The Algorand Foundation today announced a grant partnership with Flare, a new Layer-1 protocol that promises to “connect everything” by delivering cross-chain interoperability with multi-chain security.
Flare has been awarded the Algorand Foundation Bridges SupaGrant for developing the Bitcoin bridge, helping to support the growth of a strong, diverse and thriving Algorand ecosystem.
Billions of dollars have been stolen from blockchain bridges in recent months, as they are often more centralized and less secure than the blockchain it serves. Therefore, it is very important for the future development of liquid crossover chains developed with a new and safer bridging approach.
The bridge built by Flare to Algorand is one example. It will enable secure trustless interoperability between ALGO and BTC, plus other non-smart contract tokens such as DOGE, LTC, XRP and XLM.
This new bridging approach will be built using the Flare decentralized interoperability protocol – Oracle Time Series Flare (FTSO) and State Connector. The FTSO provides instant decentralized price data to the Flare network. And the State Connector allows any state of the art open system, both on- and off-chain, to be proven reliable for smart contracts in Flare. This composable technology allows Flare to deliver secure universal interoperability between the two chains, so the bridge can also be upgraded to support interoperability between the ALGO and other Layer-1 intelligent contracts.
Sean Rowan, CTO & Co-founder of Flare said, “We respect the Algorand team, and are excited to develop a safe and unreliable bridge to the Algorand ecosystem. The simple fact is that existing approaches to linking have long proven unsatisfactory. Flare’s new approach is a very different approach, built from the ground up rather than based on existing bridging technology – and will bring a breakthrough in secure and decentralized interoperability across the entire chain.
Daniel Oon, Head of DeFi, Algorand Foundation said, “We are very excited to work with Flare and welcome him into the Algorand ecosystem. Our grant partnership with Flare will expand DeFi’s major infrastructure with a bridge to Bitcoin, opening up opportunities for further collaboration and innovation. We expect partnerships that bring value to our respective communities.