Flux Protocol is an open data infrastructure for creating unrestricted, scalable, unmediated markets. Designed by and for the public, every aspect of the protocol is considered open, allowing the public to design and develop custom opinions to operate in a never-ending spectrum of verticals, from synthetic assets and derivatives to insurance and forecasting markets.
The 3 components of the Flux protocol
Flux is developed and funded by the Open Oracle Association, a Swiss nonprofit organization with the single goal of supporting the ecosystem with grantmaking both in fiat and through USDC and Flux Token.
The Flux system connects 3 components: Flux Oracle, Request contracts, and Flux DAO.
Flux Oracle is a secure, decentralized protocol for requesting and processing random off-chain data for on-chain inference. It has unique qualities for increasing network elasticity and security, and it also provides financial guarantees that scale with the value provided with oracle support. The FLX token defends the protocol and is needed to create and process data requests.
FLX token stands for a protocol and is needed for the creation and processing of data requests. Using a list of custom query interfaces, created by the community, any of which provide custom functions, offers, and payment models, Oracle Flux allows protocols to connect to the existing infrastructure for the unsafe and flexible processing of data requests. Query interfaces have a chance to make and cultivate data requirements on behalf of protocols or users who will need data outside the chain, while validators collaborate to conclude tasks. Oracle can still work as a support for existing oracle pipelines, which further increases the security of the outdoor network and increases the unity of the data.
Designed for the transmission of random data in the chain, Oracle has unique attributes to ensure data unity. These attributes increase network elasticity and security and also give financial guarantees that scale with the value provided by Oracle. Oracle’s Flux still permits other protocols to include their own personal infrastructure to the network and cultivate data requirements in a non-threatening manner.
Allowing users to integrate their existing conclusion into the network independently of the applied Oracle, Flux Oracle is still able to work as a support for existing Oracle pipelines, further tightening the security of the network and strengthening data unity.
Using a community-created list of customizable query interfaces, any of which provides customizable functions, offers, and payment models, Oracle Flux allows protocols to plug into existing infrastructure for unsafe and flexible data query processing. Query interfaces have a chance to make and cultivate data requirements on behalf of protocols or users who need off-chain data, while validators work together to process the acquired results. Oracle additionally has the ability to work as a support for existing Oracle pipelines and API interfaces, further enhancing the security of the outdoor network and increasing data unity.
Request contracts are added to the protocol by means of demands to join the Requester Registry (RR) — a whitelist of contracts that are allowed to create data requests managed by the Flux DAO (that is the Token Curated Registry). The offer to join RR must include the number of FLX tokens to be applied, and the token holders are liable for the application or anomaly of the Request Contract connection offer after such as all requests become executed and the contract code becomes tested.
Flux DAO. FLX token holders have all the chances to participate in the management of the protocol, through a Flux DAO. Proposals to add or remove request interfaces, upgrade parts of the system, change network features and provide funding can all be made.
Flux Oracle integration
FLX tokens are required to integrate Flux Oracle into any data source. The availability of tokens will allow the intended integration protocol to apply for a request interface registration (RIR) to interact with Oracle.
RIR is a smart contract that manages a whitelist of approved account IDs for data requests on the network, curated by the DAO. The Flux DAO, open to all validators, is responsible for approving or rejecting a whitelist request by vote. Any FLX token owner can propose the whitelisting of any protocol.
Adding any protocol to the whitelist consists of two steps; Request a proposal and initiate a request. In the first step, the interface proposal is submitted along with proof of eligibility. After reviewing the proposal, the proposal proceeds to the second step, where FLX validators vote to approve or reject the proposal.
Each component of the protocol is designed to be as open as possible, without permission or trust, allowing individuals and communities to design and develop customized solutions for data provisioning and retrieval.