The Algorand Foundation SupaGrant has been awarded to Flare to develop Bitcoin bridge
The Algorand Foundation today announces 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.
- Flare has partnered with the Algorand Foundation, which is recognized for its work on layer-1 transactions and protocols.
- The Algorand Foundation Bridges SupaGrant was given to Flare.
- The Flare time series Oracle (FTSO) will be utilized to build the Flare bridge.
The Algorand Foundation has granted Flare an Algorand Foundation Bridges SupaGrant to develop a Bitcoin bridge, allowing the expansion of a strong, secure, and flourishing Algorand ecosystem.
In recent months, Billions of dollars have been stolen from blockchain bridges, because they are frequently more centralized and less secure than the blockchains they serve. As a result, the development of a liquid cross-chain future requires new and more secure bridging methods to be created.
The Algorand bridge being constructed by Flare will allow for secure trustless interoperability between ALGO and BTC as well as other non-smart contract tokens such as DOGE, LTC, XRP, and XLM.
The Flare Time Series Oracle (FTSO) and the State Connector will be used to build this new bridging approach. The Flare network utilizes the FTSO to deliver rapidly changing decentralized pricing information. The State Connector allows any open system, both on- and off-chain, to be demonstrated transparently to smart contracts on the Flare Network. The ability to connect multiple networks, both public and private, together into a single interoperable network is known as composability. Composable technologies enable Flare to provide secure global interoperability between any two chains, allowing the bridge to be expanded to allow for cross-chain connectivity between ALGO and any other smart contract Layer 1.
🎉 Very excited to announce:— Flare ☀️ (@FlareNetworks) April 26, 2022
We are building a #Bitcoin Bridge for @Algorand!🌉
✅ Safely delivering #Bitcoin to Algorand
✅ Engineering a $BTC FAsset
✅ Integrating consensus to enhance bridge security
✅ Receiving 7-figure Supagrant #Flare $FLRhttps://t.co/WU24tRe0KV
“We have a huge amount of respect for the Algorand team, and are excited to be developing a secure and trustless bridge for the Algorand ecosystem. The simple fact is that existing approaches to bridging have time and again been proven unsatisfactory. Flare’s new approach is an entirely different way, built from the ground up rather than being based on existing bridging technology – and will bring a breakthrough in secure, decentralized interoperability between any and all chains.” – Sean Rowan, CTO & Co-founder of Flare
“We’re excited to partner with Flare and welcome them to the Algorand ecosystem. Our grant partnership with Flare will develop key DeFi infrastructure with a bridge to Bitcoin, opening up opportunities for further collaboration and innovation. We look forward to our partnership bringing value to our respective communities.” – Daniel Oon, Head of DeFi, Algorand Foundation.
Creator of the Alogrand Blockchain, Silvio Micali, is a world-renowned cryptographer and MIT professor who has been awarded the Turing Prize, the highest honor in computer science.
The Algorand blockchain is permissionless, pure proof-of-stake, with fast finality and low fees that make it ideal for DeFi applications. The Algorand Foundation is focused on building the Algorand ecosystem and supporting developers who want to build on Algorand.
The Algorand Foundation has a core mission to support the development of the Algorand ecosystem and make it the most accessible, secure, and user-friendly blockchain platform available.