Layer-1<\/a> protocol promising to \u201cconnect everything\u201d by delivering cross-chain interoperability with the security of multi-chain.<\/p>\n\n\n\nFlare has been awarded an Algorand Foundation Bridges SupaGrant to develop a Bitcoin bridge, helping support the growth of a robust, diverse, and thriving Algorand ecosystem.<\/p>\n\n\n\n
Billions of dollars have been stolen from blockchain bridges in recent months because they are often more centralized and less secure than the blockchains they serve. It is therefore of critical importance for the development of a liquid cross-chain future that new and more secure bridging approaches are developed.<\/p>\n\n\n\n
The bridge being built by Flare for Algorand is one such example. It will enable secure trustless interoperability between ALGO and BTC, plus other non-smart contract tokens such as DOGE, LTC, XRP, and XLM.<\/p>\n\n\n\n
This new bridging approach will be constructed using Flare\u2019s decentralized interoperability protocols - the Flare Time Series Oracle (FTSO) and the State Connector. The FTSO provides rapidly updating decentralized price data to the Flare network. And the State Connector allows the state of any open system, both on- and off-chain, to be trustlessly proven to smart contracts on Flare. These composable technologies enable Flare to deliver secure universal interoperability between any two chains, so the bridge could potentially be upgraded to also support interoperability between ALGO and any other smart contract Layer-1.<\/p>\n\n\n\n
\u201cWe 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\u2019s 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.\"<\/em><\/p>Sean Rowan, CTO & Co-founder of Flare<\/b><\/cite><\/blockquote>\n\n\n\n\u201cWe\u2019re 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. \u00a0We look forward to our partnership bringing value to our respective communities.\u201d<\/em><\/p> Daniel Oon, Head of DeFi, Algorand Foundation<\/b><\/cite><\/blockquote>\n\n\n\nAbout Algorand Foundation<\/b><\/h6>\n\n\n\n
The Algorand blockchain \u2014 designed by MIT professor and Turing Award-winning cryptographer Silvio Micali \u2014 is uniquely capable of delivering on the promise of a borderless global economy. It achieves transaction throughputs at the speed of traditional finance, but with immediate finality, near zero transaction costs, and on a 24\/7 basis. Its carbon-neutral platform and unique pure proof-of-stake<\/a> consensus mechanism solves for the \"blockchain trilemma\" by achieving both security and scalability on a decentralized protocol, and without a second of downtime since it went live in 2019.<\/p>\n\n\n\nThe Algorand Foundation is dedicated to helping fulfill the global promise of the Algorand blockchain by taking responsibility for its sound monetary supply economics, decentralized governance, and healthy and prosperous open-source ecosystem. For more information, visit
