Flux protocol - an overview of a new oracle with ambition

in #crypto • 3 years ago (edited)

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Flux protocol is a decentralized cross-chain oracle aggregator on the blockchain. To better understand the essence of the project, you need to understand the concept of "oracle".

Oracle is a system that collects information from a non-blockchain (from the real world or the web) and transfers it to the blockchain, or vice versa collects information in the blockchain and transfers it to the real world. In other words, the oracle for the blockchain is a means of communication with the outside world.

Why Flux Protocol is so good

  • Decentralized (you can run a node yourself and become a validator)
  • Low transaction fees
  • Fast and secure data transfer
  • Resolutions backed by economic guarantees
  • Cross-chain validator security
  • Support for all leading networks
  • 1 on 1 support

The new generation of oracles will drive business development using blockchain technology because of its speed and cheapness. In many oracles, there is no staking, but here it will be present. There will also be validators, i.e. you can start your own node.

The protocol can work not only with new data, but also aggregate other protocols, i.e. it will not only be used in new projects to be used based on oracle Flux, but it will also be able to apply its technology to old projects to improve them.

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Oracle for the most interesting projects for now

Flux protocol has recently become an oracle for Near Protocol and Solana, which in itself implies working with the fastest and most interesting blockchains in the world.

Partnering with any of these projects is great news for both the Flux Protocol and the projects themselves since the work of the best projects always strengthens the positions of both parties.

Investors

The Flux Protocol is Raising $ 10.3M in an Initial Round to Build DeFi Infrastructure on NEAR. The seed funding round with the infrastructure DeFi Flux Protocol built on the NEAR blockchain was hosted by Distributed Global and included Coinbase Ventures, CoinFund, Uncorrelated Ventures, Figment Capital, and more.

Useful links

Website: https://www.fluxprotocol.org/
Whitepaper: https://docs.fluxprotocol.org/
Twitter: https://twitter.com/fluxprotocol
Discord: https://discord.com/invite/sJUveAvJHf
Telegram: https://t.me/fluxprotocol

#blockchain #newproject #oracle
3 years ago in #crypto by
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