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Flare Collaborates With Algorand To Build Decentralized Bitcoin Exchange

Flare Collaborates With Algorand To Build Decentralized Bitcoin Exchange
Flare Collaborates With Algorand To Build Decentralized Bitcoin Exchange

Flare Network has entered into a grant partnership from Algorand Foundation to develop a bridge Bitcoin. The supergrant will allow Flare Network to connect the Bitcoin network with Algorand. The partnership is intended to foster the growth of the Algorand ecosystem and the overall DeFi industry.

The Project To Boost Algorand’s Interoperability

Flare also stated that the bridge will ensure trustless and secure interoperability between Bitcoin (BTC) and Algorand’s native token, ALGO. Additionally, it will improve Algorand’s interoperability with other non-smart contract tokens such as LTC, XRP, XLM, and DOGE.

“We’re excited to partner with Flare and welcome them to the Algorand ecosystem,” Head of DeFi at Algorand Foundation, Daniel Oon, says.

He added that the grant partnership with Flare will ensure the development of major DeFi infrastructure with a bridge to Bitcoin. This will open more opportunities for further partnership and innovation. Both parties want to make sure that the collaboration brings value to their communities.

Co-founder and Chief Technology Officer of Flare, Sean Rowan, also commented on the development. He noted that there are endless possibilities and what both parties can achieve via collaboration. Rowan said the Flare team is excited about the partnership to develop a secure and trustless bridge for the Algorand ecosystem.

The project will be providing the interoperability lacking in existing projects and approaches to bridging. With Flare’s new approach, which is built from the ground, there will be a breakthrough in decentralized interoperability between all the chains, Rowan reiterated.

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Flare Will Deploy Its FTSO Protocol And State Connector For The Project

As a new L1 protocol, Flare is built to ensure cross-chain interoperability without compromising security. The idea is to link everything to the world of Blockchain.

Flare says it will utilize its innovative interoperability protocols, the State Connector and the Flare Time Series Oracle (FTSO), to develop the bridge.

The network’s State Connector makes sure that all on-chain and off-chain ecosystems are proven to smart contracts on Flare with the help of its FTSO protocol.

These two technologies are used to provide secure and seamless interoperability between multiple chains. They are the key components of the Bitcoin bridge, and they can also support interoperability with other smart contract Layer-1 tokens when upgraded.

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