As Ethereum transitions to PoS days later, an altcoin project aims to fill the miners’ void. In doing so, it reached the top 100 by market capitalization after gaining 130% last month.
This altcoin reached among the top 100 cryptocurrencies
Flux (FLUX) aims to fill the PoW gap left by Ethereum’s upcoming transition to PoS. Since August 6, the FLUX price has gained 130%. Thus, it entered the top 100 cryptocurrencies by market cap.
On July 12, Flux price hit the bottom at $0.394. It rallied strong for a phenomenal rise that peaked at $1,437 on Sept. Taurus exhaustion has since kicked off in writing, putting Flux below the previous day’s close.
Flux, formerly known as Zelcash or Zel, was rebranded in March 2021. According to the project’s whitepaper, the team aims to solve the problem of “unresolved Blockchain needs” by providing “digital infrastructure to support the future.”
What is Flux (FLUX)?
Flux focuses on being the next generation decentralized cloud architecture solution. At the heart of the ecosystem is the FLUX token, which is used to incentivize hardware hosts and reduce bad actors. Working hardware requires Stake FLUX. Also, bad actors face token hijacking for illegitimate actions.
In particular, the team believes there is a need to approach blockchain-based decentralized cloud infrastructure using a standardized approach. The Flux ecosystem system delivers this technology through a “digestible toolset”. Linked to strategic partnerships to enhance the ecosystem through the Launchpad program, Flux hopes to “bring usable Blockchain products to the masses in easy-to-use apps.”
Latest developments from the altcoin project
There have been no particular new fundamental developments on Flux lately. Its latest post explains why GameFi is poised to challenge the current paradigm led by Sony, Nintendo and Microsoft. In short, the work made a case for incentivizing and rewarding gamers, not the currently dominant mega-corporations.
Web3: The Rise of GameFi and the New Blockchain Gaming Landscape. by @RunOnFlux https://t.co/4k1oicPIfg
— 3D_Martin (@martin_brunoro) September 1, 2022
However, apart from recommending Flux as “the perfect infrastructure to power Web3 games,” he did not reveal specific game projects developing on the blockchain. Interestingly, the team encourages Ethereum PoW miners to join the Flux ecosystem. Ethereum is preparing to fully transition to a PoS Blockchain, outpacing existing PoW miners.
However, the team sees PoW as “the only viable future”. It also invites GPU miners to participate in securing the Flux chain:
Flux is a GPU mineable cryptocurrency that will forever be an ASIC-resistant PoW. There can be no real decentralization without miners securing the Flux chain.
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