crypto-news-flash.com
- FTSO upgrade boosts data delivery speed to 1-2 seconds, enhancing dapp capabilities on Flare and Songbird networks.
- Fast update rewards on Songbird will start soon, incentivizing rapid data provision within 0.5% accuracy of anchor values.
The major upgrade of Flare Time Series Oracle (FTSO) by Flare Network is expected to completely transform data transmission on the Songbird and Flare networks. The upgrade is well advanced in its implementation and follows the community’s support of other governance suggestions.
The voting phase for the Flare Time Series Oracle upgrade is over 🔓
Implementations to bring up to 1,000 data feeds with block latency are happening.
Next: Fast updates rewards will start on #Songbird.
More on progress & what delegators need to know: https://t.co/sr0ADuuF3k pic.twitter.com/wg55IZR4o1
— Flare ☀️ (@FlareNetworks) June 26, 2024
FTSO Upgrade: Enhanced Data Feeds
Up to 1000 data feeds updated every one to two seconds are what the FTSO upgrade is intended to give decentralized applications (dApps).
This substantially increases the amount and speed of data that developers may access, hence increasing the network’s capacity for creativity and functionality. Enhancing the entire ecosystem requires this upgrade as Flare Network keeps developing.
Fast-updating incentives will start on Songbird in around two weeks. All data providers that contribute stream values will be qualified to receive a portion of the rewards during any 90-second voting epoch provided the final FTSO stream value, which is updated every 1-2 seconds, is within 0.5% of the anchor value, which is changed every 90 seconds.
The FTSO will receive 30% of the inflation going forward to reward timely updates, with anchor values receiving the remaining 70%.
Meanwhile, the native coin of Flare Network, FLR, is currently valued at about $0.02454, up 3.11% over the last 24 hours. This encouraging market movement demonstrates the increasing trust in the continuous advancements and potential of Flare Network.
Previous Collaborations and Partnerships
Crypto News Flash earlier reported on the stablecoin launch by the Hex Trust Group in association with Flare Network. Through the introduction of a reliable digital asset supported by the strong infrastructure of Hex Trust, this strategic cooperation seeks to strengthen Flare’s position in the cryptocurrency market.
Further, Flare Network and Google Cloud have formed a major alliance. This partnership aims to improve blockchain security and enable decentralized data access by using the cutting-edge technology of Google Cloud to give Flare’s users and developers a safer and more productive environment.