What the Flux? A TLDR Guide to Knowing Flux Protocol — Flux: the trust-less data layer
Flux is changing the game for oracles — here are 10 things to know before mainnet launch!
While there have been numerous iterations to connect blockchains to data, not many have the malleability and economic guarantees for scaling their needs securely. Flux Protocol is building a decentralized data marketplace for developers and market participants to seamlessly leverage on-chain and off-chain data.
Here are 10 things to know about Flux Protocol:
1. Flux is Blockchain Agnostic
Flux is building the data layer for decentralized applications by being blockchain agnostic, giving developers the flexibility to leverage its trust-less, decentralized oracle aggregator on different blockchains without additional infrastructure cost. Flux is written in RUST and will be deployed on NEAR and Solana. Towards the end of 2021, the Flux team will roll out EVM support to work with major layer ones and two’s.
2. Flux is an Oracle Aggregator
Blockchain is not the only agnostic feature on Flux Protocol — its oracle aggregator hardens the security layer for data feeds, allowing users to take advantage of a single infrastructure, regardless of which chain they’re working with, and aggregate data from different oracles at no additional fee.
3. Flux is Gamified
The Flux Oracle is the first decentralized oracle that offers economic guarantees for all data requests. This allows smart contracts to interact with real-world events and data while simultaneously ensuring that the requestor will never be exposed to incorrect data if the data providers incorrectly report on the event.
4. Flux is Backed by Leading VCs
With backers such as Coinbase Ventures, Distributed Global, CoinFund, Greenfield One, IOSG, and NEAR foundation, there’s no denying the importance of Flux’s approach to providing and securing data feeds on-chain and off-chain.
5. $FLX is the that ties
$FLX is the protocol’s native token bond that ties the ecosystem together. The utility token is essential for the creation of oracle interfaces, protocol governance, and bringing off-chain data on-chain. It provides the community with a control panel to tailor the protocol to the needs of the ecosystem in real-time.
6. Flux is Community First!
The protocol is governed by a Decentralized Autonomous Organization (DAO) made up of $FLX token holders. The DAO is responsible for approving or rejecting whitelisting applications for interfaces, managing upgradeability features, setting floor prices for data request settlements and dispute escalation challenge requirements. You can learn more about the Flux DAO here.
7. Flux Lets You Know Your Provider
Underpinning the Flux network is the Request Interface Registry. The Registry is a smart contract that manages the network’s whitelist. The whitelist is a list of community-approved account IDs for data requests on the network. Allowing for protocols to be vetted by the community prior to being added to the whitelist ensures that only credible sources can service requests on the network.
8. Red Looks Sus? Flux Let’s You Challenge Them
Every data request submitted on the network is connected to a user-specified challenge period. This period ranges from 5 minutes to 24 hours depending on the need of the user. Any validator can dispute the outcome of the data request during this period by staking to a different outcome. Anyone disputing the outcome will be required to post a bond equal to the value of the settlement bond posted for the request and will be rewarded for voting on the right outcome from the bond posted by their counter-party.
9. Access Granted
With 5% of token total supply allocated to supporting projects that utilize Flux oracle and access to a pipeline of world-class backers, developers will be able to get unfettered access to the support and tools they need for bootstrapping their ecosystem.
10. Want to Contribute but Can’t Code?
The Foreteller program allows anybody to become an extended part of the Flux team as an ambassador. Foretellers can leverage their individual skill-set and knowledge base to evangelize Flux’s adoption in their domain, attuning their personal aspirations with the wider ecosystem
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Originally published at https://www.fluxprotocol.org.