2021-05-21 13:09:44
On the evening of May 20, an Oracle project on NEAR was invested by many large funds worth 10 million USD, including Coinbase Ventures, Coinfund, IOSG Ventures, Distributed Global and some others. With the ambition to become the second ChainLink and have a lot of great backers, let’s learn about Flux Protocol – the first Oracle developed on NEAR!
What is Flux Protocol?
Flux Protocol is an Oracle protocol (a Layer 2 of the Infrastructure array) that helps put data off-chain on-chain to provide data for applications to index, query, and verify data, or to feed directly to dApps. to use.
Currently, Flux Protocol has been providing data for more than 10 projects, with more than 10,000 SDKs, including two prominent dApps on NEAR Protocol, Stake GG and Pulse Prediction Market.
Highlights of Flux Protocol
Currently, in terms of how the project works, the protocol operates according to a mechanism quite similar to the current oracles currently on the market. Oracle also gets real-world data through the action of validators, who are tasked with providing accurate off-chain data onto the on-chain. These Validators have to mortgage an amount of assets to ensure that they will provide the right real-life data to the blockchain. If they provide false information, and are discovered by other validators, they may be sued through the voting system and lose their collateral if they lose the case.
Currently, Flux Protocol is being the first oracle that was originally developed on top of NEAR Protocol. Oracle land on NEAR also has other big players such as ChainLink and Band Protocol, but the products of both sides are not mainnet on NEAR.
In the Near Protocol ecosystem, NEAR and Flux Protocol are two projects that have been invested by Coinbase Ventures. This proves that Coinbase pays a lot of attention to the NEAR ecosystem, and maybe Coinbase will continue to appear in the list of investors of the next projects on NEAR.
Flux Protocol token information
Currently, there is no information on whether Flux Protocol will issue tokens. Please wait with me for more information from the project.
Roadmap & Updates
The project has a very specific and detailed roadmap, but the last update was a long time ago (6 months ago). Specifically, the project roadmap is as follows:
Phase 1 (completed)
The first phase of the project focused on the development and completion of the Mainnet beta including the completion of the Flux SDK, the Flux Open-Source App, and the Flux Index Node. Specifically:
- Deploying Flux Protocol V0.5 on Mainnet;
- Flux Index Node Deployment;
- Deploying the Flux SDK with Mainnet Endpoints;
- Bridge DAI from Ethereum to NEAR;
- Audit the Beta with Quantstamp.
All phase 1 of the project has been completed in 2020.
Phase 2 (not completed)
Phase 2 of the project includes starting to allow projects to use its product into protocol/dApps. The specific steps in the roadmap are as follows:
- Deployment of Flux Protocol V1 on Mainnet – not released yet;
- Flux Oracle Deployment – in development;
- Implement Flux Governance Contracts – not launched yet;
- Bringing Beta programs to the mainnet not yet launched;
- Quantstamp Security audits all contracts – incomplete;
- Flux Token Deployment – not launched yet;
- Start of Phase 3 – not yet started.
Phase 3 (not yet started)
Phase 3 will be started as soon as Phase 2 (development completion phase ends). Phase 3 is more about the work of putting control of the protocol in the hands of users, implementing decentralization of the protocol.
Project Team, Investors & Partners
Investors
This week, Flux successfully raised an investment of $ 10.3 million through a private funding round of the project, with 6 participating names including Coinbase Ventures, Coinfund, IOSG Ventures, Distributed Global and several other funds. You can see, among the other names, there are many big names, making this project very hot at the moment.
With such a large number of backers, the project certainly has great ambitions and is extremely hot at the moment.
Development team
The project team is also very strong, with most of the members having backgrounds in web2 development, web3 or having worked for popular projects such as bZx, Harmony, Bitmax,…
Partners
Currently, the project has more than 10 project partners using their oracle.
Similar projects
ChainLink
Band Protocol
Kylin Protocol
#NEAR #NEARProtocol #FluxProtocol
Website: https://www.fluxprotocol.org/
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