Flare focuses on cross-chain interoperability where a single core protocol cannot be integrated by each chain. As such, Flare’s State Connector doesn’t require any code modification on the integrated chain.
What this means:
Key step to secure, decentralized, universal interoperability
— Flare
Staying true to decentralization
In addition to trustlessly reading the state of transactions on any blockchain, the State Connector 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 avoids the risks associated with current centralized oracle models and opens up incredible opportunities for new utility and business models.
Hugo Philion, CEO and Co-founder of Flare said:
“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.”
Elaborating on how developers will react, he said:
“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.”
By utilizing the State Connector, decentralized applications can be created that react to real-world events, such as bank transactions, insurance claims, sports outcomes, house purchases, or educational attainment. A universal identity system could be created that takes attestation from external systems through the State Connector.
Flare’s State Connector and decentralized price oracle are critical building block protocols for the forthcoming FAssets application. This application will make it possible for non-smart contract tokens such as BTC, DOGE and XRP to be utilized on Flare and access EVM-based smart contracts.
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. This allows for true cross-chain dApp composability.
Flare Networks’ tagline ‘Connect Everything’ points to where they see the future of blockchain and the bullish focus on driving the technology forward with cross-chain technology is exciting their community. By enabling blockchains to communicate with each other and share data, it should advance adoption, allowing for easier facilitation of transactions as well as broadening the ecosystem’s reach overall.
The post Flare Network’s highly anticipated State Connector is live on Songbird appeared first on CryptoSlate.
