Blockchain technology has witnessed rapid growth in a number of products, use cases and new innovative advancements. Millions of users worldwide are associated with blockchain technology in some form. At the same time, the rise of discussions around web3 has called for additional emphasis on tools for building web3 infrastructure. The questions such as “Is flux a web3 solution?” would come up frequently in any web3 forum nowadays.
With the consistent focus on innovation, it is important to identify tools that can support web3 infrastructure, which could foster technologies of the future. The Flux ecosystem has evolved as a prominent competitor to other environments for facilitating web3 development. What is the Flux ecosystem? The following post tries to find an answer with a detailed introduction to Flux and its value advantages.
What is Flux?
The first element in discussions on Flux web3 functionalities would emphasize the definition of Flux. One of the simple definitions of Flux describes it as a combination of Blockchain-as-a-Service and decentralized computing solutions featuring similarities to AWS. Flux has its own Linux-based cloud operating system, known as FluxOS. In addition, the web3 Flux ecosystem features enterprise-grade server hardware for hosting the Flux nodes and a Proof of Work-based cryptocurrency token.
In technical terms, Flux can be defined as a cloud-based computational network featuring decentralization for designing, creating, and deployment of cross-platform blockchain applications with scalability and interoperability. The answers to “What is web3 Flux?” would also draw attention toward the use of its independent blockchain alongside seven other chains.
The nodes on the Flux blockchain could contribute their computing resources to the chain in return for rewards in the form of crypto. It is also important to note that all dApps in the Flux ecosystem could utilize the computing resources in it. The extensive network of nodes participating in the Flux ecosystem ensures that Flux could offer the assurance of higher scalability.
Another important highlight in the definition of Flux blockchain refers to the BaaS or Blockchain-as-a-Service concept. The BaaS concept could facilitate computing resources alongside blockchain infrastructure through the cloud-based model. Therefore, it is reasonable to assume that Flux can bridge the gap between web2 and web3 solutions.
How? The design of Flux is the same as other popular cloud service providers such as Google Cloud, Microsoft Azure, and Amazon Web Services. While the traditional cloud service providers follow the web2 approach and run on the internet as the native environment, Flux web3 delivers its services on blockchain. As a result, Flux could facilitate better security alongside decentralization on the basis of blockchain technology.
The definition of Flux would also draw the limelight on parallel assets, which help in maintaining links with other blockchains. Parallel assets are native tokens on other blockchains which are included in the Flux ecosystem. You can find one parallel asset token dedicated to every blockchain associated with the Flux ecosystem.
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The discussions around Flux web development would draw emphasis on designing dApps. Flux has been primarily tailored to support developers in the creation of dApps with effective scalability and cross-chain compatibility. As of now, Flux serves as the foundation for the development of new dApps and operations of already existing dApps. Examples of popular applications on Flux include the Minecraft servers, Yearn Finance and Aave protocol.
Yearn Finance and Aave protocol are renowned DeFi apps. Yearn Finance is one of the biggest yield aggregators, while Aave serves as a prominent peer-to-peer lending and borrowing protocol. On the other hand, Minecraft servers on Flux blockchain could offer gaming server environments for Minecraft, one of the most popular video games, which is a promising contender for web3.
Origins of Flux
Prior to exploring answers for “Is Flux the future of web3?” you should turn your eyes toward its origins. Flux emerged as a result of a fork in ZCash, a renowned Bitcoin fork. The project was launched in 2018 by the name of ZelCash or ZEL. The ecosystem achieved its present name in March 2021 with the rebranding to Flux. Beginners must also pay attention to the possibility of confusing web3 Flux ecosystem with other projects. For example, the decentralized finance protocol, Datamine Flux or the oracle-based service, Flux Protocol.
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Working of Flux Ecosystem
The introductory guides on the Flux ecosystem are practically incomplete without referring to how they work. You can find answers to “Is Flux a web3 solution?” by taking note of important highlights in its working. Some of the notable aspects of the working Flux ecosystem refer to the block validation method, the overall architecture, and methods for running and minting nodes. Let us take a deep dive into the working of Flux to identify its potential for driving the future of web3.
The most important highlight for understanding the working of Flux blockchain explorer would focus on the block validation method. Since Flux is a fork of ZCash, a Bitcoin fork, it utilizes the Proof of Work consensus for block validation. Therefore, certain nodes in the Flux network serve the role of miners for validating transactions.
On the other hand, you could also identify prominent differences between the Proof of Work mechanisms on Flux and its predecessor chains. Most important of all, the new Proof of Work mechanism on Flux fosters the cause for green energy with innovative solutions to solve the problems of intensive energy consumption.
The efficiency of Flux web development relies on the use of the Proof of Useful Work consensus mechanism. The Proof of Useful Work could support the optimization of existing Proof of Work mechanisms by redirecting energy spent in solutions of cryptographic puzzles towards concurrent resolution of real-world issues.
For example, the Proof of Useful Work mechanism could help in the detection of deep fakes, an emerging problem with advancements in AI technology. Considering the role of AI in web3, the Proof of Useful Work mechanism on Flux could support the future of web3. In addition, the improved consensus approach also supports research processes that generally depend on the intensive use of computational power.
Another noticeable aspect in the working of the Flux web3 platform is the unique ASIC-resistant mining algorithm, ZelHash. It is distinctively better than Bitcoin and Ethereum prior to the Merge. The unique mining algorithm helps in mining Flux tokens through GPUs only rather than using ASIC machines. As a result, the validation process on Flux comparatively consumes less energy.
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Architecture of Flux
The search for a reliable Flux blockchain explorer could also lead you toward the discovery of important elements in its architecture. Flux works in the role of a cloud infrastructure provider with multi-chain compatibility. The Flux blockchain itself is at the core of the ecosystem, while seven other blockchain networks have links to the ecosystem. The other blockchains in the Flux ecosystem include Ethereum, BNB Chain, Solana, Avalanche, Kadena, Ergo, and Tron. Furthermore, the future roadmap for Flux also features plans for introducing three more blockchains in the ecosystem.
The multi-chain compatibility of Flux ensures the value advantages of developing dApps that have a higher degree of cross-chain interoperability. How does the web3 Flux ecosystem achieve multi-chain support? Flux can achieve interoperability through FluxOS, which is a cloud-based, distributed virtual operating system connecting all blockchains compatible with the ecosystem. Apart from FluxOS, the other crucial highlights in the working of Flux include running nodes and mining nodes.
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What are Running Nodes in Flux?
Running nodes in Flux are also referred to as FluxNodes, which are integral network nodes for powering FluxOS. The functionalities of running nodes provide a viable explanation for “Is Flux the future of web3?” by powering dApps. What is different in the case of running nodes? The running nodes in Flux are the users providing computing resources on the network for dApps. Running nodes receive rewards in the form of FLUX crypto tokens for facilitating resources. As a matter of fact, almost 50% of the block rewards churned out by miner nodes go to running nodes.
The running nodes are crucial elements in the functionality of the Flux network for ensuring efficiency and scalability. You can run FluxNodes on a home PC or server, an Arm processor, or even on a Virtual Private Server. Computing resources contributed by running nodes must fulfill certain minimum requirements, and powerful specifications can ensure more rewards for operating running nodes.
You must also note that discussions on “What is web3 Flux?” would also feature details of different tiers among running nodes. The three categories of running nodes include Stratus, Nimbus, and Cumulus. Each tier of running nodes features specific computing specs, depending on the experience of the node operator.
What are Mining Nodes?
The next integral component in the architecture of the Flux blockchain points to mining nodes, which play a crucial role in block validation. Flux leverages mining nodes for lower mining difficulty and shorter block times. It is also important to note that Flux also follows the reward-halving mechanism like Bitcoin and reduces the mining rewards by half at a gap of 2.5 years.
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The discussions on “Is Flux the future of web3?” conclude that the innovative architecture of Flux offers better prospects for web3 development. Flux can ensure better efficiency with an improved consensus mechanism in the Proof of Useful Work for block validation. The advantages of Flux in facilitating cross-chain compatibility alongside connections with popular blockchain platforms ensure easier development of interoperable web3 applications.
One of the significant highlights in favor of Flux is the ability to bridge the gap between web2 and web3 development. In addition, the future roadmap of Flux includes plans for innovative advancements that would fuel the growth of web3. Learn more about web3 fundamentals and find out how Flux can play a crucial role in the rise of web3.
*Disclaimer: The article should not be taken as, and is not intended to provide any investment advice. Claims made in this article do not constitute investment advice and should not be taken as such. 101 Blockchains shall not be responsible for any loss sustained by any person who relies on this article. Do your own research!