Nick LoBue ☀️
@NicholasLobue
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Founder @AureusOx | Building @OxenFlow
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As we approach the upcoming release of the State Connector on
#SongbirdNetwork
, I thought it might be useful to write a quick thread to simplify the
#LayerCake
white paper and provide context as to why it is important.
#SGB
#FLR
#ConnectEverything
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@iamyesyouareno
Literally just knock him off the ladder. People are afraid to hurt someone to defend themselves.
PS. That's the point
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Wow, this is great.
@FlareNetworks
just reduced the barrier to entry for anyone looking to provide attestations or just build on top of
#Flare
or
#Songbird
.
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#FlareNetwork
has been evolving its vision from conception. With the most recent Ronin bridge hack, it becomes more apparent that launching a canary network and conducting audits are entirely necessary. More on the Ronin bridge hack here:
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This also opens the door for LayerCake to bridge an asset from ANY connected L1 chain back to ANY other connected L1 chain with Flare as an intermediary. This is how Flare will
#ConnectEverything
.
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@relevantmena
I just want to know if this is the Deep South or some cake shop in some alleyway in Manhattan
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First off,
#LayerCake
is the name given to the cross-L1 bridge that will reside on
#Flare
. This gives a user the ability to bridge an asset on to the Flare network.
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You: Ok, but how does this bridge work?
Me: LayerCake leverages something called the State Connector to make this all work.
You: State Connector? Huh?
Me: The State Connector is a mechanism which verifies transactions have been made on external blockchains.
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In order for LayerCake to securely bridge assets, collateral needs to be locked on both the destination and origin chains. The State Connector is able to verify that the appropriate amount of collateral has been deposited on the external chain.
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For example, let's say Hugo would like to utilize some of his
#XRP
on Flare. Hugo could deposit his XRP somewhere and be minted a representation of it on Flare. The representation is currently know as an F-Asset.
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Once on Flare, the minted asset could be utilized within the Flare ecosystem. This means Decentralized Applications built on Flare have the opportunity to integrate with any bridged asset.
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The timed release and reduced collateral requirement, give rise to further decentralization of the bridge. It would allow any user with sufficient collateral to be able to mint assets, including their own.
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Flare is fundamentally transforming the way off chain data is brought on chain.
These new mechanisms and forms of consensus will reshape the blockchain landscape.
#ConnectEverything
With the power of the
#StateConnector
, Flare makes data from the real world and traditional corporations 🏦 easily and trustlessly available to decentralized applications built on the network 🌐
#Flare
#ConnectEverything
#Web3
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Collateral needs to be locked for the time it takes an asset to cross the bridge, plus a short cool-down period. This cool down period is a safe-guard in the case the L1 chain undergoes a block re-org.
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Previously, to participate in the minting process, collateral would need to be locked up for the duration the F-Asset lives on the network. In this case, substantial amounts of collateral would need to be locked up, limiting participation to large players.
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You: But what does that have to do with LayerCake?
Me: Good question.
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Been waiting to work on a ledger integration
We’ve integrated
@SongbirdComm
into Ledger Live!
Send & receive your $SGB quickly, securely and easily from the safety of your Ledger 🔥
Read more about the latest coins and blockchains to be integrated into Ledger Live:
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Utilizing tokens on a blockchain other than it’s native chain, WITHOUT a central entity, is something the crypto space desperately needs.
Not only does
#LayerCake
enable trustless utilization, it can provide this utilization to any smart contract enabled chain.
#Flare
will be
How to bake a
#LayerCake
in a single transaction:
▸Trustlessly send tokens from Chain A to B
▸Automatically add to liquidity pool
▸Withdraw & send tokens back to Chain A
▸No need to interact or pay gas on chain B
Learn more in this demo from
#EthCC
:
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FIP.01:
(Flare Improvement Proposal)
#FlareImprovementProposal
Crypto twitter displayed mixed feelings toward potential changes regarding the distribution of FLR. The proposal has officially been dropped and the details should relieve angst.
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Wow! That escalated quickly
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I’ve noted some of those positives here:
Imagine being so impatient that you can't see the positives of having a canary network, another way to earn passive income and two more airdrops!😅
Some of the comments I read on YouTube are ludacris!
#Songbird
$SGB
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@michaelmiraflor
That thread is wild. I wasn’t aware SOS was a messaging based service as I’ve never had to use it.
Would’ve pictured something closer to On Star on the phone.
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I'm really not sure that the whole
@hedera
community is aware of the fact that
@FlareNetworks
blockchain consensus is backed by a hashgraph.
A hash graph is a data structure. Data structures are a core concept that many overlook and allow coders to build basically everything you
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