The Good Tech Companies - Flare Launches Enhanced Time Series Oracle v2, Boosting Decentralized Data Capabilities

Episode Date: September 16, 2024

This story was originally published on HackerNoon at: https://hackernoon.com/flare-launches-enhanced-time-series-oracle-v2-boosting-decentralized-data-capabilities. Flare Time Series Oracle (FTSO) on the mainnet. Building upon the robust foundation of FTSOv1, which has delivered dependable decentralized data feeds. Check more stories related to web3 at: https://hackernoon.com/c/web3. You can also check exclusive content about #web3, #flare, #flare-time-series-oracle, #ftsov1, #ftsov2, #flare-blockchain, #flare-network, #good-company, and more. This story was written by: @ishanpandey. Learn more about this writer by checking @ishanpandey's about page, and for more stories, please visit hackernoon.com. Flare Time Series Oracle (FTSO) on the mainnet. Building upon the robust foundation of FTSOv1, which has delivered dependable decentralized data feeds for the past two years. Flare is expanding the utility of blockchain technology and enabling a multitude of innovative use cases.

This audio is presented by Hacker Noon, where anyone can learn anything about any technology. Flare launches enhanced time-series Oracle v2, boosting decentralized data capabilities, by Ashan Pandey. Flare has unveiled the second version of its Flare time-series Oracle FTSO on the mainnet. Building upon the robust foundation of FTSO v1, which has consistently delivered dependable decentralized data feeds for the past two years without any downtime or failures, FTSOV2 introduces significant improvements in latency, scalability, and cost efficiency. Elevating decentralized data with FlareFlare is a blockchain platform meticulously designed to support data-intensive applications

such as machine learning, artificial intelligence, real-world asset organization, gaming, and social applications. At the heart of Flare's ecosystem lies its decentralized Oracle system, secured at the network layer. This unique architecture makes Flare the only smart contract platform optimized for decentralized data acquisition, encompassing price feeds, blockchain data, and Web2 APIs. By offering developers trustless access to a vast array of data that is both scalable and affordable, Flare is expanding the utility of blockchain technology and enabling a multitude of innovative use cases. Key enhancements in FTSO V2 One of the standout features of FTSO V2 is its reduced latency. The upgraded system now updates

with every new block on Flare, approximately every 1.8 seconds. This rapid update cycle allows developers and users to access the most current and reliable data swiftly, which is crucial for applications that rely on real-time information. Despite this significant speed boost, decentralization remains a cornerstone of the system. Each data feed is supported by around 100 independent data providers, selected by users who delegate their stake. This selection process ensures that economic penalties are imposed for any malicious behavior, maintaining the integrity of the data. Currently, approximately 67% of the circulating FLR tokens are dedicated to securing the FTSO,

underscoring the community's commitment to a secure and decentralized data infrastructure. Scalability is another major improvement in FTSO v2. The system can now support UP to 1000 data feeds across various asset classes, including cryptocurrencies, equities, and commodities. Even with this expanded capacity, querying crypto feeds on-chain remains free, making FTSO V2 a highly cost-effective solution for developers and users alike. Real-world applications of FTSO V2 The advancements in FTSO V2 open up numerous possibilities across different sectors' lending and borrowing platforms. Enhanced speed ensures more efficient collateral utilization and safeguards users against bad liquidations perpetual futures and options markets quicker oracle inputs enhance risk management

providing more accurate and timely data for traders cross-chain order books accurate pricing data facilitates smooth and secure transactions between different blockchain networks. Real-world assets. The system's ability to handle on-chain treasury yields bridges the gap between traditional finance and blockchain technology, enabling seamless integration of real-world financial instruments. Behind the scenes. How FTSOV2 works FTSOV2 employs a sophisticated, manipulation-resistant randomness algorithm to select data providers every 1.8 seconds, allowing them to submit regular update testo the data feeds. To ensure long-term accuracy, all data providers participate

in a commit-reveal process every 90 seconds. This mechanism maintains data integrity and prevents manipulation. Additionally, during periods of high market volatility, the system can call upon more data providers to ensure timely and accurate price updates, maintaining the reliability of the data under all market conditions. For developers looking to integrate FTSO V2 into their applications, the process is straightforward. Accessing real-time data, such as FLR, USD prices, requires fewer than 10 lines of code. Flare supports this integration with extensive resources available through its developer hub and a supportive community on

Discord, where developers can seek additional assistance and collaborate with peers. Expanding blockchain utility with Flare The launch of FTSOV2 marks a significant milestone for Flare, reinforcing its position as a leader in decentralized data solutions. By enhancing latency, scalability, and cost efficiency, Flare is not only improving the performance OFITS Oracle system but also broadening the horizons for what blockchain technology can achieve. As Flare continues to innovate and expand its capabilities, it is poised to drive the next wave of advancements in decentralized applications, making blockchain technology more accessible and versatile for developers and users worldwide. Don't forget to like and share the story.

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