Flare Networks: A Simplified Guide to the Time Series Oracle and State Connector
Flare is an upcoming blockchain that aims to bring new utility and functionality to cryptocurrencies like XRP, Litecoin, and Dogecoin. Two of Flare’s most powerful innovations are its Time Series Oracle and State Connector. In this post, we’ll explain in simple terms what these are and why they’re useful.
What is an Oracle?
Blockchains cannot directly access external real-world data on their own. Oracles act as data feeds, providing blockchains with external data like weather data, sports scores, random numbers, and more. This enables smart contracts to execute based on real-world events.
Flare’s Time Series Oracle is a uniquely powerful oracle design. It provides historic data in addition to current data. This unlocks new potential uses.
Real World Data on Flare
Here are some examples of data Flare’s Time Series Oracle could provide:
- Stock prices over last 5 years
- Temperature readings by the hour
- Ethereum transaction fees by day
- Bitcoin price at 5 minute intervals
Smart contracts can call the Oracle to leverage this data in executions. The Oracle ensures data integrity and handles pulling data from APIs and networks securely.
Why Time Series Data is Useful
Access to time series data opens up many new decentralized app possibilities on Flare that weren’t feasible before. Here are some examples:
- Insurance payouts based on weather histories
- Derivatives settled on asset price changes
- Trend analysis indicators calculated on-chain
- Time-weighted voting based on historical metrics
The Time Series Oracle unlocks complex analytics directly in smart contracts. Data can be supplied from any API.
Understanding Flare’s State Connector
The Flare State Connector is another groundbreaking addition. It securely connects Flare to external blockchains. For example, it could post Ethereum data to Flare or reflect XRP balances.
This communication enables new cross-chain applications like:
- Mirroring balances/state across chains
- Triggering actions on Flare when events occur on Ethereum
- Updating Ethereum dApps based on Flare activity
- Builds bridges between cryptocurrencies
The State Connector establishes real-time secure data flows between Flare and external blockchains. This interoperability unlocks new functionalities.
Wrapping Up
Flare’s Time Series Oracle and State Connector introduce powerful new capabilities to blockchain ecosystems:
- Oracles with historic data access
- Inter-blockchain communication
- Cross-chain interoperability
Together they enable innovative smart contracts and decentralized apps spanning cryptocurrency networks. Flare is set to expand developer possibilities and bring new utility to many coins in the ecosystem. Its mainnet launch in 2023 is an exciting milestone and opens several possibilities for Fidesium to validate risk events in new ways.
