blockchainreporter.net
In a groundbreaking development for the evolution of Flare’s infrastructure, the pioneering blockchain for data has forged a groundbreaking collaboration with Google Cloud. This marks a transformative moment in Flare’s journey, as Google Cloud assumes a dual role as a network validator and contributor to the Flare Time Series Oracle (FTSO) on the Flare network.
In its capacity as a network validator, Google Cloud will undertake the responsibility of proposing and validating new blocks to the Flare blockchain, thereby supporting the chain’s proof-of-stake consensus mechanism. This collaboration positions Google Cloud among the 100 organizations that will adopt the dual role of validator and contributor to the FTSO on Flare.
This dual role entails supporting the security of the Flare network as a validator and contributing to Flare’s highly decentralized price oracle, the FTSO, with publicly available pricing data. The infrastructure provider role is paramount for Flare’s mission to provide decentralized applications on both Flare and other chains with high-quality access to decentralized data, including price and time series data, blockchain event and state data, and Web2 API data.
Enhancing Data Access for Blockchain Adoption
Flare is designed to bring together low-cost Ethereum Virtual Machine (EVM) smart contracts with decentralized data, providing developers and users with trustless access to an extensive range of data. The goal is to offer scalability, low latency, and cost-effectiveness, achieved by utilizing the validators of the network to provide decentralized data to applications as part of a decentralized native Oracle system.
Flare enhances the functionality of blockchain by offering developers the abundance and diversity of decentralized data essential for creating compelling use cases that drive widespread adoption of blockchain technology. The trust-minimizing bridging technology, developed by Flare Labs, supports both smart contract and non-smart contract assets. This technology enables decentralized applications on the Flare platform to seamlessly access external tokens, attracting new users and adding value to Flare as an integral component of a vertically integrated blockchain for data.
Hugo Philion, Co-Founder and CEO of Flare, expressed his enthusiasm about Google Cloud’s addition to the network, stating, “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.”
Philion highlighted the challenges faced by existing oracle systems in the blockchain space, emphasizing their difficulty in decentralization, high cost, scalability issues, and latency problems. He further explained how Flare’s unique dual-role approach addresses these challenges by integrating oracles into the network’s structure.
James Tromans, Head of Web3 at Google Cloud, remarked on the importance of data access at scale for increasing relevant blockchain use cases and global adoption of the technology. He stated, “Data access at scale is important to increase relevant blockchain use cases and greater global adoption of the technology. Google Cloud becoming a validator on the Flare network will help support that mission.”
Flare has also joined the Google for Startups Cloud Program, designed to accelerate the growth of Web3 startups. This affiliation enables developers on Flare to access financial and technical support from Google Cloud and its partners. Following the announcement, Flare’s native token, FLR, experienced a notable surge, jumping over 5% and reaching a market cap of nearly $613 million, with a current price of around $0.0189.
Overall, Flare’s collaboration with Google Cloud signifies a significant stride towards providing developers with unparalleled access to decentralized data. By integrating the strengths of blockchain with the capabilities of Google Cloud, Flare is poised to redefine the landscape of decentralized applications and foster global blockchain adoption.