46. Sustainable Blockchain – Proof of Useful Work & Flux
Some time ago, Flux announced its work on Proof of Useful Work (PoUW).
Since then, the platform has been working hard to make it a reality. The impact of PoUW on cryptocurrencies, but also on traditional industries, will be huge! This is one of the biggest projects Flux is working on. PoUW has the potential to change the way we look at Proof-of-Work blockchains. It will also help solve sustainability issues that are taboo among blockchain critics.
So, what is the Flux ecosystem? What are the characteristics of Proof of Useful Work? We invite you to read on!
The Flux Ecosystem
Flux (FLUX) is a cloud-based decentralized computing network. It is designed to develop and deploy scalable, cross-platform blockchain applications. The entire ecosystem is based on Flux’s own chain and runs on seven other chains.
The nodes on the Flux master chain make their computing resources available to the ecosystem and receive rewards in the form of cryptocurrencies in return. The resources are used by dApps throughout the ecosystem. With a broad network of nodes, Flux can offer dApps developers with a highly sophisticated and scalable platform.
The Flux platform itself is based on the BaaS concept. It provides computing resources and blockchain infrastructure in the cloud. This gives Flux greater security and decentralization, which is directly integrated with blockchain technology.
The platform itself is connected to other blockchains via parallel assets. These are native tokens for other blockchains that are also part of the Flux ecosystem.
The whole ecosystem is primarily for developers to create scalable and compatible dApps with other blockchains. Currently, there are many dApps running and being built in the Flux ecosystem. This group includes:
- Yearn Finance (YFI).
- Aave (AAVE).
- Minecraft’s servers.
How does the Flux ecosystem work?
Flux is a fork of Bitcoin by ZCash. Block validation is based on Proof-of-Work (PoW) consensus. What it means. That some nodes in the network act as miners to validate transactions.
Also, Flux implements a Proof-of-Work (PoUW) that optimizes PoW. We will get into the details of PoUW shortly.
In addition, the mining algorithm of FLUX, ZelHash, is resistant to ASIC mining. As a result, it consumes less energy.
As mentioned in the paragraph above, Flux acts as a cloud-based infrastructure provider with seven other chains.
These chains are: Ethereum (ETH), BNB Chain (BNB), Kadena (KDA), Solana (SOL), Tron (TRX), Avalanche (AVAX) and Ergo (ERG).
By supporting so many chains, dApps built on the Flux platform have a high degree of interoperability between chains. This interoperability is achieved through FluxOS, a cloud-based operating system that connects all the platforms supported by Flux. In addition to FluxOS, there are three other important elements in its architecture: nodes, mining nodes and parallel resources.
FluxNodes power the network nodes of FluxOS. They represent the users who provide computing resources to the network, which are used by the dApps. In exchange for the resources, the nodes are rewarded with FLUX cryptocurrencies.
The overall scalability and performance of the system depends on these nodes. Flux nodes can run on a Virtual Private Server (VPS), a home computer, a server or an ARM processor.
They validate the blocks for the Flux blockchain. It is important to remember that Flux has a lower mining difficulty compared to Bitcoin or even Dogecoin.
The mining time for a Flux block is only two minutes, compared to Bitcoin’s 10-minute mining frequency. Each reward for a block on Flux is 75 FLUX. This is split 50/50 between miners and operating nodes.
In addition to the FLUX rewards, miners can earn additional rewards in the form of parallel tokens as well as bonuses from Titan claim transactions (this is a shared Flux node program).
FLUX token – what is it and what role does it play?
FLUX is the native cryptocurrency of the Flux ecosystem. It has several use cases. Interestingly, we need to use Zelcore to own FLUX and perform important operations such as staking.
FLUX is also a cryptocurrency that is paid out as rewards to miners. It is also used to run nodes and as a token for ecosystem management. The holders of FLUX are involved in the decision-making process regarding changes and development of the platform. Interestingly, the platform is managed by XDAO, a decentralized entity controlled by the holders of the FLUX token.
It is also interesting that FLUX can be used for staking on the platform. To participate in staking, you need to invest at least 50 FLUX and the cap on the amount that can be staked by a node is 20,000 FLUX.
The token itself has a limited supply, set at 440 million.
What is Proof-of-Work (PoW)?
As you know, Proof-of-Work (PoW) is when a chain is backed by miners who perform complex calculations to obtain a reward. These calculations are useful for the blockchain, but they serve no purpose in the real world. That is why they are so often criticized.
Proof of Useful Work (PoUW) solves this problem. Flux wants to transfer the enormous computing power that PoW miners use into the real world to solve relevant problems. Areas where PoUW can be used for efficiency and effectiveness include:
As the world grows, more and more research problems require massive computing power to solve puzzles. PoUW can bring computing power to this area and help researchers do their work. PoUW can also be helpful in providing computing power for tracking climate conditions and weather forecasting.
Thanks to AI algorithms, we can create clips with altered faces and even voices. This poses some dangers. Deepfake detection is a taboo subject and needs to be taken seriously. Proof of useful work provides access to the resources necessary to study, detect and, most importantly, distinguish deepfakes from real faces and voices.
- Rendering in computer graphics
Rendering is the process by which a computer builds up a given image pixel by pixel. Complex designs even require the application of special effects. This requires an enormous amount of computing power, which often slows down the whole process. With PoUW, we draw power from a pool of available GPU miners. And the result? Faster rendering!
- Machine learning
Training ML algorithms (reinforcement learning or computer vision) relies on large data sets and high GPU power. On a personal computer, this can be very slow and often even impossible. With PoUW, researchers get access to resources that are on miner hardware.
So, you can see that these are problems we face every day. They can be solved faster, cheaper and more efficiently with PoUW.
Flux and its approach to PoUW
Flux has a very flexible approach to PoUW. It goes beyond its ecosystem. The platform allows virtually anyone with the right infrastructure and hardware to make their devices available to work on problems that require a lot of computing power.
This includes miners, gamers with the right graphics cards, or large organizations with unused computing resources.
Flux is a rare project indeed. So far unheard of in the cryptocurrency sector. It offers a scalable solution that is available in the cloud. It has great features, including cross-platform compatibility or scalable leasing of computing power based on PoUW.
In the blockchain world, Flux is one of the most promising projects.
Complete your knowledge!