For those of you who missed previous articles here is what the Flux protocol is.
Flux is a cross-chain oracle aggregator that provides smart contracts with access to economically secure data feeds on anything. Every component of the protocol is designed to be maximally open-source, permissionless, and trustless, enabling individuals and communities to design and develop bespoke solutions for data provision and retrieval.
- Flux protocol official documentation
An oracle serves as a bridge between the blockchain and the real world. It allows extending blockchain beyond the crypto world and сonnect real-world data. They act as on-chain APIs allowing you to extract information into smart contracts. The information could be any sort of data and oracles can also be directed both ways in and out.
One mechanism is to leverage the wisdom of the crowd consensus to aggregate information on almost anything. This allows getting access to real-world events that are not possible to collect otherwise.
Another key mechanism to provide security is economic guarantees. It is supported by the Validators, the main goal of which is securing the Flux Oracle across chains. Flux seamlessly connects major oracles across crypto into one stream and economic guarantees provide a trustworthy solution.
To validate data requests you would need to run a Flux Validator Node. This will also allow you to earn rewards for securing the Flux Oracle across chains
Before you start make sure you understand the following:
The next step is to Setup an account. You can follow the instruction in the official documentation.
Use the Explorer to find the requests you can validate:
Navigate to one of the recent ones. It will take you to the requests screen. You can view the request in further detail.
To participate in the validation of the request, hit the stake button to stake your wNEAR in what you believe to be the outcome, or simply copy someone else’s answer and post the rest of the wNEAR needed to fill the bond. If the resolution window closes and nobody disputes your staked answer, you can hit the finalize button and get your rewarded wNEAR!
Next time we will dive into a Validator Node setup.
As always you can check Flux resources for more details:
