Flux Oracle v1 Whitepaper
Learn about the Flux Oracle v1 launching on NEAR Protocol
Today’s blockchains are largely self-contained and operate independently of one another, unaware of data from the outside world unless a user brings it on-chain. Decentralized applications often require the fetching and posting of external data, but the problem lies in who to trust to post this data on-chain. Furthermore, today’s oracle solutions rely heavily on delegating authority rather than taking a game-theoretic, open market approach to incentive design for ensuring data correctness.
The Flux Oracle is a decentralized, cross-chain oracle that aggregates economically-backed data, resolved by a network of validators and created among a community-curated registry of requesters for all to utilize on-chain. Requesters requiring use of the validator network are curated by the governing Flux DAO to create domain-specific data requests with parameters set along a security/speed gradient depending on the data requirements. To resolve data requests, validators stake granuarily on what data they want to provide and earn rewards by providing accurate outcomes. Malicious actors are disincentivized by having their associated stakes slashed for an outcome that the network deems inaccurate and rejects.
The Flux Token (FLX) is the utility token powering and securing Flux. Flux is supported and developed by the Open Oracle Association, a Swiss non-profit entity with the sole purpose of supporting the ecosystem through the distribution of grants both in monetary means through USDC and FLX.