Flux Protocol: Flux Oracle v1 Whitepaper explained
Flux protocol recently released their first white paper explaining about the flux oracle core ecosystem. I will try to explain whole whitepaper in a gist form.
Introduction:
The Flux Oracle is a decentralized, cross-chain oracle that aggregates economically-backed data, resolved by a network of validators and created among a community-curated registry of requesters for all to utilize on-chain.
Flux protocol is defined to be the decentralized cross-chain oracle that feed data to the data requesters. These data requesters can be layer 1 blockchain projects or dApps. These data sets are validated by data validators. I will explain who are data validators and requesters are in a bit. But to sum up the summary of what flux protocol is, it is simply a data warehouse for the blockchain ecosystem.
Basically, there are three roles and responsibilities the protocol has.
Requesters: Who creates the data requests using smart contracts.
Validators : Who stakes the FLX token to maintain the data integrity.
FLX holders: Responsible for participating in the governance to curate requesters.
If we talk about the architechture there are mainly global configuration, data requests and request cycle.
Interested to learn and contribute to the project? Get in touch with the team and community here :