Trustlessly buying an NFT On Flare using the token of another blockchain.
Dubai, UAE, 23 February 2023, Chainwire
Layer-1 for data, Flare, has just completed a live demonstration of new interoperability functionality that is now available in beta on the network. Using two core interoperability protocols, State Connector and Flare Time Series Oracle (FTSO), an NFT was securely purchased with the transaction taking place on another chain using another token. The demo was conducted on Flare’s canary network, Songbird, with the purchase made using DOGE and XRP tokens.
Gates Capital Management is reducing risk after rare down years [Exclusive]
Gates Capital Management’s ECF Value Funds have a stellar track record. The funds (full name Excess Cash Flow Value Funds), which invest in an event-driven equity and credit strategy, have produced an annual return of 12.6% over the past 26 years. The funds gained a total of 7.7% in the second half of 2022, surpassing the 3.4% return for Read more
Flare’s State Connector protocols allow information, both from other blockchains and the internet, to be used securely, scalable and trustless with EVM-based smart contracts on Flare chains. In this case, it has been used to prove that a transaction has been confirmed on a non-Flare chain while confirming that the correct payment reference was included.
Flare Time Series Oracle delivers highly decentralized price and data streams to dapps on Flare, without relying on a centralized provider to bring the data on-chain. For the demonstration, it provides the live update price for NFT in the currency of the other chain.
Since Flare is an EVM-based blockchain, anything that can be accomplished on Ethereum and other EVM chains can also be accomplished on Flare. The NFTs minted in the demo are therefore standard ERC721 contracts written in Solidity and distributed on the network. The only changes required were to add methods to integrate with FTSO and the State Connector.
Hugo Philion, Flare CEO & Co-founder, said: “This demo highlights Flare’s ability to provide multiple types of secure, decentralized data on-chain to drive new functionality and potential industry use cases. The NFT demo is an example of the web3 tool Flare can unlock legacy tokens so they can be used trustlessly in dapps on the network. We’re excited to see what other application engineers can develop, leveraging the capabilities of Flare’s native interoperability protocols.”
Demo video: https://www.youtube.com/watch?v=g0qxxm2EZjw
About Flare
Flares is an EVM-based Layer 1 blockchain that gives developers decentralized access to data with high integrity from other chains and the internet. This enables new use cases and monetization models, while allowing apps to serve multiple chains through a single deployment.
Flares State Connector protocols enable information, both from other blockchains and the internet, to be used securely, scalable and trustless with smart contracts on Flare.
The Flare Time Series Oracle delivers highly decentralized price and data feeds to dapps on Flare, without relying on centralized providers.
Build on Flare with more data than ever before, or build with Flare to serve more ecosystems.
Website | Twitter | Telegram | Disagreement
Contact
Nadav
[email protected]
