What is Flux (FLUX)? A Comprehensive Project Review
FLUX is the native cryptocurrency of the Flux ecosystem, used for network governance, and rewarding equipment hosts. It ranks 169th in cryptocurrency market capitalization
Project's Mission
Flux – A Decentralized Scalable Cloud Infrastructure Source: RunOnFlux Twitter
Flux is a suite of decentralized cloud services and solutions that materializes the idea of "blockchain as a service". The founders of the project — Parker Honeyman (COO), Daniel Keller (CSO), and Tadeáš Kmenta (Lead Developer) — did not want to create projects “that litter the space without contributing new features or ideas.” They decided to focus on developments that can solve blockchain problems and accelerate its mass distribution. As a result, the main Flux network was launched on December 31, 2018.
Flux represents a comprehensive integration approach that combines ready solutions and actively developed technologies aimed at the efficient implementation of innovative blockchain-based products in the daily life of the modern user.
The project's ecosystem encompasses:
- Flux Cloud. This is a next-gen cloud infrastructure network managed by people. It supports the creation of adaptable, scalable, and resilient decentralized applications that are immune to censorship;
- DApps. Among these applications are the decentralized search engine Timpi, the DeFi suite Yearn Finance, and the auction platform Ergo, among others. Applications can be launched by both members of Flux and third-party developers;
- Flux Nodes. These network nodes are spread globally and managed by individual owners. This setup ensures users have constant access to applications, regardless of their location or time;
- Flux. This is the native cryptocurrency of the ecosystem that's managed by the community. It's capable of leveraging the advantages of multiple blockchains due to its parallel assets;
- Parallel Mining. The ecosystem grants users access to ten additional blockchains through the use of parallel assets, which are interchangeable with Flux's base blocks. Community members can mine Flux-KDA, Flux-ETH, Flux-BSC, Flux-SOL, Flux-TRX, Flux-AVAX, and Flux-ERG. Collaborations with three more blockchains are anticipated in the near future;
- Zelcore. This is a robust multi-asset, multi-platform wallet with strong privacy protection. It allows the purchase and storage of over 450 coins and 50,000 tokens, as well as the management and trading of digital assets;
- Dashboard. The ecosystem's toolkit includes a dashboard designed to display up-to-date network statistics for users to review;
- XDAO. The governing body of the ecosystem, managed by the community.
What Should You Know About Flux (FLUX)?
Flux (FLUX) is a native cryptocurrency of the Proof-of-Work (PoW) model, characterized by its equitable distribution and the absence of an Initial Coin Offering (ICO). It functions as an asset for ecosystem connectivity, facilitating data transfer within the network and rewarding node operators.
Flux (FLUX) is a fork of the privacy-focused cryptocurrency, Zcash. It employs its unique hashing algorithm, FluxHash, which is based on the Equihash algorithms from Zcash (200,9) and ZHash (144,5). Acquisition of the coin can be achieved via GPU mining, supporting the operations of network nodes, or trading on an exchange platform.
Regarding coin emission and parallel assets, the total supply of Flux (FLUX) is capped at 440 million. For each transaction executed, 50% of the value is directed to the network nodes and the remaining 50% to miners. The project's Whitepaper highlights that halving events occur every 2.5 years.
To increase the accessibility of the cryptocurrency, the ecosystem's co-founders have strategically distributed Flux-based assets across various popular networks. These parallel assets are interchangeable tokens on ten supplementary blockchains, including Ethereum, Binance Smart Chain, Kadena, Tron, and Solana. GPU miners have the opportunity to earn these alongside the primary cryptocurrency via parallel mining.
In terms of its current market position, Flux (FLUX) sits at the 169th spot in the virtual currency rankings, according to data from gagarin.news. The coin is trading at $0.5382, with a market capitalization of over $160 million, a circulating supply of nearly 297 million, and a daily trading volume exceeding $9.7 million.
