FLUX PROTOCOL - THINGS YOU NEED TO KNOW ABOUT THE FIRST ORACLE PROJECT ON NEAR

Flux Protocol is a blockchain agnostic oracle platform built on NEAR that helps to bring off-chain data to on-chain. It is also known as layer 2 of blockchain infrastructure. More clearly, it provides real data for applications to index, query, and verify or directly bring it to dApps for usage. At the time of this article, Flux has more than 10,000 SDKs and provides data for more than 10 projects such as Pulse Prediction Market and Stake GG. Furthermore, more than 1,000 crypto fields can leverage the project’s oracle.

How it works?

Like other oracles project, Flux Protocol mission is to bring off-chain data on to blockchain through validators. Specifically, validators need to collateralize their assets to make sure that every off-chain data they bring to on-chain is reliable. In contrast, they will be disputed through the voting system and lose their collateral in case they provide wrong data. Although there are other oracles already on NEAR like Chainlink and Band Protocol, nevertheless, they have not been launched mainnet yet on NEAR. Flux Protocol, hence, becomes the most important oracle on NEAR’s ecosystem.

Flux Protocol advantages

Flux Protocol has many advantages comparing with other oracle projects out there. Flux dramatically reduces the time and effort required to build applications that require complex off-chain and on-chain data thanks to its user-friendly SDK that only take three lines of code to connect. An illustration of this is ‘Oracle aggregator’ feature, which can help users to connect major oracles across crypto into one place with economic guarantees. It also has diversity dispute mechanism with staking, voting and statistical measure. This will significantly increase the quality of final output which is the most important thing of an oracle. The selective process of data source is also used to decide whether an oracle project worth a try or not. In particular, data source is the combination of everything such as human sources or smart contract or it can be everything. Therefore, unlike the others, Flux Protocol uses all three possible data sources, which are human, API and oracles to retrieve reliable outcome and not miss any vital data.

Roadmap

The first phase of the project focused on the development and completion of the Mainnet beta including the completion of the Flux SDK, the Flux Open-Source App, and the Flux Index Node. The other tasks such as Deploying Flux Protocol V0.5 on Mainnet; Flux Index Node Deployment; Bridge DAI from Ethereum to NEAR etc… have been completed in 2020. In Phase two, the project starts to allow other projects to use its product in protocol/dApps. The specific steps in the roadmap are as follows: Deployment of Flux Protocol V1 on Mainnet - Flux Oracle Deployment, Implement Flux Governance Contracts, Bringing Beta programs to the mainnet, Quantstamp Security audits all contracts, Flux Token Deployment. All of these steps will be gradually completed in this year before the project goes to phase three, which is more about the work of putting control of the protocol in the hands of users, implementing decentralization of the protocol.

To conclude, along with NEAR, Flux Protocol is also backed by Coinbase Ventures, this says how important the project is in NEAR’s ecosystem. With clearly roadmap and innovative technology, Flux Protocol is expected to be the next game-changing project in blockchain open market.