Friends, hello everyone, today we will analyze a project that can become the main oracle in the Solana network! Let's see why we should watch this project, who is the investor, what kind of integrations he has and why this project is needed!
Interesting news:
Solana recently announced that they need reliable data sources for their blockchain and they are considering the Flux Protocol as one of the options: https://www.fluxprotocol.org/blog/flux-is-launching-on-solana
Flux Protocol, an open data infrastructure provider, has announced the successful completion of its seed round. US $ 10.3 million was raised.
Investor:
The round was hosted by Distributed Global, featuring Coinbase Ventures, CoinFund, Uncorrelated, Figment Capital, Maven 11, Reciprocal Ventures, Jabre Capital, Greenfield One, IOSG, Flow Ventures and others, including industry leaders Hart Lambour, co-founder of UMA, and Ilya Polosukhin, co-founder NEAR Protocol. This event heralds a dream that was born after ETH Berlin in 2018 and the beginning of the transformation of the data industry. "
Peter Mitchell, Co-Founder of Flux Protocol: “We're thrilled to have the support of some of the brightest minds in crypto and traditional finance. I am incredibly proud of our small but fast growing team that is focused on delivering the project, and this round is another testament to their hard work. This new capital inflow will accelerate our development and mission to bring open finance without permission to the masses. "
About Flux Protocol:
The Flux Protocol is a scalable, open data protocol that provides blockchain data for any asset, product, or event. Flux will appear on the NEAR protocol to achieve scalability, best-in-class usability, and industry-leading oracle design. Oracle Flux will also be moving between blockchains to provide oracle services for layer 1 and 2 protocols with different use cases. Not only is it capable of processing, negotiating and completing real data for the open market, but it can also be used by other protocols to aggregate data for their individual needs.
The market capitalization of the blockchain market is $ 2 trillion. Blockchain enables a variety of industries to improve efficiency and availability, and smoothly redefine economic models.
Flux Protocol is a scalable and decentralized protocol that allows users to use blockchain data for any asset, product or event. It is open source for creating new markets or integrating into existing financial products! The potential of the protocol, which can operate on an infinite range from synthetic assets and derivatives to insurance and prediction markets, opens up limitless possibilities for DeFi.
Flux Oracle this innovative design combines high performance with financial assurance, insights and an extra layer of security!
Flux Oracle will provide a single stream of validated data for DeFi at all levels - an oracle aggregator.
First product launched on Flux Oracle:
An honest forecasting market called Pulse. Pulse has been in operation for a month and has more than 280 times the use of competitors (Augur and Gnosis). It is in the top 10 list of most used market applications on DappRadar.
The Flux Protocol also received a strategic contribution of $ 16 million from Figment, a new venture fund, to make Oracle Flux available to NEAR protocol validators. Figment will provide the Flux community with an easy-to-use validation capability.
Oracular problems:
Thanks to oracles, smart contracts can “see” the world around them, providing interaction with real data on the blockchain. However, this creates a new problem: due to their ability to expose the world to smart contracts, oracles have a significant influence on what the contract is processing, and this influence nullifies the operation if it is compromised - regardless of the scale.
The inherent ability of oracles to interact between data outside the blockchain and in the blockchain increases the real benefits of blockchain technology. However, single-point-of-failure (SPOF) vulnerabilities associated with reliance on centralized sources and third-party authorization continue to hinder implementation.
Rethinking data:
Flux Oracle is the foundation of a decentralized infrastructure for working with data outside the blockchain and accessing the blockchain. This oracle is uniquely engineered to provide flexibility without compromising security, yet robust enough to scale with financial guarantees.
Data requests sent over the network are validated and resolved by validators who must deposit collateral on the blockchain in order to simultaneously keep the network secure and make it more difficult for attackers to tamper with data requests. This mechanism correlates proportionately with the Total Value Secured (TVS) provided by the protocol, encouraging validators to honestly review data requests and depriving attackers of the motivation to falsely consider results. When a request for data needs to be fulfilled, validators place a token bid in order to receive an appropriate fee for fulfilling the request for data. If most of the data is protected by the protocol, validators are rewarded by increasing the data request fees. If less data is protected, the fee is lowered to demotivate attackers as they benefit less by encouraging data providers to use Oracle at low cost.
The mechanism for providing financial guarantees is based on a floating price model for a request for data, which increases or decreases depending on the value locked in the protocol. This ensures that validators are proportionally rewarded for correct processing results.
However, financial incentives may not be a good enough deterrent - some just want to see the whole world burn. That is why financial guarantees are complemented by a dispute period and an approval procedure. For each data request, users can configure the desired time period to challenge the result obtained by the oracle.
Validators track all data requests and this process can be fully automated to validate sources and resolve requests. If an incorrect response to a data request is found, the response may be disputed. To do this, the validator places a bet on the result that it considers correct in accordance with the API data from its own analysis.
Flux Oracle is not only capable of processing, settling, and enclosing real data for a broad market, but it can also be used by other protocols to combine data for their own needs, bypassing the bottleneck that has held back the potential of blockchain.
ps. With the flux protocol, you can officially resolve any disputes, and the flux protocol guarantees you the correct data! Technically, flux is just a huge scalable platform on which you can build a betting market, or it's a marketplace for some political events next to the betting market! And this is a very large community.
1. It is a cross-chain oracle aggregator that provides smart contracts with access to economically secure sources of data about anything. Difficult? In short, the guys are going to compete with LINK and BAND.
2. There is an ambassador program, the first set has already passed, but there will be a second set - you must not miss it, proof is in the application
3. Funds, including Coinbase Ventures
4. Public testnet coming soon
Website: https://www.fluxprotocol.org/
Documentation: https://docs.fluxprotocol.org/docs/
Github: https://github.com/fluxprotocol.
Blog: https://www.fluxprotocol.org/blog
Twitter: https://twitter.com/fluxprotocol
Телеграмма: https://t.me/fluxprotocol
