Flare, an Ethereum-compatible network that prioritizes blockchain interoperability, is partnering with Bloxico, a technology company, to introduce a reputation score platform.
In an exclusive press release shared with crypto.news, Flare said the platform aims to combine objective and publicly accessible on-chain data with subjective community data to calculate the reputation score of network users.
With Flare Reputation Score, it will be easy for the blockchain to onboard new users. This is because scores derived from the platform will instantaneously provide a transparent evaluation of the trustworthiness of network participants.
Flare hopes that with reputation scores readily available, it will help the platform quickly and conveniently make informed decisions when selecting Flare Time Series Oracle (FTSO) data providers and network validators.
In Flare, FTSO offers a decentralized oracle system that securely connects dapps on Flare Network with off-chain tamper-proof data.
To function optimally, FTSO relies on a network of data providers tasked with ensuring that data submitted is reliable and unbiased, powering on-chain dapps that will otherwise cut off from secondary, real-world data.
“With decentralized oracles built into the structure of the network, Flare is the blockchain for data and the only smart contract platform optimized for decentralized data acquisition,” said Hugo Philion, CEO and co-founder of Flare. “In a highly decentralized system like this, with numerous providers for each network role, it can be difficult to make an informed decision, particularly for newcomers to the community. Reputation Score will help shortcut that process, clearly highlighting infrastructure providers trusted by the wider community.”
“Bloxico is excited to be building Flare Reputation Score,” said Nenad Tanaskovic, CEO of Bloxico. “By enabling infrastructure providers to increase their reputation scores through the additional support they provide the network, such as educational content or network analytics, Reputation Score increases the incentive for deeper network involvement and contribution by these providers, therefore supporting the health and safety of the wider ecosystem.”
The Flare Reputation Score will also allow evaluating dapps and other critical network participants like FAssets agents and LayerCake bandwidth providers.
In early October, Flare said it would burn slightly over 2% of the total supply to support ecosystem growth and improve network health.
The more than 2.1 billion FLR had been allocated to early project supporters, but an agreement was reached to take them out of circulation instead.
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