Flare, the blockchain for data, has announced a strategic partnership with Bloxico, a pioneering blockchain technology company, to unveil a groundbreaking reputation scoring system on the Flare network.
The collaboration aims to improve community trust metrics through a unique blend of on-chain data and community-driven subjective measurements. It comes just a month after Flare integrated with Subsquid and the developer of Flare Network announced that more than 2% of FLR’s total supply would be permanently removed from circulation, to prevent dilution of community token holdings and improve incentives for new enlarge.
Innovative platform for community trust metrics
After the collaboration, Flare and Bloxico will launch a new platform that calculates a Flare Reputation Score for all network participants. This score will be determined by merging verifiable on-chain data with subjective assessments based on community participation, contribution to the network and overall behavior.
The introduction of a scoring and voting system allows community members to rate and review each other, promoting a culture of transparency and accountability within the Flare ecosystem.
Enabling informed, decentralized decision-making
The Flare Reputation Score serves as an important tool in reducing barriers to entry for new community members.
By providing a tangible measure of trust, Reputation Score reduces the perceived risks associated with working with unknown network providers. The system facilitates more informed decision-making for users, allowing them to choose infrastructure providers based on community-backed data, which includes both on-chain and off-chain metrics.
Hugo Philion, the CEO and co-founder of Flare, emphasized the importance of the decentralized oracles embedded in the network structure. He highlighted that Flare, as the blockchain for data, optimizes smart contracts for decentralized data acquisition, giving developers reliable access to a wide range of data at scale and at minimal cost.
Nenad Tanaskovic, CEO of Bloxico, expressed his excitement about building the Flare Reputation Score. He noted that the system incentivizes infrastructure providers to increase their involvement and contribution to the network by increasing their reputation scores through additional support, such as educational content or network analytics. This in turn supports the overall health and safety of the broader ecosystem.
In the rapidly evolving landscape of blockchain technology, the Flare Reputation Score introduces a groundbreaking approach to community trust metrics, giving users the tools to make informed decisions in a decentralized environment.
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