Flare Receives Million Dollar Grant From Algorand to Build Bitcoin Bridge

EMV-compatible layer 1 protocol, Flare network has been awarded a 7-figure Algorand Foundation SupaGrant to develop a bridge that will connect the Bitcoin network with Algorand platform. Developing Bitcoin Bridge for Algorand In an official announcement, Flare noted that the upcoming bridge will enable secure and trustless interoperability between Algorand’s native token, ALGO, and Bitcoin (BTC). In addition, the platform will also be interoperable with other non-smart contract tokens such as Dogecoin (DOGE), Stellar Lumens (XLM), Litecoin (LTC), and XRP. To activate the bridge, Flare will be using its core decentralized interoperability protocols, the Flare Time Series Oracle (FTSO) and the State Connector. FTSO will offer timely update data on Flare (FLR) network while the State Connector will prove off- and on-chain states by Flare’s smart contracts. Facilitating Safe Cross-Chain Interoperability Flare is a new L1 protocol designed to facilitate safe cross-chain interoperability without compromising security. The network ensures high throughput, an ultra-low carbon footprint, and universal interoperability by combining multiple decentralized protocols with EVM compatibility. Algorand is an open-source, permissionless, Pure Proof-of-Stake (PPoS) blockchain protocol for “the next generation of financial products”. Hence, the platform ensures “full participation, protection, and speed within a truly decentralized network”.The ...