Flux (FLUX) is a decentralized cloud-based computing network designed for the development and deployment of scalable, cross-platform blockchain applications. In addition to its own blockchain, Flux runs on seven different chains.
Nodes on the Flux chain give their computing power in exchange for crypto incentives. The computing resources are used by decentralized apps (dApps) in the Flux ecosystem. Flux can provide dApp developers with a very scalable platform due to its wide network of participating nodes.
Flux is built on the BaaS concept and offers computational resources as well as blockchain technology through a cloud-based model. In this way, Flux is similar to cloud service providers like Amazon Web Services (AWS) and Google Cloud. However, these cloud service providers utilize the Internet as their native environment.
In contrast, Flux's services rely on blockchain technology. This enables Flux to take advantage of the blockchain's greater security and decentralization.
Flux was developed in 2018 as a fork of ZCash (ZEC), itself a fork of Bitcoin (BTC). When the project first started, it was called ZelCash (ZEL). In March 2021, ZelCash changed its name to Flux, and the ZEL coin became FLUX.
The Flux Network (FLUX) addresses one of the most significant problems facing the blockchain industry, centralization. In a decentralized ecosystem, any central point makes the network weaker. Oracles are one area in which centralization has shown to be a significant threat.
Oracles are sensors located off-chain. These protocols are able to receive and transmit blockchain data. They enable decentralized applications to offer additional services and capabilities to the market. As a result, they are one of the most rapidly expanding areas of blockchain technology in use. In most cases, however, these systems are essentially flawed due to their centralized administration.
Flux offers many layers of decentralization to enhance the market's security performance and oracle data streams. This technical structure makes Flux resistant to system failures since all data is kept in redundancy. It also decreases censorship, as no organization may block or seize your transactions.
The project is composed of the following primary components that work together:
Flux Nodes: Decentralized network nodes that provide dedicated computing power and create incentives in Flux for powering the network.
FluxOS: FluxOS is a second-layer operating system application that enables users to run on Flux's fully decentralized computational network. FluxOS, once installed, ensures that all nodes are operating and communicating effectively throughout the network.
XDAO: Flux governance is administered by a decentralized community that can submit and vote on recommendations for Flux's future.
Fusion: The Fusion application will enable users to exchange and connect FLUX tokens across several blockchains.
The project's own token is named FLUX. FLUX can be used in the following ways:
Proof-of-work mining: Users maintaining Flux nodes can mine FLUX tokens by participating in the proof-of-work (PoW) consensus technique used to safeguard the Flux network.
Node collateral: Users will be required to lock FLUX tokens when running Flux nodes. This is done to prevent bad actors.
Payment Currency: Users can pay for Flux network services (such as hosting applications on the Flux network) and cross-chain bridge fees with FLUX tokens.
Governance: Flux node operators can take part in Flux governance. Votes are determined by the number of FLUX tokens that are locked in each operator's node.
DATE NEWS/EVENTS IMPACT 10/08/2022 Flux gets listed on Biconomy Exchange +40% Increase 09/12/2021 Binance announced the listing of Flux crypto on its platform +68% Increase
Flux is one of the few projects that can provide a truly scalable, distributed cloud infrastructure. Flux is one of the most promising initiatives in the blockchain industry, including features such as cross-platform interoperability and scalable computer power renting.
As the Flux ecosystem grows to include more chains in the future, its value to dApp developers will only grow. The development of the metaverse and the decentralized internet will also contribute to the expansion of the Flux platform.
Flux