SUMMARY
Flux is a unique and innovative blockchain project created to enhance the user experience of crypto enthusiasts within decentralized exchanges. Originally initiated as a fork of the ZCash blockchain, Flux evolved to function on its proprietary blockchain. Flux Coin is the native cryptocurrency of the Flux ecosystem.
The prime features of Flux include decentralization, compatibility with mobile games, the potential to make earnings, integration of tasks, secure transactions, etc. Flux implements a hybrid consensus mechanism that incorporates Proof of Work (PoW), Proof of Stake (PoS), and Proof of Useful Work (PoUW) to ensure the security, efficiency, and sustainability of the network.
Let’s dive deeper into Flux, how it works, its use cases, and more in this comprehensive blog.
What is Flux?
Created by a team of blockchain experts in 2018, Flux is an innovative blockchain project primarily focused on enhancing the medium of decentralized exchange. Initially originated as a fork of the ZCash blockchain, Flux has transitioned to run on its own independent blockchain.
Let’s discuss the distinct characteristics of Flux.
Decentralized Infrastructure – Flux token is used as a currency in the Flux ecosystem. Furthermore, it is used for resource acquisitions, collateral for network nodes, miner incentives, and other financial needs.
Potential to Make Money – Users can make real money by utilizing their gaming skills.
Implement Achievements and Tasks – Users can augment their income via achievements, daily tasks, and account development.
Secure Transactions – The transactions that occur on the Flux blockchain are secure as they incorporate robust data privacy.
Free Plays – Users can engage in free gameplay after watching the advertising video.
How Flux Works?
Flux implements a hybrid consensus mechanism that combines Proof of Work (PoW), Proof of Stake (PoS), and Proof of Useful Work (PoUW) to ensure the security, efficiency, and sustainability of the blockchain.
1. Proof of Work (PoW)
PoW is a consensus mechanism that demands significant computing power from a network of computers to solve a cryptographic puzzle. Miners across the world validate crypto transactions by solving complex cryptographic puzzles to avoid double spend and other fraudulent activities.
Miners need a significant amount of computational power to solve those puzzles and validate transactions. Thus, these PoW mechanism plays a crucial role in ensuring the security, integrity and decentralization of blockchain.
2. Proof of Stake (PoS)
PoS is again a consensus mechanism to validate crypto transactions and ensure the security and integrity of the blockchain intact. In the PoS mechanism, validators are chosen on the basis of the staked coins they have.
PoS was created as an alternative to the PoW mechanism for validating transactions and mining new blocks. PoS requires miners to hold and stake tokens to earn transaction fees, unlike the PoW mechanism that demands miners to solve cryptographic puzzles.
PoS is often less risky as it is less susceptible to cyber-attacks. It is because the compensation is relatively low, making an attack less beneficial.
3. Proof of Useful Work (PoUW)
PoUW is another consensus mechanism that was created to address the extensive use of hash functions. Unlike PoW, where significant computational power is used to solve complex cryptographic puzzles, in PoUW, the network’s computational power is used to solve complex real-world problems like enhancing company logistics or event scheduling.
PoUW is more beneficial than other consensus mechanisms as it eliminates energy wastage and provides practical solutions to computational problems.
Use Cases of Flux
Flux coin is used in numerous ways in the Flux ecosystem. Let’s discuss some of the primary uses.
1. Mode of Payment
Flux can be used as a payment method. Users can use Flux to buy goods and services within the Flux network. It is ideal for daily transactions.
2. Transaction Fees
Flux can be used to pay transaction fees on the Flux blockchain. Miners and node operators get these transaction fees as incentives for securing the network.
3. Resource Planning
Users can use Flux to buy resources like computing power and storage within the Flux ecosystem.
4. Staking and Governance
Users can stake Flux tokens to participate in validating transactions in the Flux network and earn rewards. Furthermore, node operators who have locked Flux tokens can participate in governing Flux with their voting power depending on the number of locked Flux tokens.
5. Collateral
Flux can be used as collateral to secure nodes in the Flux network.
6. Fuel Transactions
Flux can be used to fuel transactions on the Linux-based operating system, FluxOS, within the Flux ecosystem.
7. Mining Rewards
Flux is used as mining rewards for miners who validate transactions on the Flux network. Miners receive rewards as they contribute significant computational power to validate transactions.
8. Building DApps
Developers can leverage Flux to build and deploy decentralized applications (DApps) on the Flux blockchain. Thus, end users can readily interact with these applications.
9. Crypto Loans and Trading
Users can use Flux as collateral for crypto loans. Thus, Flux encourages users to access funds without selling their assets. Moreover, it can also be used for speculative trading.
In summary, Flux is highly versatile and can be used in various ways in the Flux ecosystem, making it a crucial element of the decentralized network.
How to Store Flux?
Here are a few reliable ways to store Flux (FLUX) tokens.
Zelcore wallet is the official wallet for Flux. Hence, it is the most preferred wallet for storing Flux. Besides Flux, users can store other cryptocurrencies. The wallet enables users to offer incentives like parallel assets. Additionally, it has a built-in swap feature and exchange options.
Cold wallets are the second-best option. Users can use a paper wallet or a hardware cold wallet for storing Flux. Since these wallets are offline, they are less prone to hacks and threats.
Crypto Exchanges are the next best option for storing Flux. Users can store Flux protocol on exchange wallets. However, these wallets are less secure than a cold wallet.
Users can choose the most suitable one that matches their security preferences.
CONCLUSION
Flux is a unique blockchain network specifically designed to support decentralized projects and Web 3.0 projects. Flux opens new doors for numerous opportunities for users to access various services like staking and governance on Flux Cloud, encouraging them to earn passive income.
Furthermore, Flux is well-known for developer-friendly migration, unique PoUW mechanism, flexible staking approach, incentives, and decentralization. Learning about it will help individuals, businesses, and organizations to leverage Flux to their advantage.
