Flare Friday: The Gala Games Node Network to Contribute to the Flare Time Series Oracle
We are delighted to announce that the Gala Games Node Network is going to be helping to support the Flare Time Series Oracle (FTSO) as a decentralized data provider.
The Flare Time Series Oracle is the process by which estimates of off chain data are safely made on the Flare Network. At a high level the FTSO takes the votes of $FLR holders and other involved parties (predominantly FAssets) to form data estimates. In this way each voter has their token value at stake and therefore is highly incentivized to provide good estimates. In return for providing good estimates the voters that hold $FLR receive a reward. Drilling a little bit deeper, the data estimates are provided by parties called “Data Providers” to whom token holders delegate their votes. Each data provider charges a small fee on any rewards garnered from the votes that are delegated to them. Anyone can set themselves up as a data provider. More information can be found here: https://blog.flare.xyz/ftso-a-breakdown/
The Gala Games Node Ecosystem is going to create one of the first decentralized data providers integrating with the Flare Network. This will enable anyone that holds an eligible token on Flare to delegate their vote to the Gala data provider, with the Gala node network earning $FLR for being a data provider.
Here is how it is going to work: Once this system is integrated into the Gala Games Node Ecosystem, ten randomly selected high-performing nodes will be selected to provide data to the Gala Data provider on Flare. Gala Nodes will be assessed based on a variety of factors, such as their uptime, their available bandwidth, and their contributions to the Gala DCDN. If a node is chosen, it will receive additional points in the distribution for providing this service. This may even include $FLR rewards specifically for being the chosen provider to send data to the network.
UPDATE: To make this clearer — the top nodes in terms of stability and performance will be put in a pool and 10 nodes will be randomly selected from that pool each time the FTSO requires data. If a node is selected, it would receive a reward for providing data. This does not mean that only ten nodes would ever be able to participate, only that only 10 would be selected at any one time.
This week, we sat down with Hugo Philion from Flare, to discuss exactly how the Flare and Gala Networks can support one another as we advance towards greater decentralization. We are very excited to help support the growth and decentralization of the Flare Network.
The basic functionality of the Flare Time Series Oracle (source: Flare Network)
We are currently advancing towards the goal of having GALA exist as an F-Asset within the Flare Ecosystem, giving greater functionality to Gala and opening GALA users up to other options for using their GALA and NFTs in the ever-widening GALA ecosystem.
About Gala Games:
Gala Games was founded with one goal in mind: to give power back to the gamers. Our mission is to enable freedom through play. To this end, we have embarked on one of the most ambitious development projects to date — the creation of the Gala Games Ecosystem. Gala Games is here to fundamentally redefine both the gaming and blockchain spaces.
More information about Gala Games is available on their website, www.gala.games, and in their Discord at galagames.chat.
About Flare
The Flare network is the first Turing complete smart contract network to use Federated Byzantine Agreement (FBA) consensus. This allows Flare to have fast inexpensive transactions and unlike other scaling methods does not need to base network safety on value. This allows Flare to scale for arbitrary value without facing capital constraints and importantly allows Flare’s native token, Spark (FLR), to be used for other productive purposes. Flare brings utility to other networks by enabling their tokens to be used on Flare with Ethereum Virtual Machine (EVM) based smart contracts.. XRP, LTC and Dogecoin are currently slated for integration with Flare. Many more tokens can potentially be added. As a Ethereum Virtual Machine (EVM)-compatible blockchain solution, Flare can dramatically lower the costs associated with NFT minting and transactions whilst opening up previously unavailable communities.
Find out more about Flare at www.flare.xyz
