Flare Network (FLR), a new cross-platform blockchain compatible with Ethereum Virtual Machine (EVM), has reached an crucial milestone in its partnership with Algorand.
In this partnership, Flare Network was funded by the Algorand Foundation for an undisclosed volume in buy to set up a bridge that will allow for the motion of worth concerning ALGO and BTC. Overall, the two corporations will join with each other to aid drive the development of the Algorand ecosystem and the DeFi sector in common.
🎉 I am quite delighted to announce:
We are constructing a #Bitcoin Bridge for @Algorand! 🌉
✅ Safe delivery #Bitcoin to Algorand
✅ Engineering a $ BTC Fasset
✅ Integrate consensus to strengthen bridge security
✅ Receive seven-digit Sugrant #Glow $ FLRhttps://t.co/WU24tRe0KV– Flare ️ (@FlareNetworks) April 26, 2022
Additionally, the new bridge will make sure that Algorand and Bitcoin participate in Flare’s multi-asset ecosystem, like Dogecoin (DOGE), Stellar Lumens (XLM), Litecoin (LTC) and XRP. To allow integration, Flare will leverage two of the project’s core engineering mechanisms, Flare Time Series Oracle (FTSO) and State Connector.
The FTSO will promptly update information on the Flare network although the State Connector will show off-chain and on-chain standing applying Flare intelligent contracts. Flare concurrently employs these two technologies to deliver a steady and safe connection concerning various blockchains, forming the basis for the Bitcoin bridge, which can be upgraded to assistance ALGO compatible with numerous other degree one tokens.
Sean Rowan, co-founder and CTO of Flare, mentioned:
“We have excellent respect for the Algorand workforce and are thrilled to build a secure and reputable bridge for the ALGO ecosystem. The truth that present bridging approaches are unsatisfactory due to the introduction of also numerous vulnerabilities prospects to undesirable consequences.
Flare’s new strategy is a absolutely various way, constructed from the ground up as a substitute of constructing on present bridge engineering, which will deliver a breakthrough in safe and decentralized interoperability across all blockchains. “
It can be mentioned that, in spite of the current significant complications, cross-chain is even now turning into an region exploited by numerous tasks due to the significant positive aspects that this discipline brings, in specific the uncomplicated conversion of tokens concerning ecosystems.
However, in the previous 12 months alone, there have been 3 cross-chain tasks that suffered particularly hefty losses when attacked, like Poly Network ($ 611 million), Wormhole ($ 325 million). USD) and Ronin ($ 622 million). between the most significant hacks in the background of cryptocurrencies.
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