Flux

What is Flux (FLUX)?

Flux is a suite of decentralized computing services and blockchain-as-a-service solutions that offer an interoperable, decentralized development environment.

Focusing on Web 3.0, Flux bills itself as a new generation in cloud infrastructure, allowing developers to create, manage, and spawn applications on multiple servers at once.

With a native proof-of-work (PoW) mined cryptocurrency to incentivize hardware hosting and on-chain governance via staking, Flux lets users add resources to the network from anywhere in the world. Currently, the Flux network accounts for over 14700 nodes, 6800 TB of SSD storage, 109,000 vCores of CPU power, and 289 TB of RAM.

Node operators on Flux choose which dApps (decentralized applications) they wish to run, and Flux load-balances dApps across the network to incentivize operators. As network usage increases, so do the earnings for node operators.

Who are the Founders of Flux?

Flux was founded by Daniel Keller, Tadeas Kmenta, and Parker Honeyman. According to the project documentation, the team behind Flux functions in a decentralized, organized structure with leaders that distribute responsibility among various departments and individuals.

All three co-founders serve as leaders within this structure. Honeyman, a co-founder of Flux and Zelcore, brings technical know-how and proven development processes, given several years of experience in medical device start-ups.

Kmenta has a physics background and over 10 years of experience developing decentralized blockchain technologies. Keller, meanwhile, is an experienced IT professional with over 25 years in the industry.

The three co-founders fill out the project’s C-suite alongside CBO Davy Wittock, an experienced system performance analyst who leads the business development team. A special mention must also go to Dibi, Flux’s Chief Bark Officer.

How Does Flux Work?

Flux is an ecosystem comprising several decentralized computing services, including the decentralized infrastructure of FluxNodes, the FluxOS cloud operating system, the Zelcore self-custody multi-asset wallet, a blockchain app suite, and the Flux blockchain itself.

FluxOS provides developers simplified, decentralized cloud infrastructure, letting them focus on their applications without worrying about infrastructure. It allows developers and node operators to deploy dApps, use global apps, view resources and rewards, and much more.

A second-layer operating system that allows hardened Dockerized apps to run safely and efficiently, FluxOS can run any application on any blockchain via parallel assets. Deployment and management of applications launched on Flux are API or UI-backed, allowing seamless integration with existing services.

What powers the FluxOS, however, are individual Flux holders running FluxNodes. These nodes can be located anywhere in the world and are hosted on enterprise-grade hardware. In addition, FluxNode operators have plenty of choices, including bare metal, cloud-based ARM64, and VPS servers.

These FluxNode operators are rewarded daily via the block rewards from the Flux blockchain. FluxNode operators pick up 50 percent of each block reward, while GPU miners take the other half.

What Makes Flux Unique?

One of the main things that make Flux unique is that it truly upholds the ideals of Web3 all the way through to infrastructure. One of the main criticisms of many so-called Web3 projects is that they ultimately rely on centralized infrastructure. Flux, however, relies on the true decentralization of infrastructure by allowing anyone, anywhere, to provide resources to the network as long as certain standards are met.

Another facet of Flux that sets it apart is its parallel assets. This is a mechanism similar to a token bridge by which Flux can capitalize on the beneficial features of various blockchains without actually depending on them.

The first parallel asset to launch was Flux-KDA on Kadena, followed by Flux-ETH and Flux-BSC on Ethereum and Binance Smart Chain, respectively. Since then, Flux-SOL, Flux-TRX, Flux-AVAX, and Flux-ERGO have all been added. According to the Flux team, three more parallel assets can be expected, making Flux interoperable with ten other blockchains.

Among other things, these Flux parallel assets give Flux access to various dApps on these other blockchains. Additionally, the Flux website has a handy guide to getting started with DeFi on other blockchains using Flux.

How is the Flux Network Secured?

The Flux blockchain uses its own custom PoW hashing algorithm called FluxHash. It is based on Equihash 125/4 with certain modifications. Notably, the Flux blockchain is a fork of Zcash but differs from Flux’s commitment to remaining ASIC-resistant.

ASICs are machines specialized in mining PoW cryptocurrencies and can do so with far greater efficiency than consumer computers and GPUs. However, GPU mining is considered more friendly toward decentralization since hobbyists can use their personal machines rather than needing to invest in specialized gear.

The Flux blockchain launched on the 31st of January, 2018, with a block reward of 150 FLUX. However, it features a halving schedule of 2.5 years, meaning that the block rewards are halved after this time. Therefore, a block reward on Flux is currently 75 FLUX. This is then split between GPU miners and FluxNode operators.

What is the Use of FLUX?

The Flux blockchain keeps the master ledger of transactions of data within the Flux ecosystem and generates the FLUX cryptocurrency that acts as a medium of exchange.

FLUX is also used to collateralize nodes, fuel transactions on FluxOS, and reward miners for validating transactions and FluxNode operators for providing computational resources.

How Much FLUX Is In Circulation?

FLUX has a total maximum supply of 440 million coins, with a block time of 2 minutes and a halving every 2.5 years. Flux was also subject to a fair launch, which means that there were no pre-sales or any sort of initial offerings.

According to public data, almost 95% of the 286 million FLUX in circulation are held by users, while the Flux Foundation has close to 3%, and the team has less than 1%.

How Do You Buy FLUX?

You can buy FLUX on various cryptocurrency exchanges, including several that are considered top-tier. Stablecoins like USDT are the most popular trading pairs for FLUX, but it’s also possible to buy FLUX with fiat currencies or major cryptocurrencies such as BTC or ETH.

How Do You Store FLUX?

The best way to store FLUX is with the Zelcore wallet, a significant part of the Flux ecosystem. Zelcore is a multi-asset wallet that can store over 500 assets, including FLUX, and has a long list of features, including integrated quick-swaps, decentralized two-factor authentication, and WalletConnet.

Zelcore is also a cross-platform application, available on iOS and Android as well as macOS, Windows, and Linux.

Flux Energy Consumption

Flux is a proof-of-work blockchain and, therefore, can be considered to have a far greater energy impact than most proof-of-stake networks. However, Flux has joined forces with the Western Switzerland University of Applied Sciences in Geneva to develop an innovative new consensus called “proof-of-useful work” (PoUW).

This PoUW consensus can help ensure that computational power is used for solving real-world problems while simultaneously securing the blockchain. Some real-world problems currently being looked at are affordable artificial intelligence and training models, rendering, and high-resolution game streaming.

Is Flux a Good Investment?

Web3 is becoming an increasingly widespread catchphrase as the blockchain industry develops, but few projects take the concept to its nuts and bolts in the way Flux does.

The philosophy of Web3 is about returning ownership of assets to users, rewarding them, and turning to decentralized alternatives rather than remaining beholden to centralized megacorps. And yet, many projects that claim to espouse these ideals do so while being entirely reliant on centralized infrastructure providers like AWS.

Therefore, Flux has its place in the industry and has developed an entire framework of services for developers to create and launch Web3 apps atop the Flux network. If it can gain a significant amount of traction, all of this network usage will be incentivized and powered by the FLUX coin.