Flux Protocol — checking the relevance of data, stacking, DAO.
Warning: The Flux Protocol project is currently running in test mode and FLX tokens cannot be bought! Beware of scammers!
Today we will look at the information of checking the relevance of data, staking and DAO. All these issues are closely related to each other with the help of FLX tokens.
FLX token
At the moment, the Flux Protocol is working in test mode and the FLX token is not used, but everything will change with the launch of mainnet, where FLX tokens will play a very important role:
- Ensuring protocol security
- Stacking
- Incentives for bona fide validators
- Punishment for dishonest validators
- DAO
FLX tokens will be used to ensure the security of the protocol and will serve as a guarantee that the data transmitted by the oracle Flux protocol is reliable and trustworthy.
This will be achieved by stacking. Stacking in the Flux protocol has some features. In order to become a validator, you will need to have a stake of FLX tokens, the size of which will be dynamic. The size of the dynamic stake will be determined by the DAO so that the Total Value Staked (TVS) is approximately equal to 1/5 of the total capitalization of all FLX tokens.
Such a stacking system is needed so that the loss of a potential fraudster who sold incorrect data is greater than the potential benefit.
Data verification
But despite the advanced stacking system, we have another problem: there are people or companies who will carry out an attack on the Flux Protocol despite possible losses. For such cases, the developers have introduced the concept of timelocks and a contesting mechanism.
For each request for information from the oracle of the Flux Protocol, you can configure a time interval for checking the result received by the oracle. At the same time, validators can perform additional verification of the data tracked in automatic mode. If false information is found during the verification, then it can be challenged by the validator, for which he will have to put his tokens on the result that he considers correct. If the data is disputed, the violator will be fined, and the validator who notices the error will receive an additional reward.
Stacking. DAO.
FLX tokens will also be required for the DAO, which will be engaged in network management. For ordinary users who have FLX tokens, there will be a simple function of delegating tokens to the validator they like. For the delegation of their tokens, the user will receive a passive reward, without managing the network or validating data.
All this will be available only after the official launch of the network and the release of the FLX token, which cannot be bought anywhere today. In order not to miss the moment of launching the Flux Protocol, subscribe to the official notification channels provided below:
Twitter: https://twitter.com/fluxprotocol
Site: https://www.fluxprotocol.org/
Discord: https://discord.com/invite/sJUveAvJHf
Telegram: https://t.me/fluxprotocol
