Hello world, in case of participating in Flux Foretellers program as a Flux ambassador I would like to share some information a and make some important updates on the project !
In previous article, we considered the Flux protocol exclusively as an Oracle, and compared it with similar projects such as Chainlink or Band protocol, that is the main idea of Flux protocol. But I suppose Flux decided to go beyond the usual oracle built on NEAR and announced that Flux is going to be cross-chain Oracle aggregator, and Flux is launching on Solana, that amazing news.
Flux classifies itself as a blockchain agnostic and it means that your different business solutions can be built or operated from different underlying blockchain technologies. Let’s take a closer look at the meaning of this thesis, and analyze what is the uniqueness of Flux protocol ?
Since Solana is one of the most popular layer 1 blockchain after ETH, and probably have some chances to be #1 in a couple of years, who knows.
Solana (SOL) is a cryptocurrency powered by a brand new blockchain that uses a unique consensus mechanism called Proof of History (PoH).With proof of history, you can create a historical record that proves that an event happened at a specific point in time.
On the other hand if we take NEAR, we can say that NEAR is a Proof of Stake network, which means that each block of the network is validated only when enough validators agree that every transaction in the block was executed correctly.
The work and functioning of these blockchains are fundamentally different from each other, but at the same time, both blockchains are now actively developing and attracting a lot of TVL and users in its blockchains.
The most amazing thing is that Flux provides a solution that is ready to act as a cross-chain Oracle, indexing many networks at the same time. Since blockchain oracles are created to provide information to smart contracts (which are running on this blockchain) about the current state of the network, about the data behind the contract or from a third-party source. Moreover, according to the Flux medium blog by the the end of 2021, the Flux is planning to roll out EVM support to work with major layer ones and two’s.
Let’s now move on to the community of the project, because building a healthy community is an important path to success in any project.
The Flux announced that the project is going to launch its own DAO, moreover, FLX token will have additional utility by DAO, that is essential to healthy economic of the project !
To understand the importance of DAO in projects, you need to understand a little about the very definition of DAO and why you need to create it. DAO is decentralised autonomous organisation.
The autonomy of DAOs is enabled by smart contracts, which are self-executing contracts with terms written as code and then deployed on blockchain networks like Ethereum. The use of smart contracts means that a DAO may function without necessarily relying on the human decision-makers in the organization.
Projects aimed at solving operational issues in the DAO — treasury management, distribution of roles, payment streams on the blockchain — can become of great importance and be highly appreciated by the market in the near future. DAOs will become corporations of the 21st century, with the only difference that it will be much easier to become a DAO member, due to the presence of competencies and capital, than to become a member of the board of directors of a large corporation.
Flux protocol DAO participants are the most interested persons who will work on the development of the Flux project, in my opinion, for the projects that the future DAO will organize and this is certainly a great advantage for the project
It should be said about the protocol products, they look very intuitive and accessible to every user. Check out the Pulsemarket, to connect it you will have to create NEAR account, its an open-source prediction market platform built on NEAR and Flux protocol.
First of all, we need to pay attention to the number of sections present in the application, the application includes many industries, from p2e and meme projects to complex technical products, and absolutely every user can predict certain events using this product.
According to the Flux protocol website there are multiple ways we can use oracle, we can recive price feeds, data from all around the places API were used, general mood and decisions of the crowd, using Flux explorer. There are 1,000s of different verticals across crypto that can leverage Flux protocol and this is impressive.
In conclusion, I would like to say that the Flux protocol looks like a new page in the development of Oracle technologies and this is a project that every user who acts in the crypto industry should follow
Last important thing, December 1, 2021 Flux Protocol will oranise LBP on Balancer, don’t miss it ! You will find details on https://twitter.com/fluxprotocol/status/1460301871344664585
Thank you for reading, hope you enjoyed it !
References:
- https://chain.link/
- https://coinmarketcap.com/currencies/band-protocol/
- https://fluxprotocol.medium.com/what-the-flux-a-tldr-guide-to-knowing-flux-protocol-flux-the-trust-less-data-layer-80d0d62d0297
- https://fluxprotocol.medium.com/introducing-flux-dao-flux-the-trust-less-data-layer-2a46b6dff92e
- https://www.investopedia.com/terms/s/smart-contracts.asp
- https://pulsemarket.eth.link/#!/
