Decentralized Flare Time Series Oracle (FTSO) Brings Reliable Data Feeds to Smart Contracts and dApps
The Flare Time Series Oracle (FTSO) plays a critical role in the Flare Network by providing decentralized and dependable price feeds for smart contracts and dApps. It acts as a backbone to ensure that all transactions are accurate, secure, and efficient. To ensure the proper functioning of smart contracts, FTSO (Federated Trustless Source of Data) is a must-have. It is a trustless and decentralized system that delivers external data to the network, such as asset values, and lowers the possibility of misuse while maintaining network security.
FTSO relies on a decentralized network of oracles called Signal Providers to transmit price feeds. These providers are paid with $FLR tokens for providing precise data, which motivates them to continue doing so. Token holders can assign their $FLR tokens to the Signal Providers of their choice, ensuring that the price reports on the FTSO network are based on collective intelligence. This method also enables token holders to contribute to network upkeep directly.
Holders of $FLR tokens have the opportunity to participate in the sharing process through the FTSO system. They can benefit from rewards for providing accurate data by delegating their ballots to trustworthy oracles, and they can also participate in those rewards. FTSO has implemented a delegation method and a decentralized network of oracles to establish a highly secure price feed system, which helps maintain the stability of the Flare Network by guarding against malicious players manipulating rates.
The Flare Time Series Oracle (FTSO) is an indispensable part of the Flare Network ecosystem, essential for safe and efficient operation of smart contracts and decentralized applications (dApps). It offers precise and decentralized external data, bringing a new level of reliability to the Flare Network’s smart contract and dApp ecosystem. With its decentralized and trustless system, the FTSO provides a critical infrastructure component for a new era of decentralized finance (DeFi) and other innovative blockchain applications.
