On the evening of May 20, an Oracle project on NEAR was invested by many large funds worth $10M, including Coinbase Ventures, Coinfund, IOSG Ventures, Distributed Global and some others. With the ambition to become the new leader in Blockchain Oracle field, let's deep-learning about Flux Protocol - the first Oracle project developed on NEAR!

What is Flux Protocol?

Flux Protocol is an Oracle protocol (in the Layer 2 Infrastructure) that helps to put off-chain data to blockchain and provide data for applications to index, query, and verify data, or feed it directly to dApps for usage.

Currently, Flux Protocol has been providing data for more than 10 projects, with more than 10,000 SDKs, including two prominent dApps on NEAR Protocol, Stake GG and Pulse Prediction Market.

Highlights of Flux Protocol

Currently, in terms of how the project works, the mechanism of protocol is quite similar to other oracles on the market.

Flux Protocol's oracle also gets real-life data through the action of validators – who have the mission to provide accurate off-chain data onto the blockchain. These Validators have to mortgage an amount of assets to ensure that they will provide correct real-life data to the blockchain. If they provide false information, and are discovered by other validators, they can be disputed through the voting system and lose their collateral if they lose the case.

Currently, Flux Protocol is the first oracle that was originally developed on top of NEAR Protocol. Oracle land on NEAR also has other big players such as ChainLink and Band Protocol, but the products of both sides are not officially running mainnet on NEAR.

In the Near Protocol ecosystem, NEAR and Flux Protocol are two projects that have been invested by Coinbase Ventures. This proves that Coinbase pays a lot of attention to the NEAR ecosystem, and maybe Coinbase will continue to appear in the list of investors of the next projects on NEAR.

Project Team, Investors & Partners

Investors

This week, Flux successfully raised an investment of $10.3M through a private funding round of the project, with 6 participating names including Coinbase Ventures, Coinfund, IOSG Ventures, Distributed Global and several other funds.

You can see, among the other names, there are many big names, making this project very hot at the moment.

With such a large number of backers, the project certainly has great ambitions and is extremely bullish at the moment.

Development team

The project team is also very strong, with most of the members having backgrounds in web2/web3 development or worked for popular projects such as bZx, Harmony, Bitmax, etc.

Partners

Currently, the project has more than 10 project partners using their oracle.

Similar projects

ChainLink (LINK): Decentralized Oracle network founded in 2017 by Smart Contract Chainlink Ltd., based in Cayman Islands.

Band Protocol (BAND): Blockchain protocol in the field of data management. It is the Web 3.0 layer that addresses data, reliability, and quality issues of data information for Web 3.0 applications.

Kylin Protocol (KYL): A decentralized Oracle network built on a Polkadot Substrate.

Flux Protocol project includes a number of best things: experience team, innovative product, excellent idea, great start! We need good ideas, but more importantly, we also need real products and massive adoption and Flux Protocol has all of them! Pulse Market, Stake GG are using them and many more is coming. With this well preparation from Flux Team, it is clear that the company will occupy a leading place in this space in the near future!

Website: https://www.fluxprotocol.org/