Flare, has unveiled the second version of its Flare Time Series Oracle (FTSO) on the mainnet. Building upon the robust foundation of FTSOv1, 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 Flare

Flare is a blockchain platform meticulously designed to support data-intensive applications such as machine learning, artificial intelligence, real-world asset tokenization, 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 FTSOv2

One of the standout features of FTSOv2 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 FTSOv2. The system can now support up to 1,000 data feeds across various asset classes, including cryptocurrencies, equities, and commodities. Even with this expanded capacity, querying crypto feeds on-chain remains free, making FTSOv2 a highly cost-effective solution for developers and users alike.

Real-World Applications of FTSOv2

The advancements in FTSOv2 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 updates to 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 FTSOv2 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 of its 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.

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Vested Interest Disclosure: This author is an independent contributor publishing via our business blogging program. HackerNoon has reviewed the report for quality, but the claims herein belong to the author. #DYOR