The Flare Time Series Oracle (FTSO) is an essential part of Flare Network, providing decentralized and reliable price feeds for smart contracts and dApps on the platform. FTSO acts as a backbone to ensure that all transactions are accurate, secure, and efficient. For smart contracts to function, the FTSO (Federated Trustless Source of Data) is crucial. It is decentralized and trustless and delivers external data to the network, such as asset values, lowering the possibility of abuse and maintaining network security.
The FTSO Utilizes a Decentralized Network of Oracles, known as Signal Providers
Decentralized oracles, additionally referred to as Signal Providers, are used by the FTSO to send price feeds, and they are paid with $FLR tokens for providing precise data, which encourages them to do so. Token users can assign their $FLR tokens to the Signal Providers of their choosing to guarantee that the price reports on the FTSO network are based on group intelligence. Holders of tokens can directly contribute to network upkeep through this method.
Holders of $FLR are incentivized to take part in the sharing procedure by the FTSO system. They can benefit from rewards for providing accurate data by delegating their ballots to trustworthy oracles, and they can participate in those rewards. A delegation method and a decentralized network of oracles have been applied by FTSO to build a highly secure price feed system. To maintain the stability of the Flare Network, this helps guard against malicious players manipulating rates.
The Flare Time Series Oracle(FTSO) is a Crucial Component of the Flare Network Ecosystem
For smart contracts and decentralized applications (dApps) to operate safely and effectively on the Flare Network platform, the Flare Time Series Oracle (FTSO) is a crucial part of the ecosystem. It offers precise and decentralized external data.
