Recently I decided to dive into the NEAR ecosystem projects, and learned about the Flux protocol project, I was very interested and decided to make a brief overview of the project, starting from its use, ending with small aspects that are worth paying attention to.
Accroding to the Flux protocol website Flux is an open-source oracle that aims to become the data layer of all leading blockchains.
The Flux Oracle is a highly permissionless and decentralized protocol for requesting and processing arbitrary off-chain data for on-chain resolution. It possesses unique attributes to improve the network’s flexibility and security while also providing economic guarantees that scale with the value secured through the oracle.
The main advantages that the user should pay attention to are:
- Open source — Flux protocol has open-source without any limitations but on the code.
- Decentralization — nowadays decentralisation plays important role in the whole blockchain ecosystem. Therefore decentralized projects have significant advantage over the centralized competitors. Flux protocol has robust set of validators ensures that Flux is decentralized and tamper-resistant to any type of attack.
- Transparency — all data on Flux Oracle is transparent and easily accessible, no walled gardens, and no limitations to who can access data.
- Community — Flux is planning to launch its own DAO, in which it would be very interesting to participate. I believe that the DAO approach to community development is a great factor in developing a healthy and modern community.
Speaking about Flux DAO, you can find all of the current information here. FLX holders can participate in the governance of the protocol by interacting with the Flux DAO. Proposals can be made to add or remove request interfaces, upgrade parts of the system, change network parameters, and grant funding.
I think at this stage it is clear what the project is, but it is very important to understand who exactly supports it, as well as to study the project team.
Project has a lot of strong backers like Coinbase Ventures, Near, Distributed Global, Tenzor Capital and so on. You can see all pf the main backers below
The project team employs strong engineers, advisors, and a large ambassador program, which indicates strong marketing promotion in the community.
I managed to become a member of the ambassador program and help the project in its development, any program participant can choose the most interesting direction for him, such as:
- media promotion
- content creation
And much more, season one is in full swing!
The next way how you can interact with project is to study Flux Protocol Docs
For now you can use the testnet Flux Oracle on NEAR testnet either as a data validator or data requester. Also there an option to become staker soon.
If you have any questions or just need help with validation or node running just go to Flux discrod at developers channels.
Here is the guide on how to become a Flux validator, but as I understood for now there are no rewards for validation yet, but still it is intresting to help the project and participate in such events !
note that if you want to become a validator you should deploy a contract on NEAR first, than you can just follow the guide steps.
In general, I would like to say that at the moment the project looks very strong and promising, I am very glad that I have the opportunity to help its development. In addition, it is very important that the project is built on the NEAR ecosystem, and also recently announced a partnership with Solana. The indexing of such strong blockchains puts this project on a par with tier 1 of the Oracles.
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Thank you for your time, I hope that article was helpful for you !
With love from V999 !
