invezz.com
Flare, the blockchain for data, has announced a strategic partnership with Bloxico, a pioneering blockchain technology company, to unveil a groundbreaking Reputation Score system on the Flare network.
The collaboration aims to enhance community trust metrics through a unique blend of on-chain data and community-driven subjective measures. It comes barely a month after Flare integrated with Subsquid and the developer of Flare Network announced that more than 2% of FLR’s total supply would be permanently removed from circulation, to prevent dilution of community token holdings and increase incentives for new.
Innovative platform for community trust metrics
Following the partnership, Flare and Bloxico are set to launch a novel platform that calculates a Flare Reputation Score for all network participants. This score will be determined by amalgamating verifiable on-chain data with subjective assessments based on community participation, contribution to the network, and general behaviour.
The introduction of a scoring and voting system empowers community members to assess and rate each other, fostering a culture of transparency and accountability within the Flare ecosystem.
Empowering informed decentralized decision-making
The Flare Reputation Score serves as a key tool in reducing barriers to entry for new community members.
By providing a tangible metric for trust, the Reputation Score mitigates perceived risks associated with engaging with unfamiliar network providers. The system facilitates more informed decision-making for users, allowing them to choose infrastructure providers based on community-assisted data, which includes both on-chain and off-chain metrics.
Hugo Philion, the CEO and co-founder of Flare, highlighted the significance of the decentralized oracles embedded in the network’s structure. He emphasized that Flare, as the blockchain for data, optimizes smart contracts for decentralized data acquisition, providing developers with trustless access to a broad range of data at scale and minimal cost.
Nenad Tanaskovic, CEO of Bloxico, expressed excitement about building the Flare Reputation Score. He noted that the system incentivizes infrastructure providers to deepen their involvement and contribution to the network by increasing their reputation scores through additional support, such as educational content or network analytics. This, in turn, supports the overall health and safety of the wider ecosystem.
In the rapidly evolving landscape of blockchain technology, the Flare Reputation Score introduces a pioneering approach to community trust metrics, empowering users with the tools to make informed decisions in a decentralized environment.
The post Flare partners with Bloxico to introduce a reputation score appeared first on Invezz