FLUX PROTOCOL — CROSS-CHAIN ORACLE AGGREGATOR

3 min readSep 29, 2021

Hello everyone, I continue to introduce you to a unique project called Flux Protocol, which is a cross-chain oracle aggregator operating in a decentralized and trustless manner. With the help of the Flux Protocol, smart contracts can receive information from the real world by requesting it from validators. Moreover, any user can become a validator by providing a sufficient bet with FLX tokens and installing the appropriate software.

The Flux Protocol is currently under development and testing. However, upon its launch, the Flux Protocol will represent one of the most advanced decentralized and secure data oracles for blockchain applications. Oracles are a very important category of projects that ordinary investors don’t even think about. After all, any blockchain is essentially a closed system that by itself cannot contact the outside world. And it is the oracles that help establish this connection. So, any crypto asset that is tied to the price of a real asset, for example, a dollar, uses oracles to find out information about the current dollar rate and adjust the stablecoin collateral to match the underlying asset. But this is not the only function that oracles are capable of.

The Flux Protocol will be able to provide decentralized applications with the largest possible spectrum of data from the real world (data from various sites and applications, information on rates and asset prices, and so on). In addition, the Flux Protocol will also work as an oracle aggregator, allowing data from all popular oracles to be combined into a single stream.

The team successfully closed the funding round by raising $10 million. Now Flux Protocol works on the Near test network. The integration of the Flux Protocol on the Solana blockchain was recently announced.

Now let’s figure out what features the Flux Protocol has.

● Firstly, the Flux Protocol can provide smart contracts with data from the real world. The spectrum of these data is as wide as possible. For example, the Flux Protocol can provide data on the price of certain assets in order to create their synthetic analogues on the blockchain, as well as connect to sites via API keys and transfer data provided by this communication channel to the blockchain. In the case of crypto exchanges, the API allows you to see the entire history of transactions and remotely trade through a third-party interface. In addition, you can get a lot of other data through the API (weather conditions, results of sports matches, and much more). All this opens up great opportunities for creating interesting blockchain applications. But, in addition, the Flux Protocol also has the function of manual data transfer. That is, smart contracts can send validators a request that cannot be answered automatically. And then the Flux Protocol validators can enter this answer manually.

● Secondly, the Flux Protocol supports data aggregation that will allow for the collective intelligence effect. That is, it allows many people to reach a consensus on a specific issue and thereby transfer the most objective data to the blockchain.

● Third, the Flux Protocol will act as an aggregator for other oracles. Other popular oracles do not have this capability, which makes Flux Protocol stand out from its competitors.

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 itself will collect information from other oracles and transmit it to the end-user.

It is also important to understand that the Flux Protocol will have its DAO. And their FLX token and its staking will play an important role in the Flux Protocol ecosystem.

You can find more detailed information about the project by following the links indicated in the description of this article.