Today we will talk about Flux Protocol.
Consider in detail what it is, how it works, why it is needed, what problems it solves and much more.
And we will start our article with a brief overview of the project.
Acquaintance with the project
Flux Protocol is a decentralized Oracle aggregator that supports cross-chain integration.
In fact, it sounds quite complicated, but we can take a closer look at what it all means. So, let’s start with the concept of Oracle.
The oracle is a solution to the problem of obtaining information from the outside worl, for example, obtaining the result of a sporting event and entering this information into the blockchain. Because the blockchain contains only internal information and cannot obtain data outside the blockchain without additional tools. And Oracles is helping with that!
The aggregator means that this protocol also interacts with other Oracles to obtain data from many sources.
The project is also a cross-chain, which allows it to work in different networks. By the way, at the moment Flux Protocol has already been integrated into 2 major ecosystems — Near and Solana.
Flux Protocol tries to become a data source for all leading blockchains, so that projects and users can get reliable and truthful information that will take Oracle to a new level!
And then we will talk in more detail about the benefits of Flux Protocol!
Benefites and achievements
In fact, Flux has many benefits and innovative solutions. We will consider only the basics!
- Open Source
The project has Open Source, so other projects can use this data for their own needs and everyone will be confident in the honesty and openness of the project.
- Reliability and openness of data
Due to decentralization, the project provides reliable results for request, because it is the responsibility of independent validators.
And no less important with such a level of security that all data for a particular request is publicly available, which eliminates any manipulation.
- Low fees and fast work
Flux Protocol offers low fees, while the speed increases compared to similar solutions.
Flux offers to combine all the information from the Oracles in one place. This is very convenient, and all information is confirmed by economic guarantees.
- Data from 3 sources
Data outside the blockchain is taken using API, Human Factor and other Oracles. This is a truly innovative solution that provides more reliable answers.
Governance and token utilities
Governance in the project is carried out using Flux DAO.
FLX token holders address key issues in project development, as well as all major changes in the project.
It all happens through voting. And $FLX token plays a very important role. Next we’ll talk about that!
- FLX is required to create and resolve data requests.
- As I mentioned earlier, a token is needed for governance.
- Validators stake their FLX in order to make decisions and receive rewards for the right ones. But any data provided by validators can be challenged, so it is important for validators to provide the correct data to earn rewards.
The tokenomics for the project has not been announced yet, so there will be new uses and more detailed information about ther opportunities to use the token.
This article describes all the main benefits of Flux Protocol. And even more detailed information can be found here:
Official site: https://www.fluxprotocol.org