Eli5DeFi talks FTSOv2 an evolution in the Oracle landscape

By @eli5-defi

Originally published as a twitter / x post

🔴Up to 1000 data feeds
🔴Updates every block achieving a near real-time speed (1-2 secs)
⇒ So, how does it work and how does it hyperscale Flare Network?
⇒ Enter Flare FTSOV2’s QuickRecap! 

— 🔵 What is FTSO v2?
⇒ Flare Time Series Oracle (FTSO) v2 is the highly anticipated upgrade of the previous FTSO iteration.
⇒ FTSO, in a sense, is an oracle service specifically designed for data intensive dapps on Flare and other blockchains
⇒ FTSOv2 aims to enhance scalability, provide faster updates, and optimize gas usage by utilizing off-chain computation and result storage.
⇒ Additionally, FTSO v2 incorporates cryptographic sortition for random sampling and introduces incentives for data providers who give fast updates.

— 🔵 What’s New?
⇒ FTSO Fast Updates : Estimates are published every block, enabling quick data updates and providing more granularity.
🔴 Anchor
Updates/ 90s (compared to 3 mins in FTSO v1)
🔴 Stream
Near real-time (1-2s), instantaneous update.
⇒ FTSO Scaling: FTSOv2 supports scaling up to 1000 of data feeds
⇒ Off-Chain Computation: Minimizing the amount of information stored on-chain per feed and allowing providers to perform computations off-chain.
⇒ Optimized Commit-Reveal Protocol: enhance efficiency and effectiveness in reaching consensus on data values.
⇒ FTSOv2 introduces the first phase of a relay system, enabling secure transmission of Flare's data feeds to other networks. This implementation will empower Flare to function as a reliable data provider for other chains in the future.

— 🔵 How it Works
TL; DR
⇒ FTSOv2 updates faster & covers more data with low fees. It does this by moving complex calculations off-chain, leaving only verification info on-chain.
⇒ This means data providers do the calculations, reducing on-chain workload and data that can be utilized beyond Flare Network.

🔴 FTSOv2 in 5-Steps
1️⃣ Each provider calculates their estimate for each supported FTSO data feed and uploads a hash to the chain, committing to their estimate.
2️⃣ Each provider shares their estimates and uploads them on-chain.
3️⃣ Off-chain providers compute the aggregate value for each feed in the voting round.
4️⃣ Providers bundle the median values into a single hash and upload it, along with a signature, to the chain
5️⃣ When enough signatures with the same hash are uploaded, that hash decides the final values for the data feeds in the round. These values can now be used in any dApps.

— 🔵 Traditional Oracle vs FTSOv2
⇒ Traditional oracles are mostly centralized, relying on a small number of data providers (sometimes as few as 5) for a single data feed.
⇒ They typically involve large institutions and firms, which compromises decentralization in order to achieve the desired level of latency.
⇒ Flare FTSOv2 secured by 100 data providers with realtime capabilities.
⇒ Flare data providers onboarded permissionlessly and supported by open delegation from Flare community.
⇒ FTSOv2 is the only data provision service that combines data provision with its own compute layer. This allows users to build applications using Flare's data, whether they choose to work directly on Flare Network or elsewhere.
⇒ This will make FTSOv2 is the one of the most advanced oracle with unparalleled scalability, interoperability and data feeds latency.

— 🔴 Disclaimer

The information provided in this post is not intended as professional financial or tax advice, and we strongly recommend conducting your own research and consulting with a qualified advisor before making any financial or tax-related decisions. This post created in collaboration with Flare.

What did Chat GPT say about our mascot $TONGUE?

By Martha Coston

The tongue of the Shiba Inu $TONGUE mascot can symbolize the act of "licking" or connecting different pieces of data in several ways:

1. Integration: Just as a tongue moves fluidly across surfaces, the mascot's tongue could symbolize the seamless integration of data from various sources into the Flare Network.

2. Interactivity: The playful image of the mascot licking could represent the interactive nature of data exchange and connectivity within the network, highlighting how different data points interact and communicate with each other.

3. Accessibility: The tongue could symbolize the accessibility of data within the Flare network, suggesting that it's as easy and natural as sticking out one's tongue, making data more accessible and understandable for users.

4. Aggregation: The act of licking could represent the aggregation of data, as the tongue collects and gathers information from different sources, bringing them together within the Flare Network.

Overall, the imagery of the $TONGUE's tongue can serve as a creative and memorable way to illustrate Flare network's role in connecting, integrating, and aggregating diverse pieces of data, to acheive its aim to Connect Everything