• Flare, an EVM-based Layer 1 blockchain, recently demoed its new interoperability functionality.
• This enabled trustlessly purchasing an NFT using a transaction on a different chain and a different token.
• The demo used two protocols: State Connector and Flare Time Series Oracle (FTSO), to enable the purchase securely, scalably and trustlessly.
Flare Demo’s Interoperability Functionality
Flare, an EVM-based Layer 1 blockchain, has just completed a live demonstration of its new interoperability functionality now available in beta on the network. The demo showcased how NFTs can be purchased trustlessly using tokens from a different blockchain.
State Connector & FTSO Protocols
The layer-1 for data, Flare, utilized two core interoperability protocols for the demonstration: State Connector and Flare Time Series Oracle (FTSO). The State Connector protocol enables secure and scalable information from other blockchains and the internet to be used with EVM-based smart contracts on Flare chains. Meanwhile, FTSO delivers decentralized price and data feeds to dapps on Flare, without relying on centralized providers to bring the data on-chain. During the demo both protocols were used to prove that the purchase was confirmed on a non-Flare chain while simultaneously verifying that payment reference was included correctly.
The NFTs minted during the demonstration are standard ERC721 contracts written in Solidity which have been deployed onto the network. Only minor changes were made to integrate with FTSO and State Connector methods when creating these contracts.
Benefits of Using Flare
Being an EVM-based blockchain means that everything that can be achieved on Ethereum or other EVM chains can also be done on Flare. Therefore this demo highlights not only the potential use cases but also all of the benefits of having access to high integrity data from other chains or from internet sources via secure and scalable methods such as those provided by Flare’s native interoperability protocols – enabling legacy tokens to be used trustlessly in dapps on their network.
Flare CEO & Co-founder Hugo Philion commented saying „This demo highlights what web3 utility Flare can unlock for legacy tokens“, expressing his excitement at seeing what applications engineers could develop harnessing all of these capabilities provided by their network – truly demonstrating what is possible with effective interoperability between blockchains!