Flare, a new layer-1 Ethereum Virtual Machine blockchain platform, has gone live with the launch of two core protocols aimed at powering decentralized interoperability applications.

The platform serves as an oracle network that allows developers to build applications that are aimed at being interoperable with different blockchains and internet platforms and services.

Flare features two protocols that power its application-building suite. Its State Connector protocol enables information and data to be used securely and at scale from various blockchains and internet sources with the use of smart contracts. The functionality is touted to offer powerful data to the network and facilitate the development of cross-chain solutions.

Meanwhile, the Flare Time Series Oracle (FTSO) sources and provides decentralized price and data feeds to decentralized applications (DApps) running on the layer-1 blockchain platform. According to Flare’s technical documentation, the FTSO smart contract provides continuous estimates for different types of data.

Independent providers retrieve data from external sources like centralized and decentralized exchanges and supply that data to the FTSO system. The information is weighted according to each provider’s voting power, with a median calculated to produce the final estimate.

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This operates as an incentive system for data providers, which are rewarded for supplying price…