What is an FTSO?
An FTSO or Flare Time Series Oracle is a key component in contributing to the decentralization of Flare Network and Songbird. The FTSO relies on 3rd parties known as Signal Providers or Oracles to provide key data points to the network, such as price (example: price of XRP/USD). This takes the provision of data out of centralized hands and strengthens the decentralized nature of each network. 4DadsFTSO serves as one of many signal providers supporting the decentralization of Flare and Songbird.
What is Delegating?
Delegating gives you, as a stakeholder in Flare Network or Songbird, the power to delegate your vote to a Signal Provider. The signal providers goal is to provide accurate real-time data to the network and in turn receives a reward from the network for doing so. This reward is then distributed amongst those who delegated their vote to the signal provider.
What makes a Signal Provider Successful?
Simply put, providing good data. The signal providers providing the best data will be granted rewards at the highest rate, making those signal providers the optimal choice for delegation.
How is price data used on Flare and Songbird?
Flare and Songbird both rely on accurate price data to support smart contracts on their network. It plays a key role for components of the network such as the F-Asset system, which relies on pricing data from Signal Providers such as 4DadsFTSO to ensure the F-Asset system reflects real-time prices.