Published: 28.04.2022
Article reading time:
1 min.
The Algorand Foundation has partnered with Flare Network to develop a cross-chain bridge that links the Algorand blockchain to the Bitcoin ecosystem.
The bridge will be designed using Flare cross-chain protocols. Using Flare State Connector and Flare Time Series Oracle (FTSO) will provide a higher level of security for the interaction between any two chains by using consensus and reducing risk for bridge management.
In his message on Twitter, Flare revealed the four main terms of the partnership: Bitcoin secure delivery to Algorand, development of FAsset BTC, consensus integration to improve bridge security, and a 7-figure supergrant from Alogrand.
The Algorand Foundation expressed confidence that the bridge will provide a safe and secure interoperability between ALGO and BTC, as well as other crypto assets such as DOGE, LTC, XRP and XLM.
Recall that at the end of March, the Ronin Network, the sidechain of the game Axie Infinity, was hacked. In addition, in February, 120,000 wETH worth about $320 million was stolen as a result of a hack attack on the Wormhole bridge on the Solana network.
Source: Bits
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