Understanding the Important Features of Flux (FLUX)
The Web3 revolution is swiftly transforming the way how people interact with the digital world. Web3 is primarily focused on providing users with complete control over their data, privacy, and digital assets. It ultimately raises the need for a set of tools that can support this ecosystem.
The developers have introduced a set of tools that accommodate the users’ needs in this category. Flux is one such tool that is designed to overcome the limitations of standard blockchain networks such as scalability and poor cross-chain compatibility.
What is Flux (FLUX)?
Flux is a cloud-based blockchain network that has its own independent blockchain. It enables users to build cross-platform blockchain applications. Flux offers a highly scalable platform for DApp developers with its extensive network of participating nodes.
The developers can either build a new DApp using this platform or they can migrate their existing DApps to this network to enjoy effective scalability and cross-chain compatibility. Yearn Finance, Minecraft servers, and Aave protocol are some of the popular DApps that are using the Flux ecosystem.
Flux’s cloud-based model is similar to those of Google Cloud and Amazon Web Services as it provides extensive computing resources for blockchain applications. However, it provides higher security standards with its decentralized nature. The best thing about Flux network is that it operates on seven other blockchain networks with its parallel assets.
The platform uses this feature to spread its ecosystem across other blockchain networks. Thus, it allows users to access different features of the blockchain networks without selling their tokens.
Flux Brief History
Flux was introduced by Parker Honeyman, Tadeas Kmenta, and Daniele Keller in 2018. It was introduced as a hard fork of the ZCash network and was marketed as ZelCash. Later on, the project was rebranded to Flux in March 2021. FluxOS was introduced in 2022 that provides a secure and reliable environment for running blockchain applications.
The Flux team raised around $1.5 million during a funding round in 2021. The funds were used to expand the team and develop the network. Flux introduced parallel assets like FLUX-ETH, FLUX-Kadena, and FLUX-BSC in 2022. With these assets, the users can access the features of other blockchain networks without having to sell their FLUX tokens.
The project gained a lot of attention with this unique feature. Flux team is planning to launch more parallel assets to expand its growth.
Understanding the features of Flux
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Block Validation
Flux works on the model of Bitcoin because it’s a hard fork of Bitcoin’s fork, ZCash. Therefore, it uses a Proof-of-Work consensus mechanism for transaction validation. It has a network of nodes that play the role of miners to validate transactions. However, Flux uses a modified version of the Proof-of-Work consensus protocol to solve the problems of intensive energy consumption.
This newer version of Proof-of-Work is called Proof-of-Useful-Work. It focuses on the concurrent resolution of real-world problems instead of solving cryptographic puzzles. It can support the future of Web3 with its innovative solutions. For example, Proof-of-Useful-Work can be used to detect deep fakes.
The unique thing about this platform is that it uses an ASIC-resistant mining algorithm, ZelHash, that eliminates the need for ASIC machines allowing users to mine FLUX tokens through GPUs.
Architecture of Flux
Flux Blockchain is at the core of the network that allows users to access other blockchains including Ethereum, Avalanche, Ergo, BNB Chain, Tron, Kadena, and Solana. The Flux team is working on adding three more blockchain networks to its ecosystem.
Flux network uses its distributed virtual operating system, FluxOS, to achieve interoperability. This operating system uses a combination of running nodes and mining nodes to successfully manage its operations.
Running Nodes
Running nodes are the nodes that provide computing resources for DApp development. The platform rewards these nodes for their contribution. These nodes ensure the overall scalability and efficiency of the network. The node operators can use their home PC, a virtual private server, or an Arm processor to operate a running node.
The earning capacity of a node is determined based on its specs. Similarly, the platform has the minimum requirements to connect a node. The network has set three tiers for running nodes.
Cumulus – It’s the lowest tier and the users need to have a minimum dual-core processor with 220 GB of disk space and 8 GB of RAM. The users need to provide 1,000 FLUX tokens as collateral to join this tier.
Nimbus – This tier requires a minimum of a quad-core process with 440 GB of disk space and 32 GB of RAM. This tier requires a collateral of 12,500 FLUX tokens.
Stratus – Stratus is the top tier designed for experienced node operators. It needs an 8-core process with 880 GB of disk space and 64 GB of RAM. This tier requires 40,000 FLUX tokens as collateral.
Mining Nodes
Mining nodes are mainly responsible for block validation. Flux offers better earning opportunities compared to other blockchain networks because it has an average block time of 2 minutes. 50% of the mining rewards are transferred to running nodes. The mining nodes can also get bonuses from Titan and earn rewards in the form of parallel asset tokens.
Flux Tokenomics
FLUX is the native token of the Flux network that is used to pay transaction fees. The running node operators need to provide a certain amount of FLUX tokens as collateral. As a result, they get to earn FLUX tokens as a reward. The reward is equally distributed among Running and Mining nodes.
With a circulating supply of 296.9 million tokens, FLUX has a market cap of $151 million. It ranks among the 200 best cryptocurrencies in terms of market cap.
Conclusion
Flux (FLUX) is a cloud-based blockchain network that tackles scalability and cross-chain compatibility issues. It provides developers with a highly scalable platform for building DApps and operates on multiple blockchain networks simultaneously. With its unique Proof-of-Useful-Work consensus mechanism and distributed virtual operating system, Flux offers a promising solution for the future of Web3.
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