#FlareNetwork $FLR is revolutionizing the way businesses access and use decentralized data with its FTSOv2 upgrade. This substantial optimization promises to accelerate #DeFi adoption and pave the way for the cross-pollination of web2 and web3 data, offering unparalleled decentralization, speed, and affordability.
What is the Flare Time Series Oracle (FTSO)?
At its core, the Flare Time Series #Oracle (FTSO) is a crucial piece of blockchain infrastructure. It functions as a reliable bridge between off-chain data (like cryptocurrency prices, stock values, and more) and on-chain smart contracts. Smart contracts need this data to automate financial protocols, lending platforms, and other DeFi applications.
Why Decentralized Oracles Matter
Traditional oracle solutions often rely on a handful of data providers, which introduces centralization risks. A compromised or unreliable data provider can disrupt DeFi applications and lead to significant losses. Flare’s fully decentralized approach is in stark contrast to existing permissioned oracle models, ensuring greater security and tamper-resistance.
FTSOv2: The Key Enhancements
More Data, Delivered Faster: FTSOv2 now supports more data feeds than ever before (over 50 initially with the capacity for 1000+), and updates occur every 90 seconds for high-demand feeds. This provides DeFi protocols and other applications with near-real-time data to trigger actions, manage collateralization, and optimize trading strategies.Stream Updates: Optional Ultra-High-Frequency Data: In addition to regular updates, “stream updates” offer the possibility of getting incremental updates for every block. This caters to applications that require absolute up-to-the-second information.Scalability Without Sacrificing Decentralization: FTSOv2’s ingenuity lies in how it handles data aggregation to ensure low gas fees (transaction costs). Instead of bogging down the blockchain with complex calculations, computations are done off-chain, with only results and proofs being posted on-chain for verification.

Real-World Scenarios Where FTSOv2 Creates Significant Impact
Efficient DeFi Lending: FTSOv2 provides reliable, near-real-time price updates, empowering DeFi lending platforms to accurately calculate collateralization ratios and prevent under-collateralized loans. This lowers risk and increases stability for the entire ecosystem.Arbitrage Opportunities: With accurate, high-frequency price feeds, traders can better exploit price discrepancies in fragmented markets. FTSOv2’s speed and reliability facilitate strategies that rely on identifying short-lived arbitrage opportunities across different exchanges.Dynamic #NFT Pricing: NFTs can represent real-world assets or assets tied to dynamic factors like weather or sports results. FTSOv2 ensures NFTs can always reflect the current value of the underlying asset, driving novel applications and use cases.
Technical Innovations Behind the Scenes
FTSOv2 builds on its predecessor with intelligent tweaks to achieve its performance boost. The key changes involve:
Weighted Medians and Caps: FTSO incorporates data from 100 providers, aggregating their submissions into a final data point. Providers with a larger stake have more influence, but a cap prevents any single entity from becoming too powerful.Off-Chain Computation: Expensive calculations are shifted off the blockchain. Providers compute results individually and submit just concise proofs of their work to the blockchain.Fast Updates on Demand: #Dapps needing the most up-to-date data can fund increased frequency and precision of stream updates. This pay-as-you-go mechanism is ideal for high-speed trading setups.

FTSOv2: Data’s Decentralized Future
The enhanced FTSOv2 establishes Flare as a cornerstone in the evolution of data availability on the blockchain. Its promise of secure, scalable, and affordable data delivery positions it as a critical infrastructure component for next-generation DeFi, interoperability solutions, and the blending of web2 and web3 worlds.

XRP could expand its presence to Flare Networks and other decentralized ecosystems as FXRP, a wrapped version of the token, with the help of Flare’s bridging protocol LayerCake.

Read more on: https://thecryptobasic.com/2024/02/12/xrp-coming-to-flare-networks-via-this-development/
#XRPLover #FlareNetwork #Crypto #CryptoNews🔒📰🚫 #cryptonewstoday

Leading Web3 Projects: Pioneers of the Digital Future
Web3, characterized by decentralized technologies, is dramatically transforming the internet landscape. These projects are not just redefining digital interaction; they’re setting new standards for security, privacy, and functionality. Their revolutionary approach is evident across various industries, including finance, social media, and data management, making digital interactions more equitable, secure, and user-centric.
Explore the full potential of Web3 technologies and their impact on various sectors. Stay informed about the latest developments in this transformative digital era. Join the conversation and share your thoughts on how these projects are shaping the future of the internet. For Full article visit techlooters

Key Leading Web3 Projects
Ethereum
As the second-largest cryptocurrency, #Ethereum’s developments in 2023 are noteworthy. Key advancements include the introduction of staked ether withdrawals, proto-danksharding for improved scalability, and efforts to maintain its decentralized ethos amidst censorship and centralization challenges.

The Flare Network
Launched in 2023, #FlareNetwork stands out for its high-performance, decentralized cross-chain platform, focusing on scalability and interoperability. Its integration with the Ethereum Virtual Machine (EVM) enhances its compatibility within the Ethereum ecosystem.
Ocean Protocol
This project is revolutionizing data exchange with a decentralized approach, empowering data providers and fostering a tokenized economy. #OceanProtocol impact spans various industries, from healthcare to AI research.
Chainlink
Continuing its role in integrating real-world data with blockchain technology, #Chainlink’s decentralized oracle network is pivotal for the functionality of smart contracts. It focuses on expanding its network to support more blockchains and applications, contributing significantly to the Web3 domain.
The Graph (GRT)
The Graph #GRT is revolutionizing data access on blockchains, offering an open-source protocol for efficient data indexing and querying. Recent developments include AI-assisted querying and a focus on scalability and efficiency.
Final Thoughts
These leading Web3 projects are not just technological breakthroughs; they’re catalysts for societal change, driving a shift towards a more decentralized and user-empowered digital world. They showcase the immense potential of blockchain technology and decentralized systems, laying the foundation for a more connected, decentralized future.

The Flare Newtok pursues an initiative to unlock the multi-billion dollars lying untapped in digital assets like XRP amid their lack of smart contract support.
Read more on: https://thecryptobasic.com/2023/12/06/fassets-could-unlock-the-potential-of-800b-in-xrp-and-other-crypto-assets/
#FlareNetwork #cryptocurreny #CryptoisBetter #CryptoProjection #CryptoNews🔒📰🚫

#XAI Flare experienced large price surge in last 24 hoursDisclaimer:🗣🗣Empower Our Mission: Tips For Dedicated Service. 🗣🗣👉Users are encouraged to support the mission by offering generous tips.🗣This empowers creators to work even harder, ensuring the continued delivery of top-notch investment advice. Flare (#FLR ), the native token of the #FlareNetwork , an EVM-based layer-1 that provides developers with high-integrity data from other chains and the internet, experienced a large price surge in the previous 24 hours. #Flare rose as much as 20% before experiencing profit-taking.Flare experienced a significant spike on Jan. 15, shortly after the news of its major partnership emerged.Flare has announced the addition of Google Cloud as an infrastructure provider, acting as both a network validator and contributor to the Flare Time Series Oracle (FTSO) on the Flare network. This implies that it will retrieve data from external sources and send it to the FTSO system, as well as offer Flare smart contracts with decentralized data feeds.Presently, 100 organizations are adopting the new combined role of validator and contributor to the FTSO on Flare, supporting both the security of the Flare network and Flare's decentralized price oracle, the FTSO, with publicly available pricing data.FLR/USD daily Chart, Courtesy: TradingViewFLR subsequently produced a massive green candlestick on Jan. 15,  rising to highs of $0.0246 from lows of $0.017.At the time of writing, Flare had given up all of its gains, only up 2% in the last 24 hours to $0.02.According to #CoinMarketCap  data, Flare (FLR) trading volume has increased by 400% in the last 24 hours, hitting more than $110 million. This implies increased market activity and interest in the coin, as more investors purchase and sell FLR across exchanges and platforms.This surge in trading interest may also have contributed to FLR's price increases over the last 24 hours.