THE FUTURE IS HERE WITH FLUX PROTOCOL

WHY DATA IS IMPORTANT IN SMART CONTRACT?

As we are all known that data is an extremely important component for any type of contract, even a period or comma just needs to be placed in a different position and the meaning of the whole contract could be changed a lot. Similarly, in the digital economy of Blockchain, Smart contract is an indispensable component. The data constituting a Smart contract is even more important. Oracle supports data aggregation, connects data from the real world to put into smart contracts, and allows smart contracts to access Oracle data through APIs.

Flux Protocol is an open source oracle that aims to be the data layer of all leading blockchains out there. This is the very ambitious vision of the project, Flux Protocol is the first cross-chain oracle built on Near Protocol. At the time of writing Flux has partnered with Solana and there will be even more leading ecosystems joining the force in the near future.

At the time of writing this article, there are only two projects in NEAR ecosystem received funds from Coinbase Venture which are Flux Protocol and NEAR Protocol. This shows the importance of oracle in an ecosystem.

WHAT IS FLUX PROTOCOL AND WHY NEAR (NOT ETHEREUM)?

Flux (FLX) is a scalable open data protocol that provides on-chain data for any asset, commodity, or event. Easily connect to Flux using the open-source Javascript SDK to enable scalable, permission-free data. Flux is a fully secure trading experience that ensures markets work properly by compensating validators to solve problems (with open interest fees). Using Flux, stakeholders work together to build a truly decentralized, user-friendly and scalable ecosystem. At the very first stage of development, Flux Team tried to build the project on Ethereum but they met unsolved obstacles such as high transaction fee, low throughput and security. For examples, a transaction on Flux cost $10 - $15 if running on Ethereum network, this is too expensive for typical users who only want to transact with a small amount or even with regular users who need to use the protocol more frequently. This will not make the project becomes popular. That is why they decided to choose NEAR Protocol, the project can help them to achieve decentralized, expandable, inexpensive to use, user-friendly and security thanks to NEAR's Nightshade sharding technology.

"One of the biggest advantages is that NEAR has an on-chain random number generator. They call it the Randomness Beacon. This allows us to have this super fast oracle." Peter Mitchell, CEO of Flux

The statement from Peter above shows the powerful of NEAR Protocol's technology and how it can help Flux Protocol becomes "The Oracle From The Future"

FLUX PROTOCOL CORE VISIONS

The protocol is run by a Decentralized Autonomous Organization (DAO) consisting of $FLX token holders. The DAO is responsible for approving or rejecting whitelisting applications for interfaces, managing upgradeable features and setting price floors for data request resolution. You can learn more about Flux DAO here. In Flux Protocol, Community is the first priority!

With 5% of the total token supply allocated to projects that support the use of Flux oracle and access to a world-class system of backers, developers will have unlimited access on the support and tools they need to kickstart their ecosystem. Therefore, developer-friendly is the second priority of Flux Protocol! Since Flux Protocol is an oracle aggregator and an agnostic blockchain, therefore, there will be no barriers for developers can easily work with Flux Protocol no matters where they are working at, from NEAR to Solana and many more will be soon approach this magic oracle. With this flexible design and visions mentioned above, mass adoption will come to Flux Protocol sooner or later!  

Reference:

https://www.fluxprotocol.org/