Decentralized applications (DApps) have the potential to provide more value to the masses, but one of the key challenges is the lack of access to more data. Many DApps are limited by what can be achieved using data currently available on-chain. To address this issue, Flare has launched an EVM-based layer-1 blockchain that provides decentralized access to high-integrity data from other chains and the global internet space. Flare’s State Connector and Flare Time Series Oracle (FTSO) protocols enable on-chain, decentralized acquisition of blockchain, time series, and Web2 API data.
Flare’s approach aims to enable DApps to serve multiple chains through a single deployment, while overcoming current compatibility issues between chains and data sources. By providing DApps with access to an increased variety of data, Flare seeks to unlock the full potential of the DApp ecosystem.
However, the lack of secure access to data outside of the blockchain limits the development of DApps and their use cases. Many DApp development projects end up revolving around speculative investment, failing to bring applications that could play a larger role in people’s lives. Flare’s solution is designed to address these issues and provide a secure, decentralized means of acquiring off-chain data to increase the real-world utility of DApps.
In the bigger picture, more decentralized applications with actual use cases are needed for the blockchain industry to reach its full potential. Flare’s solution offers a concrete step toward achieving this goal, by providing DApps with increased access to off-chain data and enabling them to serve multiple chains through a single deployment.