How the Flux Protocol works?
In the previous article, I spoke briefly about the project itself, now let's dive a little deeper into it and find out its features of work
What data can Flux Protocol work with?
Now let's see what capabilities the Flux Protocol has.
First, the Flux Protocol can provide real-world data to smart contracts. The spectrum of these data is as wide as possible. Flux Protocol can provide data on the price of certain assets in order to create their synthetic versions on the blockchain. It can connect to sites via API keys and transfer data to the blockchain that this communication channel is capable of providing.
For example, in the case of crypto exchanges, the API allows you to see the entire history of transactions and trade remotely through a third-party interface. In addition, a lot of other data can be obtained through the API - weather conditions, results of sports matches, and so on. All this opens up great opportunities for creating interesting blockchain applications.
Manual processing of requests
But in addition to this, the Flux Protocol also has a function of manual data transfer. That is, smart contracts can send a request to validators that cannot be answered automatically. And then the Flux Protocol validators will be able to enter this response manually. Plus, the Flux protocol supports the function of data aggregation, which will allow using the effect of collective intelligence, that is, allowing many people to reach consensus on a particular issue and thereby transfer the most objective data to the blockchain.
Flux Protocol - oracle aggregator
And thirdly, the Flux Protocol will also act as an aggregator of other oracles. Quite an interesting feature that other popular oracles do not have. Thanks to this opportunity, developers of smart contracts will be able to significantly save on paying for the services of many oracles, instead cooperating only with the Flux Protocol, which will itself collect information from other oracles and transfer it to the end user.
More about Flux Protocol - in the next articles
It is also important to understand that the Flux Protocol will also have its own DAO, and the native FLX token and its staking will play an important role in the Flux Protocol ecosystem.
But I'll tell you about this in more detail in one of my next videos, so be sure to subscribe to my channel so as not to miss the next interesting analyzes of the Flux Protocol project. You can find out more detailed information about this project by following the links in the description.
Useful links
Website: https://www.fluxprotocol.org/
Whitepaper: https://docs.fluxprotocol.org/
Twitter: https://twitter.com/fluxprotocol
Discord: https://discord.com/invite/sJUveAvJHf
Telegram: https://t.me/fluxprotocol