Hello everyone, I continue to introduce you to the Flux Protocol project, which is an open data infrastructure for creating unlimited scalable markets without the influence of any middlemen. Created by the community and for the community, the Flux Protocol is open to every aspect of the protocol, allowing the community to develop customized solutions to operate across an infinite range of verticals, from synthetic assets and derivatives to insurance and forecasting markets.
As for Flux Protocol oracles, these are services that connect blockchains with dApps, other blockchains, marketplaces, cloud providers, IoT devices, and payment.
Flux Protocol oracles check the conditions for the execution of smart contracts, and also inform them of the information necessary for their execution (for example, data on quotes of digital assets, the current state of the network, etc.). They are not part of the blockchain, and therefore do not violate its security, since the network is still decentralized, but it has external data that is connected to via the API. This increases the functionality of smart contracts and dApps.
Moreover, the Flux Protocol oracles are just information providers. Oracles collect data from various sources, process, compare them with each other, check, and transmit data converting them into a language understandable to smart contracts. As a result, smart contracts receive more reliable and accurate data. Smart contracts use these data following the rules laid down in their source code, and control transactions based on them. Without oracles, smart contracts and blockchain would not be able to access data from the outside world. Therefore, oracles significantly expand the scope of smart contracts because they can work with data outside the blockchain, while different blockchains can be compatible. This approach eliminates any manipulation of data.
It is also important to note that the Flux Protocol is an oracle aggregator, and therefore it processes a large stream of data from other oracles, and by comparing these data selects the most correct outcome of events. This almost eliminates the possibility of hacking.
Moreover, the Flux Protocol has a built-in and reasonably secure dispute resolution mechanism. That is, if any of the sources of information give false information, he will have to pay for it.
It is also important to note that along with the benefits of blockchain oracles, they also pose certain risks, posing a threat to the security of smart contracts.
And just the task of the decentralized oracles Flux Protocol is to provide the most reliable information and thereby ensure the correct operation of smart contracts in the blockchain network.
Flux Protocol oracles facilitate communication between smart contracts and the outside world, thereby enabling massive adoption of blockchains across various sectors of the economy. They allow you to connect blockchain technology to any existing API and allow connections between smart contracts and other chains, mitigating the risk of third-party interference.
Flux Protocol oracles enhance the scalability of the Web3 blockchain ecosystem by merging with the outside world and increasing data transparency.
That’s all, with more detailed information about the project you can find by following the links below.
OFFICIAL FLUX RESOURCES:
My Discord: Inna#1462
My Telegram username: @Inna439