With almost 100% ‘Yes’ votes in favor of a much-awaited proposal, a new Flare Network upgrade is set to be implemented shortly.

Flare Network Upgrade Incoming

Ripple’s ally Flare Network received support from its community on the implementation of FIP.06, a proposal that is expected to introduce new features to the Flare protocol. The proposal, which was created on February 14, required governance votes because the Flare upgrades require a hard fork of the network.

Flare also regarded its community’s opinion in moving to its next significant growth level. In a complementary move, the community showed their full support by approving the proposal.

The community has spoken: FIP.06 is a go

98% of voters favored the proposal. This will initiate the addition of Flare Systems Protocol and the launch of FTSO Scaling.

Flare nodes, check hardfork dates:
https://t.co/NARHgnnuUx pic.twitter.com/5W6lI41dQp

— Flare (@FlareNetworks) March 8, 2024

Precisely, the Flare upgrade will add a new protocol dubbed the Flare System Protocol (FSP). This FSP will create support for other Flare products by providing basic functionalities that connect them.

 Amongst the many functions that it would offer, the FSP would decentralize and automate many operations and by its design, some users may not need to interact directly with it, creating a more user experience.

Flare Upgrades FTSO Scaling Protocol

In addition to FSP, the proposal introduces FTSO scaling. This is an improved version of the existing FTSO protocol but a key upgrade is the fact that it accommodates as much as 1000 data feeds. In Flare’s opinion, this is the most important upgrade that the proposal is ushering in. It is designed to run in four phases: Commit, Reveal, Sign, and Finalize.

In the first phase, data providers would be required to commit hashes of their data after which they would be moved to the next phase. At the Reveal level, the data providers would submit the data to which they committed in the previous phase. For Sign, the resulting median price is calculated, signed in, and submitted. Lastly, the finalization of the FSP is triggered by a data provider, and the results are made available. 

The Flare upgrade also brings an update to the list of signers that define the default set of attestation providers of the State Connector protocol.

Following the announcement of its success with the FIP.06 proposal, FLR has seen some fluctuation in its market value and is currently trading at $0.04076, up by 6% in 24 hours. With the implementation of the Flare upgrades, the native crypto of the protocol could move in a positive momentum. It could also contribute to Flare’s crypto market boost in the long term.

The post Ripple Ally Flare (FLR) To Usher In Crucial Upgrade, How Will FLR Benefit? appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am