Flare will create a bridge for Bitcoin and Algorand Blockchain interaction

Flare will create a bridge for Bitcoin and Algorand Blockchain interaction

The bridge will be designed using Flare crosschain protocols. Using the Flare State Connector and Flare Time Series Oracle (FTSO) will provide a higher level of interaction security between any two chains by using consensus and reducing risk to manage the bridge.

In its Twitter post, Flare revealed the four main terms of the partnership: secure delivery of Bitcoin to Algorand, development of FAsset BTC, integration of consensus to improve bridge security, and receipt of a 7-digit supergrant from Algorand.

Algorand Foundation expressed confidence that the bridge will provide a safe and secure interaction between ALGO and BTC, as well as other Crypto-assets such as DOGE, LTC, XRP and XLM.

As a reminder, Ronin Network, the sidechain of the Axie Infinity game, was hacked in late March. In addition, in February, a hacker attack on the Wormhole Bridge on the Solana network stole 120,000 wETH worth about $320 million.

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Written by Renat
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