Flux Protocol: Explained
The main idea of having a decentralized ecosystem is to give ownership of anything on-chain to the general people or project. Flux protocol is trying to do the same, it's an open-source oracle that is aiming to become the data layer of the leading blockchains.
There are different blockchains that require various data sets. Flux is designed to provide data to smart contracts and applications. One of the most interesting tasks of Flux is about the validation of those data using the Flux Validator Node. The protocol is designed with the theme of:
- Open-source
- Permissionless
- Trustless
There are basically 3 mechanisms of Flux Protocol
- Data Validator
Data validator is a part of the job which is quite technical as the validator needs to validate the data using the validator node. Data also can be validated manually using the Flux Oracle via the Oracle Explorer. Validator can earn the rewards running flux validator node. - Data Requestor
Data requestor can be the smart contract that needs specific data for their needs. There is a process to create such a requester contract which can be found here. - FLX Staker
Anyone with FLX token can be Flx Staker to help the flux protocol ecosystem. There is no specific knowledge required to be Flx Staker. Usually, FLX token is staked to the validator of choice. This feature hasn’t been launched yet.
Backed by crypto industry's leading investors like Coinbase Ventures, Distributed Global, CoinFund, Reciprocol Ventures, etc flux protocol is going to revolutionalize the way how layer-1 blockchains use and manipulate the data. Big success to the flux protocol team.
To know more about the project here please check their official website — https://www.fluxprotocol.org/