FLUX PROTOCOL ! SHORT ABOUT THE BASICS !

Andrey Pavlenko
3 min readNov 23, 2021

In anticipation of the launch of the LBP auction, I would like to remind you of the important functions of FLUX PROTOCOL. In order to make your investment work for you and to make sure you don’t hesitate to sell tokens in tough times, let’s highlight the things that characterise the project !

1. FLUX does not depend on blockchain

FLUX builds a data layer for decentralized applications by being blockchain-agnostic, allowing developers to leverage a reliable, decentralized Oracle aggregator on different blockchains at no additional infrastructure cost. It has the flexibility to do. FLUX is written in RUST and will be rolled out to NEAR and Solana. By the end of 2021, the Flux team will roll out EVM support that works on key Layers 1 and 2.

2. Flux is an Oracle aggregator

Blockchain is not the only unknown feature of the Flux Protocol. Its Oracle aggregator strengthens the security layer of data feeds, allowing users to leverage a single infrastructure and aggregate data from different Oracles at no additional charge, regardless of which chain they are dealing with.

3. FLUX made into a game

Flux Oracle is the first decentralized Oracle to offer financial guarantees for all data requirements. This allows smart contracts to interact with real-world events and data, while ensuring that the requester is not exposed to the wrong data if the data provider incorrectly reports the event. ..

4. A major VC invests in Flux

With supporters such as Coinbase Ventures, Distributed Global, CoinFund, Greenfield One, IOSG, and NEAR foundation, the importance of FLUX’s approach to providing and ensuring data feeds on-chain and off-chain is undeniable. ..

5. $ FLX is that tie

$ FLX is the native token of the protocol and connects the ecosystem. This utility token is essential for creating Oracle interfaces, governing protocols, and on-chaining off-chain data. You can provide a control panel to the community to tailor the protocol to the needs of the ecosystem in real time.

6. FLUX is community first!

This protocol is managed by the Decentralized Autonomous Organization (DAO), which consists of $ FLX token holders. DAO is responsible for approving and rejecting interface whitelist applications, managing upgradeable features, setting floor prices for data request payments, and dispute escalation challenge requirements. Learn more about Flux DAO.

7. FLUX can know your provider

Underpinning the Flux network is the Request Interface Registry. The registry is a smart contract that manages network whitelists. A white list is a list of account IDs approved by the community for data requests on the network. Allowing the protocol to be scrutinized by the community before being whitelisted ensures that only trusted sources can serve requests on the network.

8. Red Looks Sus? Let’s challenge with flux

All data requests sent over the network will be connected during the challenge period specified by the user. This period can be set from 5 minutes to 24 hours, depending on the needs of the user. During this period, verifiers can challenge the outcome of the data request and bet on another outcome. Those who disagree with the results will be required to post a bond equivalent to the value of the settlement bond recorded for the request and will be rewarded by voting for the correct result from the bond posted by the trading partner. Can be done.

Thank you friends! I’ll keep you posted !

Get more information:
https://www.fluxprotocol.org/blog/what-the-flux-a-tldr-guide-to-knowing-flux-protocol

Twitter: https://twitter.com/fluxprotocol

Telegram: https://t.me/fluxprotocol

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