Parallel assets play a significant role in the Flux ecosystem. The role of parallel assets is crucial to how Flux operates. These assets are bridges to other networks – allowing users to benefit from what is best about both chains. This article explores how laying this strong and comprehensive foundation with Avalanche brings much to the interoperable network Flux is building.
Flux-ETH, Flux-Kadena, and Flux-BSC have already been in circulation since the first half of 2021, while others like Flux-Sol and Flux-TRX joined the list in the second half of the year. For this year, Flux has announced Flux-Avax as one of its latest additions to its fleet of parallel assets.
On May 5, 2022, at noon UTC, Flux took the snapshot of Flux assets staked on Coinmetro and those in the Zelcore wallet. Flux holders will receive up to 5.4% of their Flux assets in Flux-Avax. However, essential questions to ask include;
“What’s next after launching and deploying these parallel assets on the Flux network?”
“What will be the significance of these new assets to the future of Flux and the decentralized web from a larger scope?”
To answer these questions, let’s look at the blockchain this token will connect to Flux.
A More Optimized Approach
Avalanche started as a mission to solve consensus problems in blockchain networks liable to crash faults or Byzantine failure.
Researchers would later develop it at Cornwell University, led by Emin Gun Sirer. A high-performance blockchain network was designed to address three primary use cases. These are; the creation of complex and customizable smart assets and the building deployment of scalable decentralized applications.
In addition, the network is designed to handle the creation of application-specific blockchains, which can either be public or private.
What makes Avalanche unique, however, is how it sets about to get this done. The network combines the unique blend of the classical consensus with its characteristic fast speed and low maintenance with the Nakamoto consensus developed by Bitcoin’s anonymous creator.
The result is a unique protocol called the Avalanche consensus- decentralized, robust, low maintenance, and scalable — all the strengths of both parent consensuses, none of their weaknesses. Avalanche consensus can accommodate scaling from thousands to millions of participants without a significant downgrade in the speed of the chain.
The Avalanche Effect
The Avalanche protocol is regarded by many as a stiff competitor to the Ethereum blockchain, and with good reason. It can power other protocols and decentralized applications from different native chains.
The platform uses solidity (a language popular among Ethereum and Javascript developers) and allows for customized chains (private or public) to be built on it. This way, developers can stick with a single platform while designing personalized protocols that serve unique needs.
One of the features that sets the Avalanche blockchain apart from many other blockchains (Including Bitcoin) is its high throughput. Transactions on the chain can run as fast as 4500 TPS, while bitcoin and ethereum can only manage 7TPS and 14TPS, respectively. This speed also has the potential to reach 10,000 or more depending on machine specifications.
Avalanche also solves the problem of transaction finality. The need to wait for transaction confirmations over several minutes is one of the drawbacks that has made many blockchains unsuitable for commercial purposes.
For example, it takes up to 60 minutes on the Bitcoin network to achieve transaction finality, while Ethereum has a time gap of 6 minutes.
On Avalanche, this time gap is significantly decreased to less than two seconds making the network way faster than what can be achieved on many other chains.
The Trilemma of Chains
The network runs on three different chains–the P (platform) chain, C(contract)chain, and the X (exchange) chain, each handling a unique part of the avalanche ecosystem.
The P chain is responsible for creating, tracking, and maintaining sub-chains (subnets) made on the network. The C-chain enables developers to write smart contracts for new decentralized applications by implementing the Ethereum virtual machine.
At the same time, the X-chain is used to create and exchange the Avalanche native coin, Avax, alongside other digital currencies.
Avalanche also uses an additional chain optimized consensus (Snowman protocol) for the P and C chains; this consensus protocol offers native support for quickly creating and trading customizable digital intelligent assets.
Defi Smarter, Better…
Since one of Avalanche’s primary use cases is the deployment of smart contracts, it has found wide applications for Defi applications. The ecosystem is home to over a hundred Defi applications that take advantage of its speed, performance, and interoperability.
Currently, Avalanche ranks among the top platforms for decentralized finance. Avax, the native token, finds its utility in the ecosystem stem’s transactions, staking, and governance.
Related: Proof of Work Blockchains Value Defined | Decentralized Cryptocurrencies Resistant to Attacks
Flux interacts with the Avalanche chain via Flux-Avax, allowing synergy, interaction, and interoperability between both ecosystems. Users on the Avalanche network can easily participate in the web3-focused Flux economy, stake tokens, host Flux nodes, and earn mining rewards. The same also goes for users on the Flux network, who can now experience the best Avalanche ecosystem. Avalanche tokens will now be available directly to users from the Zelcore wallet.
Avalanche and Flux share a lot in common. Both projects aim to increase the adoption of blockchain technology for different use-cases and improve the accessibility of these services to a global population.
What does the future hold for Flux?
Flux continues to optimize its platform and expand its scope in a quest to position itself as a pace-setter in a decentralized web3 world.
We’re looking at more integrations, partnerships, and deployments of Dapps on the ecosystem across different sectors. With upgrades like Titan nodes, enhanced POW mining with Ergo, Web3 Enterprise adoption with Lumen Technologies, and lots more, Flux is redefining cloud infrastructure and the web….one step at a time. Join us: runonflux.io
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