Blockchain News

Flare announces voting on STP.06 and FIP.06

Flare Network announced that it would soon begin voting on two governance proposals: STP.06 and FIP.06. One objective is adding up to 1,000 gas-efficient decentralized data feeds to the network. These will be updated every 90 seconds.

The idea is part of boosting scalability from the current stat of 18 data feeds every 180 seconds. Flare Network is looking to support new use cases, enabling data providers to better work with data related to crypto price pairs, stock prices, etc. It is better supported by the fact that it is gas-efficient since calculations are performed off-chain.

Flare Network has laid out a plan to roll out the development in a phased manner. Therefore, it will initially make available feeds for 25 crypto price pairs. The range will be expanded later as more cryptos and products are added to the list.

There is less change in the reward split. Flare announced that 80% of the portion will be distributed among data providers. 10% of the reward will be distributed for signature submission in the Sign phase. It applies to data providers who submit a single and valid signature. 10% will go to those who trigger the finalization in the Finalization phase. Only five entities can carry out finalization.

Penalties are introduced to ensure data providers don’t engage in Reveal Withholdings and Double-Signing. Data providers will be subject to penalties imposed by FTSO Scaling. Penalties will be thirty times the expected relative share of rewards for the offending DPs in the relevant voting round.

Two new phases have been worked out: the Sign Phase and the Finalization Phase. This will effectively modify the role of the data provider.

Flare Network clarified that it would require a series of substantial updates so that it could meet the milestone of a thousand data feeds into the FTSO System. Current and upgraded DPs will continue to exist together in the system.

The three phases that are scheduled to be rolled out are the trial phase, beta phase, and deprecation phase. Reward allocation will remain unaffected in the trial phase. All of 100% will go over to DPs, data providers.

The Flare Foundation will update the inflation contract in the beta phase, making DPs eligible for 50% of the total data provision reward allocation. Upgraded DPs will receive the other half. The deprecation phase will again upgrade the inflation contract so that only upgraded DPs are qualified to receive rewards.

FLR, the native token of the community, has begun to reflect the optimism of the ecosystem. It is currently listed at $0.04661, with a surge of 19.25% in the last 24 hours. It further reflects a rise of 34.51% and 120.02% in the last 7 days and 30 days, respectively. The 24-hour volume had soared by 264.69% at the time of drafting this article.

Jason Palmer

Jason Palmer joined CoinNewsSpan as an editor and analyst. He has over five years of experience as a forex analyst. He holds a master's degree in business administration with specialization in finance. He is actively involved in analyzing the prevalent crypto trends. He has a keen interest in commodities and forex trading.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button