Now live on mainnet, the Flux-Algo parallel asset enables greater innovation and collaboration within the blockchain ecosystem
March 3, 2023 – Cambridge, UK – Flux, the most decentralized Web3 cloud infrastructure, and Algorand, the world’s most advanced, secure, and reliable layer-1 blockchain, have partnered to create a parallel asset (PA) that bridges between the two Web3 ecosystems and transforms the world of blockchain technology. This partnership paves the way for the expansion of cross-platform development opportunities, enabling greater innovation and collaboration within the blockchain ecosystem, as well as securing truly decentralized infrastructure for Web3 applications.
Through this partnership, Flux holders will gain access to Algorand, used to run smart contracts, 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. This partnership also expands the DeFi and cross-platform development opportunities across both blockchains, building a bridge for dedicated developers and communities at Algorand. The launch of the Flux-Algorand PA is a significant milestone for both Algorand and Flux ecosystems.
Flux PAs are native Flux tokens on other blockchains, allowing Flux to “travel” across blockchains. PAs support the ambition to keep building Web3 and expand the possibilities of collaboration across blockchain ecosystems. Flux’s comprehensive suite of decentralized computing services and blockchain-as-a-service solutions provides Web3 developers with the tools, services, and infrastructure needed to deploy their applications in a fully decentralized manner.
Daniel Keller, Co-Founder of Flux and CEO of InFlux
“We are excited to work with Algorand on bridging the gap between these two Web3 ecosystems because of the network’s reliability, speed and commitment to sustainability. This new parallel asset provides developers with unique development opportunities and cost-efficient hosting on Flux’s decentralized cloud infrastructure. We are committed to leveraging our strengths and resources to drive the adoption of decentralized solutions and create a better future for all.“
The Flux-Algo PA distribution is scheduled for today, March 3, 2023 which will distribute Flux-Algo tokens based on the October 31, 2022 snapshot. The snapshot and parallel mining claims will launch first while Fusion swaps inside the secure wallet Zelcore will come online at a later date to ensure a smooth deployment. Non-custodial wallet Zelcore recently added support for the Algorand blockchain.
For more information about Flux parallel assets and Flux Cloud, click here. To learn more about the Algorand blockchain ecosystem, click here.
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About Algorand Foundation
The Algorand Foundation is dedicated to helping fulfill the global promise of the Algorand blockchain by taking responsibility for its sound monetary supply economics, decentralized governance, and healthy and prosperous open-source ecosystem. 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. It achieves transaction throughputs at the speed of traditional finance, but with immediate finality, near zero transaction costs, and on a 24/7 basis. Its carbon-neutral platform and unique pure proof-of-stake consensus mechanism solves for the “blockchain trilemma” by achieving both security and scalability on a decentralized protocol, and without a second of downtime since it went live in 2019. For more information, please visit https://algorand.foundation.
About Flux
The Flux Web3 Cloud is a suite of decentralized computing services and blockchain-as-a-service solutions which offer an interoperable, decentralized, AWS-like development environment. Flux uses a native POW (Proof-of-Work) coin to power this ecosystem, supplying incentive for hardware hosters, governance on-chain, and bad actor mitigation via staking requirements for running hardware. The Flux operating system runs on top of Linux to provide the network with verified and benchmarked high-availability compute power and uses the blockchain to ensure transparency in governance operations. Flux node operators can choose from three tiers of hardware requirements to stand up after providing the necessary Flux capital soft-locked in their wallet. This allows anyone to be rewarded for supplying hardware to the network, from anywhere in the world. To learn more, please visit https://runonflux.io.
About 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. The platform’s focus on security is a key attribute, with features like two-factor authentication, encryption for private keys, and pending hardware wallet support. The Zelcore platform supports over 400 cryptocurrencies and offers users access to a variety of exchanges. It also features an integrated portfolio tracker, a market news and analysis tool, and a built-in exchange aggregator that allows users to compare exchange rates across different platforms. Overall, Zelcore offers a comprehensive suite of tools for cryptocurrency investors and traders, with a strong emphasis on security, self custody and ease of use. To download Zelcore wallet, please visit https://zelcore.io.
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