Flare to develop Bitcoin bridge for Algorand

Flare has received a 7-figure SuperGrant from Algorand to physique a Bitcoin span that volition assistance enactment the maturation of a robust Algorand ecosystem.

In caller months, blockchain bridges person been making the headlines with the Solana Wormhole span hack of $200 million, followed intimately by the Axie Infinity Ronin Bridge hack of $615 million.

With ongoing span vulnerabilities, information indispensable beryllium a higher precedence successful the future. 

Flare announced details of the concern successful a tweet disclosing the 4 main tenants of the partnership: to safely present #Bitcoin to Algorand, to technologist a $BTC FAsset, to integrate statement to heighten span security, and receipt of a 7 fig Supagrant from Alogrand.

🎉 Very excited to announce:

We are gathering a #Bitcoin Bridge for @Algorand!🌉

✅ Safely delivering #Bitcoin to Algorand
✅ Engineering a $BTC FAsset
✅ Integrating statement to heighten span security
✅ Receiving 7-figure Supagrant #Flare $FLRhttps://t.co/WU24tRe0KV

— Flare ☀️ (@FlareNetworks) April 26, 2022

The Algorand Foundation besides expressed its excitement astatine processing captious Bitcoin infrastructure.

The span being built by Flare is an illustration of the critically needed improvement for a liquid cross-chain future. It volition alteration unafraid trustless interoperability betwixt ALGO and BTC, positive different non-smart declaration tokens specified arsenic DOGE, LTC, XRP and XLM.

— Algorand Foundation (@AlgoFoundation) April 26, 2022

The span being built by Flare for Algorand is 1 specified example. It volition alteration secure, trustless interoperability betwixt ALGO and BTC, positive different non-smart declaration tokens specified arsenic DOGE, LTC, XRP, and XLM. 

This caller bridging attack volition beryllium constructed utilizing Flare’s decentralized interoperability protocols – the Flare Time Series Oracle (FTSO) and the State Connector. 

Flare co-founder and CTO Sean Rowan said:

“We person a immense magnitude of respect for the Algorand squad and are excited to beryllium processing a unafraid and trustless span for the Algorand ecosystem. The elemental information is that existing approaches to bridging person clip and again been proven unsatisfactory. Flare’s caller attack is an wholly antithetic way, built from the crushed up alternatively than being based connected existing bridging exertion — and volition bring a breakthrough successful secure, decentralized interoperability betwixt immoderate and each chains.” 

The Algorand blockchain, designed by MIT prof and Turing Award-winning cryptographer Silvio Micali has established itself arsenic a reliable subordinate successful the blockchain ecosystem with a affirmative estimation for its measuring attack towards interoperability. It has established spot with its consensus-level information and protects users with a accordant absorption connected unafraid transactions.

Algorand Foundation caput of DeFi Daniel Oon said:

“We’re excited to spouse with Flare and invited them to the Algorand ecosystem. Our assistance concern with Flare volition make cardinal DeFi infrastructure with a span to Bitcoin, opening up opportunities for further collaboration and innovation.  We look guardant to our concern bringing worth to our respective communities.”

Flare Network is presently gathering a caller Layer 1 that aims to link to each blockchains safely. Using  Flare’s State Connector and the Flare Time Series Oracle (FTSO) allows them to present unafraid interoperability betwixt immoderate 2 chains.