More and better data for DApps: This project makes it happen

Presented by Flare

Blockchain technology offers a platform for software development and decentralized applications (DApps). Decentralized applications have several advantages, most notably autonomous operation, which no longer requires intermediaries. In this growing sector, DApps are constantly on the rise, but are these platforms really catering to regular users? If not, how can DApps and use case development unlock its untapped potential?

Overcoming DApp Limitations

In general, more decentralized applications with real use cases are needed for the full bloom of the blockchain industry. Unfortunately, many DApp development projects end up revolving around speculative investments that fail to offer applications that could play a more important role in people’s lives. One of the key reasons is the lack of secure access to data outside of the blockchain that the DApp is built on. Projects are simply limited in what can be achieved using the data currently available online.

The potential of DApps development is closely related to adoption and scalability. According to Flare founder and CEO Hugo Filion:

“The blockchain industry has identified a number of key technical challenges that need to be addressed in order to achieve wider adoption. One area that we feel is being overlooked is the scaling of useful blockchain capabilities.”

What’s more, Filion adds that for the industry to continue to grow, “there needs to be more apps that are more relevant to more people.” This is where Flare takes things a step further, as it “allows developers to create more useful applications by using more securely obtained data from both blockchains and the Internet on-chain.”

Providing data

It’s all about the data. To unlock the potential for much greater real-world utility, DApps need access to more data, and this is where Flare, launched earlier this year, aims to offer a solution. Its EVM-based layer 1 blockchain provides decentralized access to data with a high degree of integrity from other chains and the global internet space. This allows developers to confidently overcome current interoperability issues between chains and data sources. In addition, this increased access to more offline data types allows DApps built on Flare to serve multiple chains through a single deployment.

But what is the technological basis for all these grandiose ideas? In its work, Flare relies on two main data and interaction protocols, which are called the State Connector and Flare Time Series Oracle (FTSO). These protocols provide decentralized retrieval of blockchain data, time series, and Web2 APIs on-chain.

The State Connector collects and reaches consensus on event information from other blockchains and the Internet in a secure, scalable and decentralized way. This may include whether the transaction occurred on a different blockchain, whether the memo field contains the correct payment reference, or Web2 API content validation.

Source: Flare Network

Source: flare network

FTSO provides DApps with decentralized pricing and data series. Cryptocurrency price pair data is currently available, but it can be extended to a wider range of data that changes over time, such as exchange rates or indices such as carbon emissions data.

Source: Flare Network

Source: flare network

Both the State Connector and the FTSO are supported by independent and decentralized third parties called attestation providers and data providers, respectively. They are interested in providing accurate data to the network for security and optimal network performance.

Beyond this revolutionary approach, Flare is also committed to constant evolution. In particular, the community has recently approved Flare Improvement Proposal 01 (FIP.01) to stimulate the development of their ecosystem, with 93% of token holders voting in favor of the proposal. The changes are aimed at making the distribution of the platform’s native token more fair and accessible to participants from any network and new participants in the space. What’s more, this update will help maintain the main place of existing airdrop recipients in the ecosystem. This change means that a portion of the remaining public token distributions will be available to anyone who owns WFLR.

From concept to specifics

Blockchain as a decentralized technology can significantly improve the world. Despite the great ideas offered for optimal investment, the benefits of this technology must be translated into real use cases that will move society forward.

The angle of approach with the end user in the spotlight may seem obvious, but in the general scheme of the industry, these goals do not necessarily translate into an optimal end product. Data availability and scalability are ongoing challenges, and Flare is taking concrete steps to unlock the full potential of the DApp ecosystem. More information about the project is available on its Web site.

Learn more about Flash

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