Flux Protocol - Cross-chain Oracle on NEAR Protocol

Flux Protocol is the first protocol released on the NEAR ecosystem. This is an open Oracle protocol capable of providing data from Off-Chain to On-Chain. In this article, Market247.io will provide you with an overview of Flux Protocol.

What is Flux Protocol?

Flux Protocol is an Oracle protocol for Web 3.0 on Blockchain that helps bring Off-chain data to On-chain, thereby providing data for applications to index, query and verify data, or provide data to other applications. DApp to use.

Main features of Flux Protocol

Blockchain Agnostic

Blockchain Agnostic is understood to be indistinguishable from chains, which means that Flux Protocol has no preference for any chain. Thereby creating an equal environment for the chains in the system, avoiding network congestion.

Flux Protocol is building Layer data for decentralized applications by becoming an Agnostic Blockchain, giving developers the flexibility to leverage the decentralized Oracle aggregator onto different Blockchains at no extra cost. infrastructure fees.

Oracle Aggregator

Flux Protocol is an Oracle Aggregator that increases the security of data feeds, allowing users to take advantage of a single infrastructure, no matter what blockchain they are working with, and aggregate data from other oracles. each other at no cost.

FluxDAO

Flux Protocol is controlled by a DAO organization called FluxDAO. DAO is responsible for making decisions to approve or deny DApp applications to the Whitelist, manage upgradeable features in the system, etc.

Gamified

Flux is the first decentralized Oracle that guarantees economics of data requirements. This helps smart contracts interact with real-world events and data and ensures accuracy for those who claim the data.

What are the advantages of Flux Protocol project?

Flux Protocol is the first Oracle to be released on NEAR Protocol
Flux greatly reduces the time and effort required to develop applications that require off-chain data onto the on-chain.
Flux Protocol is a transparent and secure protocol: Flux's network is governed by the FluxDAO decentralized autonomous system that makes the evaluation, review, and approval of DApps rigorous and fair. From there, investors can control the information about who is the supplier of the projects being invested.
Backed by large funds: Flux has been invested by Coinbase Venture.
Diverse support platforms: At the moment, Flux Protocol is receiving support on both blockchains Aurora and Solana.
Foreteller Program: This is a special program for those who want to contribute to the development of the project without knowing the Code.

Detailed information about FLX Token

To better understand the Flux Protocol overview, we will find out about the network's FLX Token.

Token Key Metrics

Token Name: Flux Token
Ticker: FLX
Network: Ethereum
Total supply: 1,000,000,000 FLX
Smartcontract: 0x3ea8ea4237344c9931214796d9417af1a1180770
Token Utility: Governance, staking

Token Allocation

Core team and contributors: 28.8%
Project consulting team: 2.67%.
Co-founder: 14.96%.
Strategic consulting team: 8.45%.
Treasury: 19.10%.
Mining: 15%.
System building fund: 5%.
Incentive bonus: 3%.
Public Sale: 3%.

Token Release Schedule

Token Use Case

FLX Token is used in the following cases:

Maintain a whitelist of the entire protocol so that users create new data requests. To participate in the Whitelist, each protocol must submit a proposal to the DAO with a transaction fee paid in FLX.
Administer the Flux Protocol network and change data state from Off-chain to On-chain.
Oracle module implementation in various use cases. Developers must have FLX tokens to be able to register for the DAO and receive confirmation from the system.
FLX token is also used as node collateral for data requests and validation
Governance: Users who hold FLX tokens can participate in voting for advanced solutions, changing the ecosystem that Flux supports.

Road map

As can be seen, Flux Protocol has a very clear development road map.

Phase 1

Phase 1 of the project was completed in 2020. This phase of Flux Protocol focuses on the development and completion of the Beta Mainnet including the completion of the following contents.

Deploying Flux Protocol V0.5 on Mainnet
Flux Index Node Deployment
Deploying Flux SDK with Mainnet Endpoints
Bridge DAI from Ethereum to NEAR
Audit the Beta with Quantstamp.

Phase 2

Flux Protocol V1 Deployment on Mainnet – not yet released to the community
Flux Oracle Deployment – In Progress
Flux Governance Contracts Deployment – not yet released to the community
Bringing Beta programs to the mainnet that have - not yet released to the community
Quantstamp Security audits all smart contracts – unfinished
Flux Token Deployment – not yet released to the community

Phase 3

Phase 3 will be started as soon as Phase 2 (development completion phase ends).

This phase is more about putting control of the protocol in the hands of users, decentralizing the implementation of the Flux protocol.

Team and Investors

Let's take a look at the Flux Protocol team and investors whose names stand out.

Team

Peter Mitchell (CEO) – Peter started building the first app for EveryDapp.com apps before becoming the co-founder of the first app for derivatives for startups globally. .

Jasper De Gooijer (CTO) – Jasper worked in the web3 market as a scalability researcher and was funded by the Ethereum Foundation before co-founding the first application for derivatives on blockchains. start-up company.

Franklin Waller – Franklin has a background in web2.0 technology and developing open source blockchains, where he built Rutile - a free decentralized application platform.

Investors

Conclusion

Flux Protocol is the first project released on the Blockchain of NEAR Protocol. With a clear Roadmap and a reputable development team, we have the right to believe in the potential of Flux in the future. Above is all information about Flux Protocol that Market247.io has compiled. If you have any questions, don't forget to comment below for the fastest response.

Update information about Flux Protocol here:

Twitter: https://twitter.com/fluxprotocol
Community: https://t.me/fluxprotocol

FAQs

What network does Flux run on?

FLUX is available on the Flux blockchain and on other popular blockchains. FLUX assets mined on the Flux blockchain are technically coins, while assets on other blockchains are FLUX tokens

Is Flux based on Ethereum?

Flux acts as a multi-chain cloud infrastructure provider, with the Flux blockchain at its core and seven other blockchains linked to it. These chains are Ethereum (ETH), BNB Chain (BNB), Tron (TRX), Kadena (KDA), Solana (SOL), and Ergo (ERG), Avalanche (AVAX)

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