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The score will include both on-chain metrics and off-chain metrics such as a community rating system to determine a participant’s final score.
Layer 1 blockchain for data Flare announced a strategic partnership with Bloxico, a full-on blockchain consultancy and development firm, in a team statement released Thursday. Following the partnership, Flare will leverage Bloxico’s expertise in blockchain services to bring community trust metrics within its network, introducing a “Reputation Score” based on various factors.
According to the team, Bloxico will develop a new platform that calculates the Flare Reputation Score using both objective on-chain data and subjective community-based measures to determine the final score of a Flare network participant. This scoring system gives the Flare community the power to assess and rate each other based on participation, network contribution, and general behaviour on the network.
As a blockchain for data, Flare aims to enhance the overall utility of the blockchain. The platform includes decentralized oracles built into the structure of the network and an EVM smart contract that is optimized for decentralized data acquisition, including price & time series data, blockchain event & state data, and web2 API data. The Flare reputation Score allows new users to easily spot the best oracles, network participants and apps on Flare. This removes the need for newbies to directly interact and sift through several providers to find their ideal participants.
“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,” Hugo Philion, CEO and co-founder of Flare explained. “Reputation Score will help shortcut that process, clearly highlighting infrastructure providers that are trusted by the wider community.”
Bloxico Adds Features to Flare Reputation Score
Bloxico rose its ranks in the past few years offering institutional clients several Web 3-focused services including software development, IT outsourcing and blockchain consultancy. Over the years, the firm has provided cutting-edge solutions and exceptional customer service, delivering innovative and reliable, scalable and high-performance software, and the Flare Reputation Score proves no different, the team statement reads.
Adding to its features, the Reputation Score also reduces the barrier to entry for new participants learning about the Flare ecosystem. In addition, the score combines on and off-chain metrics to give the final score on infrastructure providers that users aim to engage with. It is designed to offer new community members a safer channel of deploying capital to otherwise unknown providers.
Moreover, Flare users will be able to pick their Flare Time Series Oracle (FTSO) data provider or delegate their FLR tokens to a specific network validator based on community-assisted data provided by the Flare Reputation Score.
Speaking on the introduction of the Flare Reputation Score, Nenad Tanaskovic, CEO of Bloxico, showed his appreciation for building Flare’s 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, [Flare’s] Reputation Score increases the incentive for deeper network involvement and contribution by these providers, therefore supporting the health and safety of the wider ecosystem,” Tanaskovic explained.
In the near future, the score will also be added to applications, platforms and other key network participants such as FAssets agents and LayerCake bandwidth providers. This will enable total transparency on the network and provide users with a convenient way to select between different apps and Flare participants once a new system is launched on Flare’s mainnet.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.