Flare Network Upgrade Receives Overwhelming Support from Community
Ripple’s partner, Flare Network, has received overwhelming support from its community for the implementation of FIP.06, a proposal that aims to introduce new features to the Flare protocol. The proposal, created on February 14, required governance votes as the upgrades would involve a hard fork of the network.
The community’s opinion was taken into consideration by Flare in its decision to move forward with significant growth. In a show of support, the community approved the proposal with almost 100% ‘Yes’ votes.
New Features Introduced through Flare Network Upgrade
The Flare upgrade will introduce a new protocol called the Flare System Protocol (FSP). This protocol will provide basic functionalities to connect various Flare products and decentralize and automate many operations. With this upgrade, some users may not need to interact directly with FSP, enhancing the user experience.
FTSO Scaling Protocol Upgrade
In addition to FSP, the proposal also includes an upgrade to the existing FTSO protocol called FTSO scaling. This upgraded version can accommodate up to 1000 data feeds. Flare considers this upgrade to be the most important aspect of the proposal. The FTSO scaling protocol will operate in four phases: Commit, Reveal, Sign, and Finalize.
- In the Commit phase, data providers will commit hashes of their data.
- In the Reveal phase, data providers will submit the data they committed in the previous phase.
- In the Sign phase, the resulting median price is calculated, signed, and submitted.
- Finally, in the Finalize phase, a data provider triggers the finalization of the FSP, and the results become available.
The Flare upgrade also includes an update to the list of signers that define the default set of attestation providers for the State Connector protocol.
Market Impact and Potential Boost for Flare’s Crypto
Following the successful approval of the FIP.06 proposal, FLR, the native cryptocurrency of Flare, has experienced some fluctuations in its market value. It is currently trading at $0.04076, showing a 6% increase in the past 24 hours. The implementation of the Flare upgrades has the potential to generate positive momentum for FLR and contribute to long-term growth in Flare’s crypto market.
Hot Take: Positive Future for Flare Network
With almost 100% ‘Yes’ votes in favor of the proposal, the Flare Network upgrade is set to bring significant advancements and improvements to the protocol. The overwhelming support from the community reflects their confidence in Flare’s vision and roadmap.
The introduction of the Flare System Protocol (FSP) will enhance connectivity among various Flare products and streamline operations through decentralization and automation. This will ultimately lead to a better user experience.
The FTSO scaling protocol upgrade is another crucial aspect of the proposal. With its ability to handle up to 1000 data feeds, it opens up new possibilities for data providers and strengthens the overall ecosystem.
As FLR continues to show positive market performance, driven by anticipation of the Flare upgrades, investors and users can expect a promising future for Flare Network and its native cryptocurrency.
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