Decentralized cloud infrastructure protocol Flux has just undergone its second halving event. Furthermore, the market has reacted positively, with FLUX prices hitting a multi-month high.
On Feb. 8, the Web3 cloud computing network Flux went through a successful halving process.
Just like Bitcoin, Flux halves its block reward every 655,350 blocks. However, since one block is generated approximately every 2 minutes, the halving happens roughly every 2.5 years. The halving event has reduced the block reward from 75 to 37.5 FLUX.
It should be noted that Flux only rewards miners with half of the block reward. The other half is split between Masternodes, which means the current mining reward is 18.75 FLUX.
The ethos behind the halving is to prevent inflation and increase demand via a diminishing supply (the total opposite of fiat). The total supply of FLUX will be maxed out at 440 million tokens, and the current supply in circulation is 276,486,457, or around 63% of the total.
Decentralized Cloud Computing
The Flux Network token was rebranded from ZEL in March 2021. Its primary goal is to provide ease of access to the web3 ecosystem. Furthermore, it claims to be the largest decentralized cloud network globally, with more than 15,000 functional nodes. It offers a comprehensive suite of decentralized computing services and blockchain-as-a-service solutions.
The platform touts decentralization by allowing node operators to run their own nodes on personal hardware or a virtual private server. In return, they are compensated with 50% of the block rewards.
Flux has been in development since early 2020. According to its roadmap, many updates are scheduled for the first quarter of 2023.
These include decentralizing popular CMS WordPress, fiat payments for cloud services, referral initiatives, and a cloud update to version 3.2.
Furthermore, there were several updates in January included in a Feb. 7 blog post:
FLUX Price Outlook
The network’s native token of the same name has gained almost 9% over the past 12 hours or so. FLUX climbed from an intraday low of $0.909 to top out at a five-month high of $0.985 during the Wednesday morning Asian trading session.
Additionally, the token has retreated slightly at the time of writing to trade at $0.968. The asset has hit resistance at one dollar and has not been above that level since mid-September.
Furthermore, FLUX has gained 52% over the past two weeks but remains 71% down from its all-time high of $3.33.
BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.