Overview

Flux Protocol (FLUX) is an open data infrastructure for creating unlimitedly scalable marketplaces without the need for third-party intermediaries. Created by the community and for the community, every aspect of the protocol is open source, allowing the community to design and develop custom solutions to work across a multitude of verticals, from general assets and derivatives to insurance and forecasting markets.

Flux is supported and developed by the Open Oracle Association, a Swiss non-profit organization whose sole purpose is to support the ecosystem through the distribution of grants, both in cash, through USDC and Flux tokens. Flux Oracle is the primary protocol component that provides a completely decentralized mechanism that allows for querying and processing data off-chain for on-chain settlement. Designed to pass arbitrary data into a string, Oracle has unique properties to ensure data integrity. These attributes increase the flexibility and security of the network, and provide the economies of scale assurances of value offered by Oracle. Flux Oracle also allows other protocols to connect their own infrastructure to the network and process data requests securely.

By allowing users to integrate their existing solution into a network independent of Oracle used by Oracle, Flux Oracle can also support existing Oracle pipelines, further enhancing network security and integrity of data. It can also support existing Oracle network.

Flux Oracle Integration

FLX tokens are required to integrate Flux Oracle into any data source. The presence of tokens will allow the integration protocol intended to apply the Request Interface (RIR) subscription to interact with Oracle. RIR is a smart contract that manages a white list of approved account IDs for online data requests, managed by the DAO. Flux DAO, open to all validators, is responsible for approving or rejecting the whitelisted application by voting. Any FLX token holder can propose any protocol to whitelist.

Adding any protocol to the whitelist is a two-step process; Request a quote and initiate an inquiry. In the first step, an interface proposal is submitted along with proof of compliance. After reviewing the proposal, the proposal moves on to a second phase, where FLX validators vote to approve or reject the proposal.

Cross-chain support

Flux protocol is a cross-chain application that can connect to any other layer-1 blockchains out there. Being built on NEAR Protocol at first, Flux Protocol is expanded to another top-tier network, which is Solana - one of the fastest-growing layer-1 blockhain ecosystem. This cooperation is expected to unlock new potential regarding features and functionality of Flux Protocol. With its expanding probability, there will be more leading layer-1 projects integrating with Flux in near future, bringing the best data to the community.

Conclusion 

With Flux Protocol, users can count on data they receive is reliable and have peace of mind while querying and using data for their dApps especially there are many data manipulation activities in crypto. A professional team with experience in blockchain development and oracle aspect will take on all the risks associated with data query. Thus, the process will become more convenient. Besides, along with continuous effort from Flux Protocol, the project will be the next big oracle blockchain firm that will provide great opportunities for everyone.