• Flare has completed a live demonstration of their new interoperability functionality, allowing users to trustlessly purchase an NFT on the network using tokens from a different blockchain.
• The demo was performed on Flare’s canary network, Songbird, with the purchase made using DOGE and XRP tokens.
• This highlights Flare’s ability to provide secure, decentralized data and unlock web3 utility for legacy tokens.
Flare Unveils Interoperability Functionality
Flare has just demonstrated their new interoperability functionality in a live beta version. Using two core protocols – State Connector and Flare Time Series Oracle (FTSO), an NFT was trustlessly purchased with the transaction taking place on a different chain using a different token. The demo was performed on Flare’s canary network, Songbird, with the purchase made using DOGE and XRP tokens.
State Connector Protocols Enable Secure Data
Flare’s State Connector protocols enable information to be securely used in EVM-based smart contracts on Flare chains both from other blockchains and the internet. This proves that a transaction has been confirmed on a non-Flare chain and simultaneously verifies the correct payment reference was included.
FTSO Delivers Decentralized Price Feeds
The FTSO protocol delivers highly decentralized price and data feeds to dapps on Flare without relying on centralized providers to bring this data onto the chain. During this demonstration it provided the live updating price of the NFT in the currency of the other chain being used for payment.
EVM Contracts Deployed On Network
As Flare is an EVM-based blockchain, everything that can be achieved on Ethereum and other EVM chains can also be performed on Flare – including standard ERC721 contracts written in Solidity which were deployed during this demo along with methods to integrate with FTSO and State Connector protocols.
Unlock Web3 Utility For Legacy Tokens
The demonstration highlighted how Flare can unlock web3 utility for legacy tokens enabling them to be used trustlessly in dapps on its network as well as providing more types of secure, decentralized data which could power new applications and use cases for developers across multiple chains through one deployment.. Hugo Philion said “We are excited to see what other applications engineers can develop harnessing the capabilities of our native interoperability protocols“.