Based

Time

Flare

With the launch of a Reputation Score, blockchain for data firm Flare has announced a new collaboration with <a href="https://thenewscrypto.com/blockchain-festival-asia-2024-uniting-the-worlds-leading-innovators-in-blockchain-technology/" target="_blank" rel="noreferrer noopener">blockchain</a> technology firm Bloxico to add community trust measures to the Flare network. 
Through the collaboration, a new platform will be created that combines objective on-chain data with subjective community-based metrics to determine a Flare Reputation Score for each member of the network. Community members may evaluate and rank one another according to participation, network contribution, and overall&nbsp;behavior&nbsp;thanks to the Flare Reputation Score’s scoring and voting mechanism. 
The Flare Reputation Score lowers the perceived risk of investing funds in previously unidentified providers, hence lowering the entrance barrier for new community members understanding about the ecosystem. 
Combining off-chain and on-chain data, the solution is meant to assist consumers in choosing infrastructure providers with more knowledge. Based on community-assisted data supplied by the Flare Reputation Score, network users will be able to choose their preferred Flare Time Series Oracle (FTSO) data source or assign their FLR tokens to a particular network validator. 
When the Flare Labs team launches these technologies on the mainnet, the system will also be able to deliver reputation rankings for other important network users and apps, such as&nbsp;FAssets agents and LayerCake bandwidth providers. 
Hugo Philion, CEO &amp; Co-founder of Flare, stated: 
<blockquote class="wp-block-quote"> 
 “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. In a highly decentralized system like this, with numerous providers for each of the different network roles, 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 that are trusted by the wider community.” 
</blockquote> 
Nenad Tanaskovic, CEO of Bloxico, stated: 
<blockquote class="wp-block-quote"> 
 “Bloxico is excited to be building Flare Reputation Score. 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.” 
</blockquote>

Flare and Bloxico Collaborate for Enhanced Community Trust with Reputation Score

TheNewsCrypto

Other articles published on Nov 16, 2023

Remnant 2 Co-op Troubleshooting Guide for PlayStation 5 Players

Binance Supports Terra Classic’s Network Upgrade

Elon Musk’s AI Chatbot Grok Shares 2024 Predictions for Bitcoin, Solana, and El Hippo

Bitcoin uses more sustainable energy than any other industry; data shows

Delve Deep Into Crypto Staking And Know About Its Significance

Why Every Crypto User Must Know About Seed Phrase and Its Usage?

Join our free newsletter for daily crypto updates!