What is Flux (FLUX) - Flux Network Guide

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This article takes an in-depth look at Flux (FLUX), an innovative blockchain project designed to elevate the interaction of crypto enthusiasts within decentralized exchanges. We dissect Flux's distinctive features, which include its decentralized nature, possibilities to gain real earnings, compatibility with mobile games, integration of achievements and daily tasks, secure transactions, and provision of free plays. Additionally, we have a sneak peak into the question of what is Flux, examining its current market statistics such as price, market cap, circulating supply, and trading volume. The article goes on to provide insights into the workings of Flux, with a focus on its hybrid consensus mechanism that combines Proof of Work (PoW), Proof of Stake (PoS), and Proof of Useful Work (PoUW). This comprehensive guide aims to offer valuable insights into Flux's functionality and its potential impact on the decentralized finance landscape.

Key Takeaways

• Flux distinguishes itself as a unique blockchain initiative that initially originated as a fork of the ZCash blockchain but has since evolved to function on its proprietary blockchain.
• This blockchain endeavor highlights various notable attributes, encompassing a decentralized infrastructure, the opportunity for users to generate real income, compatibility with mobile games, incorporation of achievements and daily tasks, secure transactions, and the availability of free plays.
• To ensure the security, efficiency, and sustainability of its network, Flux employs a hybrid consensus mechanism that incorporates Proof of Work (PoW), Proof of Stake (PoS), and Proof of Useful Work (PoUW).
• As of the latest update, Flux’s price holds at $0.613, exhibiting a market cap of $207.86 million, a circulating supply of 338.88 million FLUX, or a trading volume of $9.69 million.

What is FLUX (FLUX)?

Let's begin with the fundamentals and examine what is Flux crypto and why it is worth mentioning. Founded in 2018 by a team of experienced blockchain developers, Flux (FLUX) is a blockchain project with a primary focus on improving the decentralized exchange (DEX) landscape. Renowned for its commitment to enhancing the user experience in decentralized exchanges, Flux started as a fork of the ZCash blockchain but has since transitioned to operate on its own independent blockchain.

Now, let's delve into what is Flux and the distinctive characteristics of its token:

• Decentralized Infrastructure: The Flux token serves as a financial instrument within its ecosystem, utilized for resource acquisitions, collateral for network nodes, miner incentives, and other financial purposes.
• Real Money Earning: Users can leverage their gaming skills to earn actual money.
• Mobile Game Support: Flux provides support for a diverse range of mobile games.
• Achievements and Daily Tasks: Users can augment their income through accomplishments, daily tasks, regular platform-hosted tournaments, and account development.
• Safe Transactions: The decentralized system ensures secure transactions, incorporating robust data privacy for all users.
• Free Plays: Additionally, users have the opportunity to engage in free gameplay after watching an advertising video.

Flux (FLUX) price, supply and Market cap

Flux - How Does it Work

To gain a better understanding of what is Flux coin, it's essential to explore its operational mechanisms. Flux employs a hybrid consensus mechanism that amalgamates Proof of Work (PoW), Proof of Stake (PoS), and Proof of Useful Work (PoUW). These components synergize to guarantee the security, efficiency, and sustainability of the network. Now, let's delve into the functionalities of these three mechanisms.

Proof of Useful Work (PoUW)

PoUW is a consensus mechanism designed to replace the extensive use of hash functions with tasks that offer tangible real-world benefits. In PoUW, the network's computational power is harnessed to solve complex real-world issues, such as optimizing company logistics or event scheduling. This approach results in PoWs whose completion not only avoids energy wastage but also proves beneficial in solving practical computational problems.

Proof of Stake (PoS)

PoS operates as a consensus mechanism where network participants, known as "validators," lock up a specified amount of cryptocurrency or crypto tokens—referred to as their stake—in a smart contract on the blockchain. In return, they gain an opportunity to validate new transactions and receive a reward. However, if they incorrectly validate fraudulent data, there's a risk of losing a portion or all of their stake as a penalty. The selection of validators is based on the amount of crypto they have staked, with a higher stake increasing the likelihood of being chosen for the validation task.

Proof of Work (PoW)

PoW stands as a cryptographic proof in which one party (the prover) demonstrates to others (the verifiers) that a specific computational effort has been expended. In the realm of cryptocurrencies, miners compete to append blocks and mine new currency, with each miner's success probability linked to the computational effort invested. A notable feature of proof-of-work schemes is their asymmetry: the computational work must be reasonably challenging on the prover's side but easy to verify for the verifier.

These consensus mechanisms play a pivotal role in upholding the security and integrity of blockchain networks, ensuring accurate validation of transactions and maintaining decentralized network structures.

Blockchain Flux (FLUX) operates on

The initiative functions on its dedicated Flux blockchain, distinguishing it as a coin rather than a token. The acquisition of FLUX coins involves a proof-of-work protocol, where computers tackle progressively intricate mathematical equations to append new blocks to the blockchain, thereby introducing additional coins into circulation.

How To Use Flux (FLUX)

The Flux token plays a pivotal role in enhancing the decentralized exchange user experience and establishing a scalable and secure Web3 infrastructure for developers. Here are several ways in which Flux can be utilized:

1. Developing and Using DApps: developers have the opportunity to construct their own applications on Flux's blockchain, while end users can seamlessly utilize these applications. Flux simplifies the development and migration of DApps by offering developer-friendly tools like APIs and SDKs.
2. Contributing to the Network: Flux's network operates on a permissionless basis, allowing anyone to establish a node within the network. Individuals can set up masternodes to contribute computing power to Flux's network.
3. Using FLUX Tokens: FLUX, the native cryptocurrency of the Flux ecosystem, serves various purposes. Users use FLUX tokens for transactional activities over the blockchain. When engaging with a dApp, users are required to make payments in FLUX tokens. Masternodes earn FLUX tokens through participation in the Proof-of-Work model, where they validate transactions and create new blocks. Crypto traders can leverage the FLUX cryptocurrency for speculative trading.
4. Staking FLUX: by having a minimum of 50 FLUX in your account, you can initiate a staking plan. Users then specify the amount of FLUX to stake and the duration of the staking period. The longer the staking period, the higher the Annual Percentage Rate (APR) will be.

Please be aware that the specific procedures may vary based on the platform you are using for FLUX-related activities. Always adhere to the platform's provided instructions.

Flux Ecosystem

The Flux Ecosystem stands as an advanced blockchain network comprising key components, including parallel assets connected to Layer 1 blockchains such as Solana, AVAX, and ALGO. Within this ecosystem, Flux encompasses a suite of computing services and a blockchain-as-a-service platform, facilitating the creation and management of applications on Web3 for both end-users and developers. It further provides a range of development environment systems for a seamless transition of applications to Web3. Several integral components shape the Flux Ecosystem, each contributing uniquely to its overall functionality. Let's delve into the details of these components.

FluxOS

FluxOS is a groundbreaking second-layer operating system within the decentralized Flux Cloud. This innovation enables developers to run dockerized apps on Flux, extending interoperability by allowing applications to run on any blockchain. FluxOS enhances cross-compatibility, offering users broader access to decentralized finance (DeFi) across multiple blockchains.

FluxNodes

FluxNodes play a vital role in supporting the Flux ecosystem, contributing computational resources to the Flux Cloud. Thousands of FluxNodes worldwide power the Flux Cloud, and they come in multiple deployment tiers with specific collateral and hardware requirements. These nodes execute smart contracts on the blockchain, ensuring its seamless operation.

ZelCore

ZelCore is a multi-currency crypto wallet developed by the Flux ecosystem team. As a non-custodial wallet, ZelCore provides users with complete control over their accounts, wallets, and private keys. It supports over 200 unique assets, including major cryptocurrencies, ensuring a secure and versatile user experience.

Flux Parallel Assets

Flux parallel assets represent Flux tokens on alternative blockchains, serving as bridges to connect Flux with other protocols and blockchain networks. These assets facilitate easier access for ZelCore users and Flux holders to diverse blockchains and assets, enhancing Flux's fluidity across different blockchain ecosystems.

Flux Drive

Flux Drive, a component of the Flux Cloud products, stores data in a decentralized manner. It ensures the decentralization, flexibility, scalability, and censorship resistance of the infrastructure, contributing to the overall robustness of the Flux Ecosystem.

Flux Marketplace

Flux Marketplace operates as a permission-less and self-executing marketplace powered by the Flux Cloud. As another facet of the Flux Cloud products, it provides users with the ability to interact and transact in a decentralized environment.

Each of these components plays a critical role in shaping the Flux ecosystem, contributing to its functionality, security, and user experience. For the latest and most detailed information, please refer to the official Flux documentation or resources.

What Makes Flux Unique?

Flux stands out as a purpose-built blockchain network designed specifically for decentralized projects, with a vision to establish a decentralized architecture for Web 3.0. The network's native asset, FLUX, is also accessible as tokens on various other blockchains. Users contribute GPU power to secure the network and, in return, can mine FLUX tokens. FLUX opens up opportunities for users to access services on Flux Cloud, engage in passive income through staking, and actively participate in governance.

Here are some unique features of Flux:

1. Developer-Friendly Migration: Flux incorporates features that streamline the migration of projects to its blockchain, enhancing interoperability with other platforms and simplifying the development process for creators.
2. Unique Hybrid Consensus Mechanism: distinguishing itself from traditional Proof-of-Work (PoW) chains, Flux utilizes a hybrid consensus mechanism that combines staking from Proof-of-Stake with a reimagined approach to Proof-of-Work.
3. Flexible Staking Approach: Flux adopts a flexible staking approach, allowing node operators to participate without locking up collateral or enduring waiting periods for withdrawals, setting it apart from other staking networks.
4. Decentralized Resilience: the FLUX ecosystem operates as a fully decentralized network, showcasing high resilience. Its nodes are collateralized and managed by dedicated node operators, contributing to the overall robustness of the system.
5. Incentives for Network Growth: Flux incentivizes participants to foster network growth while deterring malicious activities through the collateral locking of nodes. Participants also stand to benefit from Flux transaction fees.

Flux's commitment to decentralization, unique consensus mechanism, and user-friendly features make it a distinctive player in the blockchain landscape, offering both developers and participants a platform that prioritizes efficiency, security, and active engagement.

Who created Flux?

Flux was established in 2018 by a group of skilled blockchain developers driven by the goal of creating an improved decentralized exchange. Initially launched as a fork of the ZCash blockchain, Flux later transitioned to its independent blockchain. The dedicated team behind Flux comprises three founders and an additional 30 professionals contributing to diverse facets of the project, including marketing, development, sales, support, graphics, and community management.

The trio of founders at the helm of Flux are as follows:

• Daniel Keller: Daniel Keller serves as the CEO and co-founder of Flux. Additionally, he is the visionary mind behind Zel Technologies, the entity responsible for crafting ZelCore—a versatile multi-asset wallet supporting Flux and its parallel assets. With an impressive track record spanning over two decades, Daniel brings extensive expertise in IT, software development, and blockchain to the table.
• Tadeas Kmenta: Tadeas Kmenta assumes the role of CTO and co-founder of Flux. He is also the primary developer steering the development of both ZelCore and ZelNodes, the foundational infrastructure empowering the Flux network. With a background encompassing over 10 years in software engineering, web development, and cryptography, Tadeas is a key figure in Flux's technical leadership.
• Parker Honeyman: Parker Honeyman takes on the position of COO and co-founder of Flux. Additionally, he leads business development and partnerships for Flux and Zel Technologies. Leveraging more than 15 years of experience in finance, management, and entrepreneurship, Parker contributes his strategic insights to Flux's operational and growth initiatives.

History of Flux

Beginnings

Flux emerged in response to a pervasive challenge inherent in many blockchain projects. This blockchain platform was specifically crafted to cater to the needs of decentralized applications (DApps), aiming to furnish developers with a scalable and secure Web3 infrastructure for application development and deployment.

Expansion

Entering its second phase, Flux embarked on the mission to construct a decentralized alternative operating system while concurrently establishing itself as a Blockchain-as-a-Service (BaaS) provider. Simultaneously, Flux incorporated various features to facilitate seamless project migration to its blockchain, fostering interoperability with diverse platforms.

Current

In its current phase, Flux is actively engaged in the development of a distinctive hybrid consensus mechanism, distinguishing itself from conventional Proof-of-Work (PoW) chains. This mechanism combines elements of staking from Proof-of-Stake (PoS) while introducing innovative reimaginings of Proof-of-Work methodologies.

The major stakeholders of Flux

Traditionally, key stakeholders in a corporate setting encompass investors, employees, customers, and suppliers. However, aligning with the contemporary emphasis on corporate social responsibility, this scope has expanded to incorporate communities, governments, and trade associations, underscoring Flux's commitment to a broader spectrum of stakeholders.

How Is Flux (FLUX) Different To

Flux, a unique cryptocurrency that powers the Flux ecosystem, differs from other assets in several ways:

Flux vs Bitcoin (BTC)

While Bitcoin serves as a digital currency without supporting smart contracts, Flux transcends this singular role. Flux operates not only as a digital currency but also as the backbone of a robust decentralized computational network. Its utility extends to supporting smart contracts, acquiring resources, collateralizing nodes, and facilitating transactions on FluxOS.

Flux vs Ethereum (ETH)

Ethereum, a leading blockchain platform for smart contracts and decentralized applications (dApps), lays the foundation for Flux's technological evolution. Flux goes further by establishing a fully decentralized Web3 infrastructure, eliminating single points of failure, and ensuring uninterrupted uptime.

Flux vs Litecoin (LTC)

Litecoin, conceived as a streamlined version of Bitcoin, prioritizes faster transaction confirmations and a distinct hashing algorithm. Flux, however, surpasses the realm of being a mere cryptocurrency. It evolves into a decentralized network offering computational resources and explores the groundbreaking Proof of Useful Work (PoUW), potentially reshaping perceptions of Proof of Work blockchains.

Advantages of Flux

Flux offers several advantages:

• Decentralized Web3 Infrastructure: Flux pioneers the concept of a genuinely decentralized Web3 infrastructure, ensuring unparalleled resilience with zero single points of failure and a commitment to 100% uptime.
• Large Decentralized Network: with a sprawling computational network comprising approximately 15,000 decentralized nodes dispersed globally, Flux establishes a robust foundation for secure and efficient operations.
• Proof of Useful Work: innovating within the Proof of Work (PoW) framework, Flux is actively engaged in the development of Proof of Useful Work (PoUW), a transformative approach that has the potential to reshape perceptions of PoW blockchains.
• Interoperability: Flux facilitates seamless interoperability with various blockchains, enhancing access to decentralized finance (DeFi) through its parallel assets, thereby fostering a connected and dynamic ecosystem.
• Ease of Use: designed with user accessibility in mind, Flux ensures that its platform is intuitive and user-friendly, enabling individuals of varying technical backgrounds to engage effortlessly with the technology.

Disadvantages of Flux

While Flux offers many advantages, it also has some potential disadvantages:

• Market Fluctuations: similar to other cryptocurrencies, Flux is susceptible to market fluctuations, introducing an element of risk for potential investors due to the inherent volatility in the crypto market.
• Transaction Issues: users may encounter challenges with transactions on the Flux network. These issues could arise from forgetting to include a necessary Extra ID, selecting the wrong network, or utilizing an incompatible wallet for a specific cryptocurrency asset, potentially leading to transaction delays or complications.

How Is The Flux Coin Secured?

Flux employs an innovative hybrid consensus mechanism, distinct from conventional Proof of Work (PoW) chains. This mechanism incorporates elements from Proof of Stake (PoS) while completely reimagining PoW. Notably, Flux stands out by refraining from mandating node operators to lock up collateral or endure waiting periods before withdrawal.

The Flux wallet ensures robust security by implementing encryption measures. This encryption safeguards user data, preventing any unauthorized access by third parties. This commitment to privacy enhances the overall security posture of Flux, instilling confidence in users regarding the protection of their private information.

Buying Flux (FLUX)

Wondering is Flux worth buying? If you want to become an owner of the Flux cryptocurrency- head to SimpleSwap and follow these instructions:

• For example, you want to swap BTC for FLUX. Select the currency you want to exchange (e.g. BTC) in the first drop-down list. Then enter the amount you want to swap.
• Select FLUX in the second drop-down list. You’ll see the estimated amount that you’ll get after the exchange.
• Click the Exchange button.
• Enter the Recipient's Address. FLUX will be sent. Be careful and make sure you use the correct address.
• Create the exchange.
• You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the BTC to FLUX exchange.

How to Stake Flux (FLUX)

Participating in Flux staking is a straightforward process, but a few key points should be considered before diving in. To initiate the staking journey, it's essential to have a minimum of 50 FLUX in the account. The following steps provide a general outline for staking:

1. Open a Staking Plan: begin by initiating a staking plan, a pivotal first step in the process.
2. Select Stake Amount and Duration: choose the desired amount of FLUX to stake and specify the duration of the staking period.
3. Longer Staking, Higher APR: note that the Annual Percentage Rate (APR) increases with the duration of the staking period. Longer commitments are rewarded with higher APR.

It's crucial to bear in mind that this serves as a general guide to how to stake Flux. Variations may exist based on the specific platform used for staking FLUX. Always follow the platform-specific instructions for accurate guidance.

How to Mine Flux (FLUX)

Flux coin mining involves contributing GPU power to fortify the network. Follow these steps to embark on Flux mining:

1. Download and Extract Miner: choose your preferred miner, download it, and extract the files onto your computer.
2. Locate and Edit .bat Files: navigate to the miner folder and find the .bat files. Edit these files by adjusting the wallet address and mining pool port values.
3. Save as .bat File: after modifying the necessary data, save these files with a .bat extension.
4. Run to Initiate Mining: execute the saved .bat files to kickstart the mining process.

Flux employs the ZelHash algorithm, a modified version of Equihash designed to resist ASIC and FPGA. This resistance mitigates the concentration of hashing power. Notably, Flux divides block rewards evenly, with 50% allocated to nodes and the remaining 50% to miners.

Flux Roadmap

Flux has charted an extensive roadmap for its future endeavors, outlining key milestones and initiatives. In the imminent future, Flux is set to introduce significant elements like Wordpress, Storage, and Jetpack 3.0. Looking ahead to Q3 2024, Flux envisions the release of PoUW and Titan 2.03. Notable milestones on the horizon include:

1. Flux Hackathon: an upcoming event aimed at inspiring and motivating developers to contribute to the growth of the Flux platform.
2. PA9 Distribution: hinting at a potential new token distribution event that may be in the pipeline.
3. Decentralized Database: Flux plans to unveil a decentralized database, promising enhanced security and reliability for data storage.
4. Flux Carbon Footprint: there are indications that Flux is contemplating calculating and disclosing its carbon footprint, showcasing a commitment to environmental sustainability.
5. Unified Branding: Flux intends to streamline and harmonize its branding strategy across various online platforms.
6. Nimbus Nodes on Titan: suggesting a possible upgrade or expansion of the network’s nodes, enhancing its capabilities.

Beyond these milestones, Flux is dedicated to ongoing platform and ecosystem development. Regardless of market conditions, the team remains steadfast in their commitment to completing tasks outlined in the Flux GitOps GA milestone.

Future of Flux

The outlook for Flux appears promising, with optimistic projections from various sources. DigitalCoinPrice foresees FLUX growing to $2.41 by the close of 2022, with the most significant gains anticipated in 2027, reaching $5.08, and concluding 2028 at $6.36. CoinCodex predicts a 17.09% price increase, reaching $0.689160 by December 24, 2023.

The prevailing sentiment and market mood surrounding Flux are notably positive. The Fear & Greed Index registers at 73 (Greed), signaling a bullish market sentiment. Flux has experienced 16 out of 30 (53%) green days, coupled with a 13.67% price volatility over the last 30 days, indicating an optimistic market outlook for Flux.

Nevertheless, it is crucial to acknowledge the inherent volatility of cryptocurrency markets, emphasizing that predictions should not be considered financial advice. It is recommended to conduct thorough research and seek guidance from a financial advisor before making any investment decisions.

The Bottom Line

After this exploration, you now possess a more profound understanding of Flux, equipping you to explain Flux nuances to others. Broadly, Flux stands out as a distinctive cryptocurrency energizing a genuinely decentralized Web3 infrastructure. Its merits include a substantial decentralized network, the innovation of Proof of Useful Work, and seamless interoperability with other blockchains. However, akin to all cryptocurrencies, potential risks encompass market fluctuations and transactional challenges.

Looking ahead, the trajectory of Flux appears promising, guided by a meticulous roadmap and optimistic price forecasts. Anchored on its own Blockchain, Flux is actively constructing a distinctive Web3 and decentralized platform. The foundational aspects of Flux Coin are robust, setting the stage for significant growth in 2023 and beyond. The immense potential of Flux aligns seamlessly with the continually expanding industry landscape.

FAQ

Here are some popular questions about FLUX.

Is ZelCash a Flux?

Yes, ZelCash was rebranded to Flux.

What network does Flux use?

Flux uses its own blockchain network. It was initially launched as a fork of the ZCash blockchain but has since migrated to its own blockchain. Flux uses a modified version of the Equihash algorithm, which is the same algorithm used by Zcash.

How old is Flux crypto?

Flux was created from a fork of ZCash in January 2018.

What is the old name for Flux coin?

The old name for the Flux coin was ZelCash.

What is Web3 Flux?

Web3 Flux is a project within the Flux ecosystem that focuses on providing a comprehensive suite of tools and services for building and accessing decentralized applications (DApps) on the Flux blockchain. It aims to provide a scalable and secure Web3 infrastructure for developers to build and deploy applications.

What can I do with Flux Crypto?

FLUX, the indigenous cryptocurrency within the Flux ecosystem, serves a multitude of purposes. Users have the capability to mine FLUX tokens by dedicating GPU power to fortify the network. FLUX enables users to access services on Flux Cloud, engage in passive income generation through staking, and actively participate in governance. Furthermore, it plays a pivotal role in procuring resources, collateralizing nodes, and facilitating transactions on FluxOS.