Full description of Flux
FLUX is a native utility
Token (?) issued by the
Decentralized (?) open-source platform with the same name. Supported solely by its community, this independent project doesn’t have investors. The platform offers AWS-like services on
Blockchain (?) and high availability infrastructure for the New Internet. The company behind the platform is Zelcore Technologies Inc. founded in Delaware, US, in 2017. Their flagship platform ZelCore, which is often referred to as a “Gateway to the Blockchain”, offers
Wallet (?) and custody solutions for more than 250 top cryptocurrencies, access to major exchanges, fast swapping service, and a whole ecosystem of dApps.
The FLUX token was forked from ZCash. Its key differences from the parent protocol are the FluxNodes layer added to the code and the commitment to ASIC-resistant policy that requires constant modification of the PoW algorithm to keep up with the ASIC/FPGA development.
The team tries to create easy-to-use apps and products to deliver blockchain-based products to the masses thus contributing to the solution of large-scale blockchain usage problems. The founders strive to develop their brainchild so that the ecosystem could provide unique modules equipped with novel easy-to-use products both for end-users and developers and thus help new technologies increase the mainstream adoption of blockchain.
The Flux platform
The Flux ecosystem is a suite of decentralized computing services and blockchain-based solutions that help to attain an interoperable, decentralized development environment. The platform presents a new-gen, scalable, decentralized cloud infrastructure used for the development of
dApps (Decentralized Application) (?) on numerous servers. The platform displays its readiness for Web 3.0.
The Flux chain was launched on January 31, 2018. Its work is supported by the
Node (?) operators who can select from three tiers of hardware requirements after they deliver the Flux capital in their wallets. Any person can become a node operator and earn rewards in this way. All they need is to provide hardware to the network regardless of their geographic location.
It is necessary to provide FLUX collateral to run a node. Operators are normally rewarded with Flux but they can also earn other cryptocurrencies if they host specific dApps on their servers. The reward structure for miners depends on the tier they have chosen. The developers have designed it to provide stability and sustainable ROI to all participants.
The company offers its services to the members of the ecosystem for a nominal fee. For instance, the facility offers a 6-month hosting of decentralized applications for locking 100 Flux. Thus, the price of hosting is comparable with 6 months of network support during which your assets are locked on the platform.
The Flux software
In addition to a distributed ledger, Flux developers have created a set of development tools aimed at speeding up blockchain-based solutions developed on the basis of their platform. Also, they add new features to improve the underlying technologies and eagerly cooperate with other companies concluding strategic partnerships with them.
At the time of writing, the Flux network has more than 2,600 nodes that are located all over the world delivering about 12,850 vCores of CPU power, over 40 TB of RAM, and over 975 TB of storage.
The team of the platform has also developed FluxOS, which is an operating system working on Linux. In the first quarter of 2020, the operating system was released on all FluxNodes. The software delivers verified and benchmarked compute power and uses the blockchain to provide transparency when implementing governance functions. It is possible to deploy any hardened dockerized app through FluxOS in a network that hosts over 30 dApps with blockchain infrastructure, data oracles, social media, games, file storage, and websites.
The platform has managed to connect with other blockchains as it employs a
DeFi (Decentralized Finance) (?) bridge known as Parallel Chain Interoperability. It provides access to other blockchains and major decentralized exchanges for the members of the community.
In addition to other products, the platform offers Zelcore, an official self-custodial wallet that supports over 275 assets and is compatible with desktops as well as mobile devices. The product features in-wallet integration of major exchanges. The built-in features include fast swap exchange, CoinRequest, WalletConnect, easy import feature of ETH tokens, and decentralized 2FA. There is also a premium version Zelcore+ with an extended set of benefits. Free Zelcore+ is available for holders of 5,000 Flux or other assets of the project.
Flux token
The Flux team has issued FLUX formerly known as ZEL to bring more value to the ecosystem. It helps to incentivize hardware hosters, conduct on-chain governance, and mitigate bad actors through their technical
Staking (?) requirements for hardware. It is possible to get Flux through CPU mining, rewards for operating nodes, and trading on exchanges.
Since FLUX is a governance asset, the members of the community can use it to vote and make proposals. The fee to submit a proposal on the platform that makes up 200 FLUX is forwarded to the Flux Foundation. After that, a 7-day voting period follows that can be tracked in the xDAO interface. The proposal is approved when at least 30% of users participate in voting and the majority of the members agree with it.
The platform develops parallel assets on other chains to make Flux more accessible and tradable. The team also tries to make it interactive with decentralized platforms.
The Zelcore wallet enables users to claim the parallel assets via the "Fusion" app that ia available within the wallet. For instance, there is a Flux-KDA asset that allows the members of the community to try the Kadena ecosystem without the necessity of buying new assets. The parallel asset also allows Flux to be traded on KadenaSwap. Users only need to hold Flux to try parallel assets.
Flux team
Parker Honeyman is a co-founder and COO of the project. He has gathered coders, business developers, blockchain, and compliance specialists under one roof to establish Zelcore Technologies. The other key personalities of the platform include Tadeáš Kmenta, a co-founder and developer of the company who graduated from CTU Prague (Czech Technical University), Faculty of Nuclear Sciences and Engineering, and Daniel Keller, co-founder and CSO at Zelcore Technologies. Daniel is an entrepreneur and investor with 20+ years of experience in IT.
- Exchange symbol (?): FLUX
- Cryptocurrency type (?): Token (?)
Flux for developers
Flux social sites
Source: NOMICS
