FIP.07: Add support for FTSO fast updates to Flare

Following the overwhelming approval of STP.07 on Songbird, it is now time for the community to vote on the implementation of FTSO fast updates on Flare.

The Songbird community approved FTSO fast updates with almost 99% of votes in favour. Implementation will now commence.

Every 90 seconds, the FTSO system defines an anchor value for all data feeds. This is a highly decentralized and secure process in which all 100 independent data providers participate. With fast updates, additional stream values will be provided every 1-2 seconds by randomly selected data providers. Each block, the selected data providers confirm whether the stream value for each data feed should increase, decrease or stay the same as the previous stream value.

Similar to the 90 second anchor values, these stream values will be made available for free to builders on the network. For more volatile assets and periods, dapps will also be able to pay a fee to increase the sensitivity of the fast updates. This can be done by increasing the number of data providers which provide an update to the feed each block and by increasing the increment by which they can change the stream value.

Read more about the potential updates in the FIP.07 governance proposal. Voting on Flare will commence in the middle of next week. Ensure your FLR is wrapped before Monday to participate.