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Flux-Bitcoin: The 10th Parallel Asset Pioneering Bitcoin's Expansion

Parallel assets have become Flux's insignia of interoperability and cross-platform collaboration within the blockchain industry. More than just digital tokens, these assets serve as a bridge that links the Flux network to other major blockchains. From the Binance Smart Chain (BSC) to the Polygon network, Flux's parallel assets function as a dual-system gateway, allowing Flux users to experience the unique capabilities of other blockchains while maintaining a 1:1 interconversion integrity with the native Flux asset.

These assets have laid a solid foundation for exploring diverse DeFi opportunities and advancing cross-chain solutions for the ever-evolving Web3 world. Flux's vision is a fully decentralized yet integrated Web3 ecosystem with seamless interoperability across different chains. Therefore, parallel assets are one of the tools designed for fostering synergy within the Web3 sphere. With nine of these parallel assets already in circulation, it's now time to unveil the 10th (and final) parallel asset in Flux's playbook.

Bitcoin Stability, Lightning Speed

The Bitcoin protocol is regarded as the holy grail of digital payment networks, and with good reason. In addition to its pioneering role, Bitcoin has demonstrated consistent reliability, liquidity, and security, making it one of the most reputable digital assets of all time. Flux's latest parallel asset, Flux-Bitcoin, will enable holders to leverage Bitcoin's explosive power and technology for different possibilities.

Flux-Bitcoin is issued on Taproot assets, a tap-powered protocol that enables assets issued on the Bitcoin chain to be transferable via the Lightning network. This innovative approach introduces Flux users to the stability and security of the Bitcoin network coupled with the high-performance speed and low transaction fees of the Lightning Network. Flux is making history by being the first to adopt Lightning network layer-two solutions and taproot assets, cementing its role as a pioneer in the industry.

Lightning and Bitcoin on Flux

Flux-Bitcoin unleashes the world of Bitcoin on Flux. This means you can run Bitcoin infrastructure on Flux, regardless of whether it's a blockbook, mainnet, Testnet, or the newer Bitcoin Signet. Bitcoin nodes on Flux are already in the works and will be available soon. Flux will also become the go-to cloud provider for hosting Lightning network clients, taproot assets clients, or universe nodes.

Flux-Bitcoin marks a new era for digital payments, as it introduces Flux users to a world of high-volume transactions executed with record speed. This asset will maintain atomic conversions to Bitcoin and also enable developers to take advantage of the immense potential of the Lightning Network for developing instant crypto-payment solutions.

The World of Parallel Assets

Flux's parallel assets represent a range of tokens on other blockchains, including KDA, Ethereum, BSC, Tron, Solana, Avax, Ergo, Algo, and Bitcoin. In October 2021, two more parallel assets, Flux-Solana and Flux-Tron, were launched, with the promise of more to come in the first quarter of 2022.

Native Flux can be swapped to and from any of the parallel assets available, always happening at a 1:1 ratio. Think of parallel assets as expatriate citizens; they are native to Flux but live abroad on other blockchains, enjoying the benefits of their foreign 'country' while maintaining the option to return home. The economic model introduced at the Flux hard fork allowed for an increase in the maximum supply of Flux, supporting miners and node operators' incentivization and enabling the distribution of the new parallel assets.

Distribution and Rewards

The maximum circulating supply for native Flux and parallel assets combined can be no more than 440 million. Airdrops and parallel mining are used to distribute parallel assets.

Airdrops were used to distribute the parallel assets for the 123 million Flux in circulation at the time of the hard fork. Every time a new parallel asset is launched, approximately 12.3 million of that parallel asset is distributed to current Flux holders based on the total circulating supply they hold.

Parallel Mining, on the other hand, distributes parallel assets for the circulating supply being added with new blocks after the hard fork. A tenth of the block reward for native Flux is distributed as parallel assets to miners and node operators, essentially doubling their block rewards once all ten parallel assets are in play.

The Flux economic model and distribution plan ensure that everyone involved with Flux receives their fair share of Flux through airdrops, block rewards, and parallel mining.

In conclusion, Flux-Bitcoin's introduction as the 10th parallel asset signifies a significant milestone in Flux's journey toward interoperability and cross-chain collaboration. With Flux's commitment to pushing the boundaries of blockchain technology, we can expect even more exciting developments in the future as the Web3 ecosystem continues to evolve.


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