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Flare Network’s State Connector Launch Marks a New Era For Cross-Chain Bridging

Written by: Sara K

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Sara K

Sara is steadily working on cryptocurrency evaluations, news, and fluctuations in digital currency prices. She is guest author associated with many cryptocurrencies admin and contributes as an active guide to readers about recent updates on virtual currencies.

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Mar 29, 2022

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With all of the security implications that currently exist in cross-chain bridging, one protocol seems to have found the solution. Flare Network, a Layer-1 protocol known for unlocking the value of tokens on the blockchain, has just launched its State Connector, a system that connects any network to any other, without compromising the safety of the value on the chain, or the true nature of decentralization.

The State Connector is an ingenious solution to the current problems and weaknesses inherent in cross-chain bridging. It retains the security of full nodes, in contrast to its counterpart solutions such as Poly’s Light Client Relays (which take the security from the parent chain alone) and oracles, which are centralized and more vulnerable to attacks.

The world of smart contract use cases is opening up

The unveiling of The State Connector marks a new age in cross-chain interoperability. The product trustlessly reads transactions on any blockchain and feeds the data to Flare. It is this factor which makes the product suitable for a huge range of use cases for smart contracts. This includes utilities such as instant data reading and verification for sport event outcomes, financial data, and bank transactions, to name a few.

Meanwhile, in contrast to other solutions such as Cosmos and Polkadot, which require coding modifications for chains to become compatible with one another,  the State Connector does not need any coding changes to be made in order to integrate chains.

One step closer to Web3

According to Flare’s CEO and Co-founder, Hugo Philion, “The launch of the State Connector on Flare’s canary network, Songbird, is a huge leap forward for Flare, as we accelerate towards the launch of our main network. It’s also a huge leap for the blockchain space in general, with the State Connector providing a long needed and compelling solution for secure trustless cross-chain interoperability with any chain. The most exciting part is seeing what developers will build, taking advantage of the combined power of the Flare Time Series Oracle and the State Connector to access the value, information and liquidity on multiple chains via a single deployment on Flare.” 

Flare’s forthcoming FAssets application will also be able to utilize non smart contract tokens including Bitcoin, Dogecoin and Ripple and enable them to gain access to all EVM smart contracts.

In effect, Flare is making it possible for any two smart contract chains to connect and still maintain the security implicit with single chains. While only two thirds of the blockchain’s total value can be accessed on chain, this feature will unlock around an extra $700 Billion of the total $2.09 Trillion value of crypto tokens into the decentralized economy.

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Sara K

Sara is steadily working on cryptocurrency evaluations, news, and fluctuations in digital currency prices. She is guest author associated with many cryptocurrencies admin and contributes as an active guide to readers about recent updates on virtual currencies.

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