The Coin Leaks News: Flare has been awarded a seven-figure SuperGrant by Algorand to construct the Bitcoin bridge that will grow an incredibly robust Algorand ecosystem.
In recent weeks, blockchain bridges have been getting attention in the wake of hacks like the Solana Wormhole bridge hack of $200 million. It was followed with the Axie Infinity Ronin Bridge hack that cost $615 million.
In light of the ongoing bridge vulnerabilities security should be a top priority in the coming years.
Flare revealed the specifics of their partnership via tweets that revealed the four major tenets in the alliance: secure transfer Bitcoin to Algorand and to design a $BTC FAsset to bring consensus together to improve bridge security, as well as the receipt of a seven figure Supagrant from Alogrand.
🎉 Very excited to announce:
— Flare ☀️ (@FlareNetworks) April 26, 2022
The Algorand Foundation also expressed its enthusiasm for the development of the crucial Bitcoin infrastructure.
We are proud to announce our grant partnership with Flare, a new Layer-1 protocol promising to “connect everything” by delivering cross-chain interoperability with the security of multi-chain. #Algofam #GreenCrypto https://t.co/bJi3InYhHg
— Algorand Foundation (@AlgoFoundation) April 26, 2022
The bridge that is being constructed through Flare to Algorand is a prime illustration. It will allow an unsecure, secure interoperability between ALGO and BTC and other tokens that are not smart contracts like DOGE, LTC, XRP and XLM.
The new bridging strategy is built on Flare’s open interoperability protocols, Flare Time Series Oracle (FTSO) and the State Connector. Flare Time Series Oracle (FTSO) and the State Connector.
Flare’s co-founder and CTO Sean Rowan said:
“We have a great deal in respect to this Algorand Team and feel extremely excited to create a safe and reliable bridge to all members of the Algorand ecosystem. The fact is that current methods for bridges have repeatedly proved to be ineffective. Flare’s innovative approach is completely different approach, built from scratch rather than relying on the existing technology for bridging — and is expected to bring an innovation in secure, decentralized interoperability among any chain.”
Its Algorand blockchain, developed by MIT professor and Silvio Micali, winner of the Turing Award for cryptographer, has proven itself to be an established actor in the blockchain community with a good reputation for its method of measuring toward interoperability. It has gained trust due to its security at the consensus level and safeguards users by focusing on safe transactions.
Algorand Foundation head of DeFi Daniel Oon said:
“We’re delighted to join forces with Flare and welcome them into join the Algorand ecosystem. Our grant collaboration with Flare will enable the development of a key DeFi infrastructure, including a bridge to Bitcoin and opens up the possibility to further collaborate and innovating. We are looking forward to our partnership providing benefit to both communities.”
Flare Network is currently building a brand new Layer 1 which will join all blockchains securely. Utilizing Flare’s State Connector as well as Flare’s Time Series Oracle (FTSO) Flare Time Series Oracle (FTSO) will allow them to provide secure interoperability among any two chains.