Importance of Flux Protocol for Web3 ecosystem.
Importance of data for Web3
Personal data has been exploited since the beginning of Web2. Most of the leading social media platforms and search engines have ownership of our data. People are losing faith in the technology which controls their data. This is the main reason people are moving forward with the vision of the web3.Web3 is an internet open to all users, built on open protocols and transparent blockchain networks. Ethereum, the leading blockchain network of Web3 introduced its services to create the decentralized application. Some of the popular decentralized applications(dApps) developed using Etherium are Uniswap, Dark Forest, PoolTogether. These dApps are run in the decentralized network meaning the data are not governed or controlled by any institutions.
Flux protocol which is is a cross-chain oracle aggregator that provides smart contracts with access to economically secure data feeds on anything can solve the issue of vastness and inconsistency of accessing data in the Web3. The main idea of Flux is to improve the network’s flexibility and security in the same way also providing economic guarantees that scale with the value secured through the oracle. As there are many roles within the protocol to access the trustful and secure set of data any dApps or layers can request those data.
To move forward with the Web3 ecosystem we need to have the proper infrastructures developed within the base of the secure and trustful data sources. Flux protocol in many ways can help for the web3 ecosystem and its upcoming challenges.
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