The Flux-Algorand parallel asset is live, opening up the Algorand ecosystem for Flux fusion and expanding the DeFi and cross-platform development opportunities across the two blockchains. For Flux holders, the launch of the Flux-Algo parallel asset will also initiate the distribution of Flux-Algo tokens based on the October 31st, 2022 snapshot.
So far, 2023 is off to a great start for Flux; we’ve already seen the deployment of the new Fractus storage nodes, several cool new dApps such as Nostr relays and Nexa nodes, and very soon we’ll see the launch of WordPress on Flux.
And now, Flux is launching the eighth Flux parallel asset (PA), Flux-Algorand.
Flux PAs are a key feature of our network. Simply put, these are Flux tokens on other blockchains. You can compare the PAs to expatriate citizens: they are native to Flux but live abroad. They have all the benefits of the foreign ‘country’ they reside in but can always return home; it’s like they’re holding two passports.
Native Flux can be swapped to and from any PAs available. No matter what assets are swapped, native Flux and Flux PA swaps always happen at a 1:1 ratio (though some fees are involved). Swapping is done in the official Flux wallet Zelcore using the Fusion app. Using Fusion to swap is simple and done with a few clicks.
The PAs allows Flux to ‘travel’ across blockchains enabling DeFi and cross-platform development. It supports the ambition to keep building Web3 and expand collaboration possibilities across blockchain ecosystems.
Flux is the leader in Web3 decentralized infrastructure. It is a comprehensive suite of decentralized computing services and blockchain-as-a-service solutions. The Flux ecosystem provides Web3 developers with the tools, services, and infrastructure needed to deploy their applications in a fully decentralized manner.
Flux is platform agnostic; any blockchain can run its applications on Flux infrastructure. However, the PAs make Flux a little closer to home for the added blockchain ecosystems.
Flux is thrilled to add Algorand as the next PA and build a bridge to the dedicated developers and community at Algorand. If you’re unfamiliar with the Algorand ecosystem, then read on for a little introduction.
What’s up with Algorand?
Alright, let’s get acquainted with Algorand.
Algorand is the world’s most advanced, secure, and reliable layer-1 blockchain. It is a carbon-negative network with the infrastructure and speed required to enable global, decentralized, Web3 adoption. Designed by MIT professor and Turing Award-winning cryptographer Silvio Micali, Algorand is uniquely capable of delivering on the promise of a borderless global economy.
Since it went live in 2019, Algorand has experienced zero downtime. The network achieves transaction throughputs at the speed of traditional finance (6,000+ TPS) but with immediate finality and sub-penny transaction costs on a 24/7 basis.
Algorand is used to run smart contracts and support the creation of various assets, such as tokens or NFTs, and applications ranging from DeFi to NFT marketplaces to gaming, stablecoins, and much more. Algorand already has hundreds of projects running on its blockchain, with many examples of real-world adoption in social impact, finance, sports, music, gaming, and more.
Its unique “pure proof-of-stake” (PPoS) consensus mechanism solves the “blockchain trilemma” by achieving both security and scalability on a decentralized protocol. Algorand is permissionless and enables participation from anyone holding Algorand coins. The PPoS consensus mechanism secretly selects participants at every round, making it secure against bad actors. Algorand also has a Governance Program that allows the community to decide on the protocol's future.
Algorand is also known for its abundant and very active community. In 2022, the community hosted more than 100 events across the globe, including Algorand Foundation’s second annual Decipher conference that attracted more than 2,000 builders, founders, investors, strategists, and blockchain enthusiasts to Dubai, UAE, in November.
Algorand is a hotspot for Web3 development and a great add as a Flux PA. We hope to see many Algorand applications running on truly decentralized Flux infrastructure shortly.
The Flux-Algo PA distribution is scheduled for March 3rd. Flux holders will receive the initial distribution of the Flux-Algo tokens based on the October 31st, 2022 snapshot. Flux miners and node operators can also claim their Flux-Algo mining rewards.
Similar to recent PA deployments, the snapshot, and parallel mining claims will launch first, with Fusion swaps coming online a little later to enable a smooth deployment.
Still, getting familiar with Zelcore? Zelcore is a non-custodial, multi-asset wallet and trading platform that allows users to securely store, manage, and trade cryptocurrencies and other digital assets like NFTs. Don’t miss out on the next Flux parallel asset drop — download Zelcore and take charge of your FLUX and 400+ cryptocurrencies.
Come check out the official Flux website hosted on the Flux decentralized network. Learn about the ecosystem and see what Flux has to offer.
If you want to witness what Flux has built so far, 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.
And also, please do stop by the Flux discord to meet the Flux team and community and discuss all things Flux, and we’re always on the lookout for new community members or developers.