Around The Coin Hugo Philion, Co-founder & CEO of Flare Network
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Dec 9, 2022 
Hugo Philion, Co-founder and CEO of Flare Network, dives into the world of blockchain interoperability. With a background in commodity derivatives and a Master's in Machine Learning, he discusses Flare's mission to connect smart contracts across all chains. Hugo reveals the workings of Flare's unique price and state oracles and highlights the risks of centralization in data collection. He also explains how decentralized bridges can enhance security, while hinting at the future potential of blockchain in gaming and social media as creators earn through new monetization models.
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Smart Contracts Need Rich External Data
- Flare builds an EVM-compatible chain focused on bringing external data and non-smart-contract assets into smart contracts.
- Rich on-chain data (prices + provable external events) enables new DeFi, NFT, relay and bridge primitives.
Decentralized Price Feeds From Many Providers
- Flare's FTSO uses dozens of delegated price providers who call exchange APIs and submit prices every three minutes.
- The network aggregates weighted medians and trims outliers to produce a decentralized price feed.
Avoid Single-Point Oracle Providers
- Avoid centralized single-API or single-operator oracles because they create attack vectors and manipulation risk.
- Use many independent reporters and statistical aggregation to neutralize malicious price submissions.
