Flare Boosts Time Series Oracle with Google Cloud as Key Network Validator
In Brief
Flare integrated Google Cloud into its Time Series Oracle within Flare network, enhancing its role as a network validator and contributor.
Blockchain platform Flare announced it is incorporating Google Cloud as a crucial infrastructure provider, adopting dual roles as a network validator and contributor to the Flare Time Series Oracle (FTSO) within the Flare network.
In its new capacity as a network validator, Google Cloud will be responsible for proposing and validating new blocks on the Flare blockchain, contributing to the chain’s proof of stake consensus mechanism.
Google Cloud is set to join a group of 100 organizations in undertaking a novel dual role as both a validator and contributor to the Flare Time Series Oracle (FTSO) on Flare. The collaborative effort will involve 100 Flare infrastructure providers, functioning as validators and contributors, collectively reinforcing the security of the Flare network.
Additionally, they will contribute to Flare’s extensively decentralized price oracle, the FTSO, by providing publicly accessible pricing data.
The role of an infrastructure provider holds significant importance in achieving Flare’s mission that involves delivering decentralized applications on both Flare and other blockchain networks with reliable access to decentralized data, encompassing various data types such as price and time series data, blockchain event and state data, as well as Web2 API data.
“As the blockchain for data, we are excited that Google Cloud is joining our existing decentralized network of infrastructure providers who contribute to Flare. Our work together will help deliver a more robust decentralized smart contract platform that places decentralized data at its core,” said Hugo Philion, co-founder and CEO of Flare.
Philion also highlighted the challenges faced by existing oracle systems in the blockchain space. He stated that these systems encounter significant drawbacks, including difficulties in decentralization, high costs, scalability issues and high latency. The challenges arise from the nexus of decentralized computation with external data.
“Because Flare’s oracles are built into the structure of the network, we are the only smart contract platform optimized for decentralized data acquisition and are able to give developers all the data they need to build new, more relevant use cases beyond financial speculation,” Flare’s Philion added.
James Tromans, Head of Web3 at Google Cloud, emphasized the significance of data access at scale for enhancing blockchain use cases and promoting global adoption of the technology. He said that Google Cloud’s role as a validator on the Flare network will be aimed at contributing to this mission and providing support.
Additionally, Flare has joined the Google for Startups Cloud Program, designed to accelerate the growth of Web3 startups, giving developers on Flare access to financial and technical support from Google Cloud and partners.
Secure Data Access Revolutionizes Blockchain Development
Flare integrates cost-effective EVM smart contracts with decentralized data, seeking to empower developers and users with secure access to an extensive array of data.
The platform prioritizes scalability, low latency, and affordability. Flare accomplishes this by harnessing the capabilities of network validators to supply decentralized data to applications within a decentralized native Oracle system. This strategic approach aims to enhance the versatility of blockchain, offering developers the necessary abundance and diversity of decentralized data to foster the adoption of blockchain technologies for impactful use cases.
In its commitment to trust minimization, Flare Labs, a sister company of Flare, is actively developing a bridging technology. The technology is designed to facilitate interaction between smart contract and non-smart contract assets. Its purpose is to empower decentralized applications (DApps) built on the Flare platform with access to external tokens.
The incorporation of Google Cloud as a key infrastructure provider marks a pivotal development for Flare’s blockchain, providing reliable access to decentralized data for users and further developing Flare as an optimal smart contract platform.
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Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at alisa@mpost.io
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Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at alisa@mpost.io
