Flux Protocol Integrates with Open-Source Protocol Syscoin
What if there was a way to combine the robust security of Bitcoin with the versatile programmability of Ethereum to create a hybrid protocol that enables developers to better deploy smart contracts?
Flux Protocol is excited to announce it has officially integrated with decentralized, open-source protocol Syscoin, which is doing exactly this.
Through the Flux Protocol and Syscoin integration, the Syscoin team will leverage Flux’s oracle network to continue developing its NEVM infrastructure with a focus on price feeds.
NEVM, or the Network-Enhanced Virtual Machine (NEVM), is a system bringing EVM, scalable smart contracts, and interoperability to the Syscoin ecosystem. Some advantages of this system include:
- Further scalability of smart contracts
- A decentralized cost model with a more efficient market for gas fees
- The creation of a platform with numerous valuable features including easy value transfer, store-of-value, and generalized computing
“We at Syscoin are fully dedicated to our embarkment into decentralized finance, and no DeFi ecosystem is complete without its own oracle solution. That is why we are proud to introduce the Flux protocol to Syscoin’s NEVM, which will ensure our users always have the most accurate data at their disposal,” said Michiel, co-founder of Syscoin. “The Flux team has set the bar for professionalism considering that they have always been responsive and a pleasure to work with.
Flux Protocol is the first oracle provider to integrate with Syscoin. The Syscoin team will use it to improve data feeds for decentralized exchanges and other platforms running through the Syscoin ecosystem.
What does this integration mean for Flux community members and Syscoin developers using the Flux oracle?
“We are excited to become the first partner for secure data-feeds on Syscoin. Through this integration, Flux will enable a new range of innovative DeFi while providing developers with best in class data via Amberdata and Kaiko trusted by over $100B in total value to date,” said Peter Mitchell, co-founder of Flux Protocol.
Flux allows any smart contract to connect with crowdsourced, API-based, and price-feed data. Flux brings this data on-chain using a sophisticated validation and dispute mechanism that relies on economics principles to keep validators honest.
Flux is backed by world-class investors such as Distributed Global, Coinbase Ventures, Reciprocal Ventures, Coinfund, Maven 11, Flow Ventures, among others.
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Syscoin is a decentralized and open-source project founded in 2014 whose NEVM combines the best of Bitcoin and Ethereum in a single coordinated platform.
Bitcoin’s proven security and Ethereum’s Turing-complete programmability elevated to true L2 scalability via ZK-Rollups taking place on a singular platform, Syscoin, is ushering in the next step in the evolution of blockchain technology.