A seven-figure SupaGrant from the Algorand Foundation has been awarded to Flare Network. The cross-chain developer is commissioned to build a Bitcoin bridge in the Algorand ecosystem. The new bridge reportedly will support other non-smart contract tokens like DOGE, LTC, XLM, and XRP.
The recent few incidents with cross-chain projects have proven how fragile the channels that carry billions of dollars are. These channels often have a more centralized infrastructure which brings down the level of security in the blockchains with which they are connected. So, Flare Network has developed new approaches toward cross-chain connectivity to help achieve “a liquid cross-chain future.”
Flare’s native protocols for cross-chain engineering eliminate the less secure custodial multi-signature approach. In this way, the network improves security and implements its risk-mitigation protocols. The newly commissioned bridge will exploit the same consensus mechanism to achieve Interoperability between ALGO and BTC.
First of all, the network would employ the Flare Time Series Oracle protocol as a part of the bridging approach. This protocol can bring lightning-fast price data to the Flare Network from other sources. The Flare State Connector would then allow the data to reach on and off-chain consensus for trustless execution of smart contracts.
These decentralized interoperability protocols from Flare help achieve “universal interoperability” between any two ecosystems. With the SupaGrant, the Flare Network will now work towards creating support for ALGO-BTC connectivity. When the new bridge is launched, Algorand’s interoperability can be upgraded to support other layer-1 smart contract-supported ecosystems.
Algorand is one of the most sophisticated payments blockchains built and developed by Silvio Micali. The Turing Award winner created this blockchain to bring a “borderless global economy.” The Algorand network is currently processing the data at the same speed as the traditional payment networks like Visa. The carbon neutrality, pure proof-of-stake, and the high throughput have helped the network inch up towards its goal.
The layer-1 network Flare aims to achieve trustless cross-chain connectivity as an alternative to the current multi-sig approach. Apart from universal interoperability, the network brings next-generation infrastructures that offer low fees, high throughput, and carbon negativity. Flare achieved it through the EVM-supported interoperability protocols like Flare Time Series Oracle and State Connector.
Daniel Oon, Head of DeFi at Algorand Foundation, believes that the new partnership will lead to more collaborations and innovative projects between the two networks. This step will play a key role in bringing more value to the respective communities.
The blog post shared by Flare Network also took the liberty to announce the listing of BTC in FAsset. Now, BTC holders can use their token access areas like Metaverse, DeFi, and NFT marketplaces on Flare Network. Users can send their FBTC to any other network through the fast, secure, and fully-insured LayerCake application.
