What is Flux (FLUX)?
is a blockchain ecosystem with an eponymous cryptocurrency called FLUX. For some, understanding a normal blockchain is already difficult. Understanding how Flux works can then quickly be seen as impossible. This is because Flux is not just any blockchain, but an ecosystem comprised of many components. Think cryptocurrencies, wallets, masternodes, incubators, an operating system, and an open-source developer environment.
But what does Flux really want? It is especially important to understand that Flux wants to be the foundation of Web 3.0
. This is a movement seen as the new generation Internet, where everything is decentralized.
Currently, Internet services are mostly centralized. This means that data is stored in one location, and central parties exercise a lot of power. When you use a central Web application like Facebook, your data is stored on Facebook's Web server. You yourself are not in control of managing this data, because that is Facebook.
With Web 3.0, we are in control of our data ourselves. Applications run on the decentralized network of a blockchain, where all personal data is also stored. These are secured by cryptography, allowing only the rightful owner to access the data.
In January 2018, Flux was created from a fork of ZCash. This is a blockchain and cryptocurrency that aims to protect users' privacy. Looking at Flux's blockchain, we can still see a few similarities to ZCash's blockchain, although it is clear that Flux's developers have done their best to further develop the blockchain.
What can you use Flux (FLUX) for?
You can use Flux for Web 3 applications. This means that developers can build their own application on Flux's blockchain, and end users can use these applications. It is also possible to contribute to the blockchain network. In fact, anyone can set up a node in the network, because Flux's network is permissionless.
A person can set up a master node when he or she wants to contribute computing power to Flux's network. The master node performs important tasks, such as processing transactions (done with mining) and controlling all the other master nodes. Together, they must reach a consensus (agree with each other) to continue the blockchain.
A developer can use the special developer environment. This is an environment that makes it easy to build applications within Flux. As you might expect, building an application on the blockchain is tricky. Not so when you use Flux. Sure, some technical knowledge is still needed, but building an application on this blockchain is a lot easier than you might expect.
The FLUX token
FLUX is the token of the Flux blockchain and performs a number of important tasks within the network. The token, which uses the ERC-20 token standard, is used for the following, among other things:
Users pay FLUX tokens when they want to perform a transaction over the blockchain;
For using a dApp
, users will have to pay FLUX tokens;
Masternodes can earn FLUX tokens by participating in the Proof-of-Work model where they validate transactions and create new blocks;
Crypto traders can use the FLUX cryptocurrency for price speculation.
There is a maximum supply of 440 million FLUX tokens. This means that there will never be more than 440 million FLUX tokens in circulation in the future. At this time, not all FLUX tokens are in circulation either. More than 60% of FLUX tokens are in circulation and this number will grow as masternodes add more blocks to the blockchain over the next few years.
The team behind Flux
As with any crypto project, the team behind Flux consists of a large number of people. Everyone performs their own task within the project. Daniel Keller, Tadeas Kmenta, and Parker Honeyman are the three founders of Flux. In addition to them, the Flux team consists of 30 other employees. They perform tasks for marketing, development, sales, support, graphics, community, and more.
These are Flux's key team members:
Daniel Keller (Strategy Officer and co-founder);
Tadeas Kmenta (CIO and co-founder);
Parker Honeyman (COO and co-founder);
Davy Wittock (CBO);
Jeremy Anderson (CTO);
Alžběta Kolibačová (CMO).
Where to buy Flux (FLUX)?
Do you want to buy FLUX crypto? You do that at Coinmerce because here you can buy FLUX crypto with iDEAL, SEPA, Giropay, MyBank, and credit card (Mastercard and Visa). This is why many people in Europe choose to buy their FLUX crypto coins at Coinmerce. Of course, they also do so because you don't pay deposit fees for using the payment methods.
Before you can buy FLUX, you will need to create an account at Coinmerce
. Do you already have a Coinmerce account? Then you can buy FLUX crypto here
. In the buy window on the right side of the page, specify how many FLUX coins you want to buy. It is also possible to do this via our application for smartphones. After you buy your FLUX coins, you will find them immediately in your personal Coinmerce wallet.
In which crypto wallet can you store FLUX?
Because FLUX is an ERC-20 token, you can store it in almost any crypto wallet. If you purchased FLUX from Coinmerce, you can send it to an external wallet. Think of an Ethereum wallet like MetaMask, or a wallet you have at another exchange. It is also possible to store FLUX on a hardware wallet.
A hardware wallet, also called a cold wallet, is a crypto wallet that looks a lot like a USB stick. Your public and private keys are stored on this wallet. When you want to send crypto from the hardware wallet, you need to connect the physical wallet to your computer, laptop or smartphone. Such a hardware wallet is considered one of the most secure methods for storing crypto.