Is FLUX worth it? Based on what I could find...
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Chapters:
0:00 Decentralization
2:46 What Is FLUX Crypto
4:49 The FLUX Team
5:34 Partnerships
7:37 FLUX Stats
Summary:
What many of us learned in the last crypto cycle was that a TON of projects claiming to be decentralized in reality aren’t.
ETH arguably just centralized itself with its new Proof of Stake incentives model
Solana seems to halt all the time and “somebody” has to kick it to turn it back on
THORChain fears adding a privacy coin because of OFAC worries…
Just for reference, Bitcoin fears nobody.
There is an argument to be made for what constitutes as “decentralized enough” with many people saying “Decentralization is a gradient, not a binary.”
But I completely disagree. If a product is decentralized, I expect it to be just as censorship resistant as Bitcoin, otherwise it’s not decentralized.
That’s not to say that projects can’t eventually become decentralized, but it would be great if teams were more transparent about it up front.
Spoiler alert: FLUX is also not completely decentralized yet as the first page of their website claims.
For real though, that it isn’t 100% decentralized YET might be the only thing I see currently wrong with it… so, is this coin still worth investing in? Let’s dig into it.
FLUX has lofty goals and aims to compete with the likes of Amazon Web Services and DigitalOcean by providing a truly decentralized cloud infrastructure that cannot be shut down by outside forces.
First, it’s a fully decentralized network... how about we check back in 6 months.
Nah jokes aside there are thousands of nodes running the network so if a bad actor were to shut FLUX down, they’d have to attack or threaten the team directly to do it. Nonetheless, you could say it’s still progress over the complete centralization of something like Amazon Web Services.
Second, It’s interoperable. You can have FLUX on Binance and Kadena to name a couple chains, but they just recently added ERGO into the mix and they’ll likely keep adding.
Third, the network is redundant so that if any particular node, region, or data center is shut down, the data will spill over to another node and business can keep churning as usual.
Fourth, Nodes need to host Enterprise Grade hardware which makes using the service from a consumer level top-notch. The network actively monitors the nodes so if they don’t perform to specs, they get bounced.
It’s also a PoW chain so miners validate the transactions to earn 50% of the block subsidy, with 3 different tiers of nodes splitting the other 50%.
What’s great is that being a PoW chain means there was no pre-mine and according to the community there is ZERO VC backing, which is always a plus and hard to find these days.
The team looks fully doxxed with 3 main leaders… Daniel Keller, Parker Honeyman and Tadeas Kmenta.
I found all three of their LinkedIn profiles and there wasn’t anything that really jumped out at me in terms of previous specialization.
To fight centralization of the network, FLUX aims to stay ASIC resistant. This is accomplished by only requiring 3 gigabytes of GPU RAM.
FLUX actively combats this. If any ASIC’s were created to mine FLUX I’m told the team would fork the code. It’s also found in the white paper although it’s not explicitly stated they will fork the code. But they do continuously change the PoW algorithm to stay ahead of ASIC’s.
The main wallet is called Zelcore and I’ll just call it “unique”. It doesn’t secure itself with a seed phrase like you’re probably used to and it’s more complicated to navigate than your typical MetaMask-type wallet since there is no browser extension version.
But should you choose to accept the challenge of learning it, I have no doubt you’ll be fine.
Full disclosure I don’t plan to buy any FLUX at this time. It’s only a 3x away from its all time highs and although I think it’s an interesting project, I feel like there are better opportunities out there if your goal is to make money.
PS: I am not a Financial Advisor and any investment commentary are my opinions only. All trading involves risk so be sure to do your own research before making any investment decisions. Some of the links in this description are affiliate links that I do receive a commission for. Thank you!
