Let’s repeat the past …
Flux Protocol is an oracle and not just an oracle, but an oracle aggregator, and at the same time it is decentralized. That is, it has many nodes. If desired, any user can install the node on his computer or on rented servers. In this case, the validators stake their FLX coins. When checking the accuracy of information (which is the main task of validators), they place bets on the answers they consider correct. Thus, they provide economic assurance that the information is accurate.
If this information turns out to be unreliable, they will lose their bet, that is, they risk their own funds. Conversely, if everything is correct, then they receive rewards in the same project tokens.
But it will all be available on the mainnet.
The Flux token has not yet been released, but now you can participate in the testnet, install a node in the Near testnet, get test tokens and see how it works. There are no rewards for participating in the testnet.
Where all the technological solutions of the Flux project can and are applied at the moment?
It is important to understand that Flux has not yet been fully launched on the native network. But there are already at least 2 decentralized applications that use the developments of Flux.
These applications are Pulse Market and Stake.GG. They are prediction markets, Pulse Market is a cross-market protocol and operates in multiple directions, while Stake.GG focuses exclusively on the subject of esports and betting on the outcomes of events in this industry. Both of these protocols are also in development and are currently running on the Near testnet, just like the Flux oracle. But even after the end of the test phase, both Pulse Market and Stake.GG will still use Flux solutions to obtain the most reliable data in their prediction markets.
After all, it is with the prediction market that the work of oracles is most often associated, although oracles can play a more important role in other areas of the blockchain. For example, if any failure occurs or the oracle transmits inaccurate data, then in the case of predictions, the losses will not be so great.
A more dangerous situation is when, due to unequal data of oracles, the prices of tokens that use the binding for these oracles suffer. For example, such situations were with the Defi Pancakebunny or Kyber Network, when hackers manipulated data transferred from oracles to smart contracts, and thus could mint additional tokens for themselves or change the binding of stable coins. In the case of such attacks, the incompetence of the oracle led to the loss of tens of millions of dollars by users.
It is this problem that the Flux oracle can close, because in it data can be aggregated from several other oracles, and validators can, if desired, dispute any transmitted information if it is unreliable.
At the same time, a whitelisting system for smart contracts will work in the Flux Protocol. Where only those smart contracts that are included in the list will be eligible to use the oracle, which will also significantly reduce the available range of attacks.
Below are links to the main resources of the project:
https://twitter.com/fluxprotocol
