How Flare Network is Changing the Smart Contract Landscape

• Flare Network is a layer-1 EVM compatible chain that allows developers to build decentralized applications more efficiently and securely.
• The network is enhancing the scope of smart contracts with the help of its two core protocols, FTSO and state connector.

Decentralized applications (Dapps) are the new world applications that are based on blockchain systems and, more sspecifically,on smart contracts. These smart contracts have changed the way traditional apps were created and provided high flexibility and security to modern day apps.

Layer-2 scaling solutions are gaining attention from crypto analysts because of their groundbreaking innovations for enhancing the scalability of Layer-1 networks. But, as the digital world adopts blockchain systems, there are several issues with the building blocks of these decentralized applications. 

To solve these problems and enhance the scope of smart contract applications, the Flare Network has come up with a solution called Flare Time Series Oracle without any third party applications.  

Flare Network – An EVM-based layer-1 blockchain

Flare is an Ethereum Virtual Machine (EVM) based layer-1 blockchain like Ethereum that offers users a wide variety of real-world decentralized data. It has identified the problem of limited data availability for on-chain data. By using the Flare Network, you don’t need any third party data oracle solutions.

Decentralized applications are based on on-chain data, which acts as a limitation for developers. The Flare network solves this limitation with the help of its two core protocols, The State connector and Flare Time Series Oracle (FTSO). These protocols help the network provide developers with off-chain data in a real time series. 

The network has expanded the horizons for the developers to build Dapps based on real life applications so as to deliver utility to a large variety of users. The protocol makes off-chain data available in a decentralized manner. 

Flare Time Series Oracle (FTSO)

FTSO allows the network to provide highly accurate and decentralized data, which is updated every three minutes. The FTSO relies on a set of independent data providers that provide information and get rewards according to their stake in the network. 

State Connector

The state connector provides the network with information on external blockchains and the internet so that it can be securely and trustlessly used by the smart contracts of the Flare Network. It takes the help of independent attestation providers, which fetch the information related to blockchain systems and deliver it to the network. 

These two core protocols allow the network to provide the developers with off-chain data in real time, so that they can make dapps. 

The network is changing the landscape of smart contracts by enhancing the way they operate and increasing their utility. It is expanding the horizons of developers to build dapps by providing them with off-chain data in real time. 

Conclusion

In a nutshell, compatible with EVM, the Flare Network is trying to change the smart contract space with its groundbreaking protocols. These protocols help the developers develop decentralized applications for a large variety of users by providing them with off-chain data. 

It’s interesting to know what the future holds for the network. But, it seems that it will change the landscape of Dapps with its efficient smart contract functionality.