Project Titan Beta opens to the public on 20 July! This has been much anticipated as the Titan nodes will bolster the Flux network with enterprise-grade computational nodes utilizing Lumen Technologies infrastructure. This article covers details on the roll out and Titan’s ‘Proof of Useful Stake’ – a solution to some of the inherent issues with proof of stake.
The beating heart of Flux is the massively powerful decentralized network consisting of more than 12,000 computational nodes. An immensely powerful network is operated by thousands of individuals and is wholly decentralized. There is nothing else quite like it, and it is exactly what the Web3 infrastructure tech stack desperately needs right now.
The recent crash of several Defi and lending protocols has highlighted the importance of decentralization and trust-less systems. Without decentralization, the shared dream of crypto-enthusiasts to build a viable alternative to centralized financial institutions will not survive. Flux will continue to carry the banner of decentralization and provide enterprise-grade decentralized infrastructure to all projects and businesses seeking to mitigate the inherent risks of centralization.
Fortunately, the decentralized infrastructure that Flux is building has never been stronger. The network continues to grow even with the current, less than optimal, market and macro conditions. Momentum is set to pick up even more as we have now arrived at another milestone development that will enable further growth and adoption of Web3.
We are happy to announce that our shared Titan nodes are going public on July 20th with the launch of the Titan beta!
Titan nodes and the introduction of ‘Proof of Useful Staking.’
Titan nodes are powerful Stratus tier Flux nodes operated by experienced Flux node operators. The Titan nodes leverage Lumen Technologies infrastructure to create attractive and powerful hosting solutions for Enterprise clients.
They mark a key development milestone in the Flux and Lumen partnership and will play a vital role in onboarding Enterprise clients onto Web3 infrastructure, but it’s not just established providers helping out with Titan. To keep things decentralized, community providers have stepped up and stood up servers for Titan and to celebrate their efforts, we will launch the Titan beta with servers running on community providers hosting, such as hostnodes.online and servers provided by a longstanding community member, Jriggs.
To participate, all you need is to have 50 Flux in the official Zelcore wallet for the minimum Titan collateral. Via Zelcore, you will be able to lock your Flux in a 3, 6, or 12-month stake and participate in a shared Titan node on the FluxOS marketplace. After this time, you will have your collateral unlocked along with your staking rewards. You also have the option to auto-renew your stake, the Titan nodes will then auto-compound your original stake and rewards.
The Titan nodes are collateralized by shared staking, thus creating a shared node and staking program. When Flux holder locks their stake in the Titan program, they are not only passively earning Flux, but they are also supporting the Flux network by standing up new nodes and infrastructure. The staked amount stays in a secure multi-signature node wallet address and is simply locked in that specific wallet while staked.
Flux is always dedicated to creating new and better solutions for Blockchain that emphasizes decentralization and empowerment, and the Titan shared staking program aims to solve two major issues plaguing blockchain staking currently.
The first major problem of staking involves the security of the staked funds. In most current staking solutions, whether it involves a centralized exchange or a Defi protocol, the staker usually has to trust a centralized actor while the stake is active.
This creates a lot of risk for the person staking their assets as the other party might lose or keep the staked assets. When you’re staking on an exchange, what will happen to your funds if the exchange goes bankrupt? What will happen if you send your funds to a Defi pool if it gets hacked or exploited? You most likely lose your funds.
With the Titan shared nodes, your staked Flux is securely kept in a multi-signature node wallet while staked, staying decentralized on the blockchain, as it should be.
The second problem is related to the economics of staking. There are two pitfalls in this regard. The first relates to letting a centralized actor stake on your behalf. When you stake funds on exchange versus through your own wallet, the exchange will usually collect the lion’s share of the staking rewards for themselves and give less than optimal profits for the staker. The other pitfall is unsustainable tokenomics and yields. This is a critical flaw of ‘Proof of Stake’; sadly, we have seen many examples of this recently. If staking is simply a high APY ‘money-printer’ with no value being created behind the scenes, then it is unsustainable and can lead to the collapse of the asset involved.
With Titan, Flux has developed ‘Proof of Useful Staking’. The Flux being staked in Titan is used to stand up computational node infrastructure that creates value for the Flux network. The Titan nodes do work for the Flux network by hosting decentralized applications, with those applications being required to pay hosting fees. This mechanism ensures that the stake produces value and interacts with the Flux economic model in a sustainable way.
The Flux team put a lot of effort into building a decentralized, secure, and sustainable staking platform. Great care has been taken to try and use this opportunity to address some of the inherent flaws of other staking solutions.
But there is one more important detail.
Flux needs to take care of the loyal miners who secure the network. When collecting Titan staking rewards, there is a 1 Flux fee. Half of that fee will be distributed to the Flux miners. For every stake collection transaction in a mined block, 0.5 Flux will go to the mining pool or solo miner who mined that block.
For example, if there are 10 Titan claiming transactions in a block, then that block receives a total block reward bonus of 5 Flux. The other half of the claiming fees will go to the Flux Foundation to secure the future development of the Flux ecosystem.
We hope you will jump in and enjoy our new Titan nodes!
Collect your Flux, put it to work, support the network and watch it grow!
We look forward to many new community members joining our Titan node program. By doing so, they will help grow our decentralized network. Now more than ever, the World needs decentralization. Flux is dedicated to bringing more innovations to the blockchain, and we have many more exciting developments on the way, like ‘Proof of Useful Work,’ a sustainable and environmentally friendly GPU mining algorithm, persistent storage, FluxOS developments, parallel asset snapshots, and distributions, and much much more.
Flux is fueled by community, so we invite you to come to take part. All are welcome, it doesn’t matter if you’re just interested in technology, an investor, a developer, or just like to make crypto memes all day. Flux needs all kinds of people to participate in the decentralized future.
If you want to witness what Flux has built so far, go visit the Flux network dashboard and see how many nodes we’ve got online, check out the massive resources available to the network, see what decentralized apps are running and what the current rewards are for Flux node operators.
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