To date, five different chains are active with FLUX token compatibility. The Flux network aims to develop ten parallel FLUX token assets on other chains. Holders can do so using the Fusion app, accessible via the ZelCore wallet (which we will discuss later on).įor the simple reason of “ why use one blockchain when you can use many?”, holders of the FLUX asset and token can access multiple decentralized finance (DeFi) platforms across different chains. Moreover, the Flux network is introducing a parallel mining feature, allowing anyone to mine FLUX tokens on other chains! Each FLUX token is fully interchangeable at a 1:1 ratio with FLUX assets from the mainchain. The FLUX assets that are mined on the Flux blockchain are technically coins, whereas the assets on other blockchains are FLUX tokens. Parallel MiningĪs previously mentioned, FLUX is available on the Flux blockchain and across other popular blockchains. While the supply of FLUX and FLUX parallel assets combined cannot exceed 440 million, the distribution of assets may vary across chains.

The increase in maximum supply partially compensates for additional parallel FLUX token assets. During the project’s hard fork update, all ZEL coins were converted to FLUX assets in a 1:1 ratio. The maximum supply of FLUX assets is 440 million, a significant increase from the original 123 million maximum supply of ZEL coins.

This increases the scarcity, demand, and thus the value of the FLUX asset. In a similar process to the Bitcoin halving event, block rewards on the Flux blockchain will halve every 2.5 years. Then, the Flux blockchain splits these rewards equally between the PoW miners and FluxNodes. Each valid block on the Flux blockchain produces 75 FLUX at the time of writing. Using the same type of consensus algorithm as Bitcoin, proof-of-work (PoW), Flux uses its own hashing algorithm called “FluxHash” (we’ll discuss this in detail later on). As a result, with no initial coin offering (ICO), the project facilitates a fair token distribution model, with the most significant contributors reaping the largest rewards. With a user-centric focus, community members can earn FLUX as a reward for their contribution in running FluxNodes or mining. Plus, FLUX enables a decentralized form of two-factor authentication (d2FA). Additionally, FLUX is the unit of exchange for transactions within the Flux network. Furthermore, as a multi-utility asset, FLUX is responsible for the incentivization and collateralization of FluxNodes. As the lynchpin of the Flux ecosystem, FLUX is crucial to the operations and smooth-running of the crypto project. The native asset of the Flux ecosystem is “FLUX”, available on the Flux blockchain and across several other leading chains. Alternatively, users could contribute to the Flux ecosystem by running network nodes or mining. For example, users could choose to interact with or build permissionless dApps. Also, as an open-source, public blockchain, anyone around the world can participate and contribute to the Flux network. Further, developers can take advantage of the Flux toolkit providing minimal development requirements for deploying dApps. Moreover, developers can apply and receive funding for building dApps on Flux with the Flux labs grants scheme. The Flux ecosystem allows developers to build decentralized applications (dApps) with flexibility over design.

Plus, Flux hosts its own multi-asset crypto wallet, ZelCore, and has its own governing decentralized autonomous organization (DAO), XDAO. In short, the Flux ecosystem consists of the Flux blockchain, its native FLUX asset, FluxOS operating network, and FluxNodes. Additionally, the Flux ecosystem offers “environment agnostic development systems” and can seamlessly transition a centralized application onto the Web3 decentralized internet. Flux is a decentralized Web3 ecosystem comprising a suite of scalable blockchain as a service (BaaS) and computing services, benefitting developers and end-users alike.

Flux networks draining everything