Flare Network distinguishes itself as a widely used layer one blockchain, specializing in linking external data into blockchain infrastructure. Notably, Flare is EVM-compatible at its base level. Its unique emphasis on interoperability and data integration sets it apart in the crypto sphere.
CEO Hugo Philion, with a background in finance, has played a crucial role in shaping Flare Network’s strategy as it navigates the complexities of the cryptocurrency sector. In this interview, Philion discusses his perspectives on blockchain technology and data usage, offering insights into Flare Network’s innovative initiatives aimed at advancing the industry.
He explained to CryptoPotato during an interview at the yearly ETH Denver event why he made a change from the finance industry. His reason was a strong desire for more significant involvement in his career.
“I just thought I wasn’t doing anything that was interesting or valuable in life.”
Pondering over this experience, he became increasingly intrigued by blockchain technology. As a result, he felt the call to return to academic pursuits and investigate machine learning further. It was during this journey that he crossed paths with the individuals who would later become his Flare Network co-founders.
Incorporating External Data into Blockchain Systems
Flare Network aims to simplify the process of integrating outside data into blockchain networks, a task that Philion highlights as being intricately complicated.
In simpler terms, Philion explains that using a blockchain but relying on a centralized party to manage data is almost equivalent to using a regular database. The unique advantage of blockchains comes into play when multiple users can directly access and control the network without the need for an intermediary.
The concept of decentralization isn’t fully grasped by you. To address this, we asked ourselves what would be the ideal mechanism for achieving decentralization and ensuring features like immutability, freedom from censorship, and minimized risks? Our answer is blockchain technology. So, to create a blockchain system, we need to focus on validating data effectively. That’s the challenge Flare aims to tackle.
“Our primary role is working with data, and we’re currently the only ones focusing on this at the foundational level. But it’s not just about data – our relay protocols also enable seamless interoperability between different networks. We can construct bridges, support general message passing, and offer data as a decentralized Oracle service to any blockchain network. Instead of viewing ourselves solely as a Layer 1 solution, we consider ourselves as an essential utility for a diverse collection of blockchains.”
He points out that “Collecting data from outside sources onto a blockchain can be quite challenging.” and goes on to explain the drawbacks of conventional oracles, noting that “Conventional oracles have generally been quite centralized.” To underscore Flare’s objective, he stresses this shift towards decentralization in the blockchain world.
Recently, Flare unveiled an in-depth explanation of their transition to the new version of Flare Time Series Oracle. With this upgrade, users can access up to 1000 prices that are updated every 90 seconds, as well as opt for one-block streaming updates. For further information, please check out the details provided here.
Philion elaborates on Flare’s methodology, giving special attention to the Flare Time Series Oracle. He explains that this feature offers real-time pricing information for fifteen different cryptocurrencies, with updates happening every three minutes. This demonstrates Flare’s ability to deliver current data and its potential to handle large volumes of information.
Broadening the Horizon: AI and Blockchain
Philion similarly explores the intersection of AI and blockchain technology, a field he believes holds great promise. His excitement for this union is evident as he declares, “I’m really excited about the possibilities here.”
“AI will be one of those areas where blockchain has genuinely improved what currently exists.”
Blockchain’s potential goes beyond conventional limitations, boosting AI’s trustworthiness and versatility.
Additionally, Philion pointed out that this approach could result in more precise and secure AI models. In his opinion, decentralized technologies offer a fresh perspective for AI advancement. The use of blockchain technology is particularly significant as it can help build fair and transparent AI systems.
In my opinion, this could be an intriguing development in the field for the coming 5-10 years. If it gains traction and we manage to create AI models capable of delivering answers promptly and at scale, then we would have a valuable tool that addresses genuine user needs.
‘We hold a lot of Bitcoin’
Philion provides valuable perspectives on the expansive blockchain scene, particularly as it pertains to the current surge in Bitcoin‘s price.
He offers insightful observations about market conditions, pointing out Flare Network’s approach towards Bitcoin. “As an organization, we own a substantial amount of Bitcoin,” he shares, pondering over our strategic moves in response to market patterns.
During the collapse of US banks including Silicon Valley Bank, we found ourselves without traditional banking options. In response, we started considering our alternatives, such as stablecoins. We pondered over what to invest in for diversification. Our choice was Bitcoin. And it has certainly proven to be a profitable decision for us.
In addition, Flare is looking at the Bitcoin L2 market to provide their data.
In simpler terms, Phillion believes that Bitcoin’s network will value the decentralized data brought by Flare.
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2024-04-09 13:59