• 4NTS GUILD

The Full Flux AMA with Flux CEO Peter Mitchell: August 23rd, 2020

Updated: Aug 31


On August 23rd, Flux CEO Peter Mitchell answered questions in one of the Flux communities first Telegram AMA sessions! Topics and questions ranged from the Flux Timeline, to different solutions already building on top of Flux, to how Flux stacks up against competitors. As a resource for understanding one of the fastest and most exciting projects in the crypto-space, the AMA provides a unique insight into Flux both behind the scenes, and in the spotlight. In the format listed below, the question and direct response from Peter is provided.


AMA Questions Asked:


  • (1) “Will there be a FLUX public token sale?”


  • (2) “How does the Flux Team see itself educating users on the differences between FLUX and something like Augur, and how will Flux incentivize new users joining and creating markets on flux? What do you think will be the hardest part about gaining user volume?”


  • (3) “What is the toughest challenge in creating a decentralized prediction market platform?”


  • (4) “How many projects are being built on Flux right now? Which ones do you find the most exciting?”


  • (5) “Where do you see Flux in 2 years from now?”


  • (6) “What kind of markets are you most excited to see on your platform?”


  • (7) “Why did you choose NEAR as your platform?”


  • (8) “If I want to build a solution on Flux, what kind of support can I get from the team?”


  • (9) “How many tokens do I need to become a validator?”


  • (10) “Any updates on the release timeline? (i.e. when will validators be able to actually onboard to the network)”


  • (11) “What is the market size of the predictions industry that you are trying to disrupt?”


  • (12) “If I am a new community member what can I do to help grow the Flux ecosystem?”


  • (13) “When will I be able to actually start trading ? (realistic time estimate)”


  • (14) “What is the long term vision / ultimate goal of Flux?”


  • (15) “How do you plan to bootstrap liquidity even for long tail of exotic bets?”


  • (16) “What do you think will be the biggest market on flux in 1st month?”


  • (17) “Which stablecoins will you support?”


  • (18) “Why did you choose NEAR and under which circumstances would you consider moving elsewhere?”


  • (19) “How much did you raise from VCs and why didn't you start with public raise / community building instead? (VC bad / community good)”


  • (20) “When will the Flux app be available for download?”


  • (21) Is there a regulatory reason for not deploying a Flux app yourselves on the Apple App Store & Google Play Store? Or is there another reason?


Question 1: “Will there be a FLUX public token sale?”


Yes there will be a public token distribution, but we haven’t released any further information. This will take place on a DEX on both Ethereum and NEAR. More info coming on this soon.


Question 2: “How does the Flux Team see itself educating users on the differences between FLUX and something like Augur, and how will Flux incentivize new users joining and creating markets on flux? What do you think will be the hardest part about gaining user volume?”


We are creating lots of educational material to help users learn about the benefits of Flux while also creating templates for market creation. This will do two things — reduce the amount of repeat markets with no liquidity and reduce the risk for invalid markets.


The most challenging part of increasing adoption is helping development teams effectively reach their users across many distribution channels. We did early traction experiments with each vertical to find and identify these users to build a foundation for growth with the mainstream. For more details see: https://petermitchell.substack.com/p/flux-and-open-web-collective


Question 3: “What is the toughest challenge in creating a decentralized prediction market platform?”


The largest challenge in creating Flux is the sheer size of the protocol itself. We created open order books, market mechanics, automated market maker, dispute resolution, automated validation, and all support for developers like the Flux SDK, Flux Index Node, and the open-source app.


Question 4: “How many projects are being built on Flux right now? Which ones do you find the most exciting?”


There are currently 10 projects in the Flux Beta Program building apps for verticals like esports, weather markets and insurance, and even markets aimed at reducing fake news. I’m most excited about these three verticals:


Vertical 1: WeatherDEX

WeatherDEX by @EthanChiasson & @IllusiveMatter is enabling any user to forecast weather patterns and even take out niche insurance policies to hedge against natural disasters that traditional insurance doesn’t cover.


Vertical 2: ARterra

ARterra by @jonw1515 & Bridge is enabling markets on any esports game. This allows any esports team to easily create markets without paying high fees to centralized betting platforms and opens entirely new monetization models, like rewarding your fans that win markets with exclusive NFT prizes.


Vertical 2: Idea Markets

Idea Markets built by Mike Elias is enabling anyone to trade on the accuracy of news stories by different publishers. This also allows publishers to stake on the accuracy of the sources, and if they are incorrect the community is paid out a premium.


Question 5: “Where do you see Flux in 2 years from now?”


In two years I think Flux will capture a significant chunk of the market from centralized incumbents. Markets will be trading on a diverse range of verticals from startup derivatives to insurance on smart contracts. I think Flux will lock over €1B in open interest over the next two years from our liquidity incentives.


Question 6: “What kind of markets are you most excited to see on your platform?”


This ties in to my favorite apps building on Flux. Markets from these verticals are most exciting to me. That being said, as a call to developers, I would love to see smart contract insurance and futures markets on private companies built on Flux next, apply to the beta program for $50k in $FLUX 🙂


Question 7: “Why did you choose NEAR as your platform?”


We started building on NEAR protocol about 18 months ago before there was a testnet available. Here are the reasons we chose NEAR over other Layer 1s.


First (1) - the team has experience building distributed databases at scale at MemSQL and Google, they are truly brilliant


Second (2) - They have really amazing developer tools with their contract libraries and IDE, In addition web2.0 devs can write smart contracts in TypeScript which means they don’t have to learn a new language like Solidity.


Third (3) - NEAR has a Ethereum 2 way bridge which allows Flux to interact with protocols, apps, wallets, and users from Ethereum, in addition to porting assets over like DAI for trading.


With all of that being said, if anyone wants to be connected to the NEAR team let us know 🙂


Question 8: “If I want to build a solution on Flux, what kind of support can I get from the team?”


We have the Flux Beta Program which provides grants of $50k to projects launching on Mainnet with us. This is to ensure the apps building on Flux have a stake in Flux and benefit from the growth of our protocol. Following this 1 time distribution we will have the Flux Ecosystem Fund where we will invest in $100k in $FLUX into the most promising early dev teams, so they can focus on building, traction/adoption rather than fundraising.


In addition to funds we have the Flux Open-source app. Any developer can clone this app from github and a launch a vertical for testing in minutes.


Question 9: “How many tokens do I need to become a validator?”


This metric will be decided via DAO and will change as the price of $FLUX fluctuates ( no pun intended ).


Question 10: “Any updates on the release timeline? (i.e. when will validators be able to actually onboard to the network)”


Following the release of our app on Mainnet, any user can start validating markets with $DAI, the trading will be capped at this time so $DAI is sufficient, validation using $FLUX will begin following Phase 2.0 of Mainnet after the community votes to upgrade to Flux Phase 3.0. More on this here https://medium.com/@fluxmarket/flux-decentralizing-mainnet-e97df35e421a


Question 11: “What is the market size of the predictions industry that you are trying to disrupt?”


There are an infinite number of verticals that Flux will disrupt, both in markets that exist today, but also Flux is creating entirely new types of markets that have never been traded before. The TAM of the existing verticals is $12 trillion across betting and futures markets.


Question 12: “If I am a new community member what can I do to help grow the Flux ecosystem?”


We have the social incentive program which is designed to increase content and awareness. We will be creating gitcoin style bounties for the creation of memes, how to guides for trading, market creation, app deployment, validating etc. If you’re interested in participating here is more info on that here: https://flux.substack.com/p/flux-series-week-one


Question 13: “When will I be able to actually start trading ? (realistic time estimate)”


Flux Phase 1.0 is “ready” for trading, we are waiting for NEAR to enter its fully permissionless state which will allow users to sign up for mainnet wallets and trade on Flux. This will hopefully happen in the next few weeks. Before then you can try trading on the Flux app coming out in the next couple days on testnet!


Question 14: “What is the long term vision / ultimate goal of Flux?”


I am really excited for this question. Our 5-10 year vision for Flux is to become the google for events that haven’t happened yet. We want to live in a world where anyone can search Flux and get the real time forecasts for any real world event, asset, commodity, etc. We hope Flux will become the back bone for something like the fictional Multivax. If you’re not familiar with what Multivax is read this short story:

https://templatetraining.princeton.edu/sites/training/files/the_last_question_-_issac_asimov.pdf


Question 15: “How do you plan to bootstrap liquidity even for long tail of exotic bets?”


Flux will have an CPMM which can be used for price discovery on long tail markets. Currently we are working on designing an AMM that can effectively transition liquidity to an open order book after price discovery is sufficient.


Question 16: “What do you think will be the biggest market on flux in 1st month?”


I think the biggest market on Flux will be around TVL metrics in DEFI especially seeing the fast moving changes with protocols like YFI and YAM. Flux lets you go long or short on any of these protocols and I think many users will want to hedge against a depreciation in price as they Yield Farm


Question 17: “Which stablecoins will you support?”


The first stable coin we will support is $DAI. In the future the community can propose markets that use USDC/USDT or any other asset.


Question 18: “Why did you choose NEAR and under which circumstances would you consider moving elsewhere?”


The First Part of the Question has been answered in Question 7. For the second part: We have high conviction in NEAR, it would take a catastrophic vulnerability with no solution or implosion of the core dev team or technology for us to consider moving layer 1s’. To put it in perspective our team has been offered between $100k and $1m to leave NEAR and build on other layer ones. We are built on NEAR because its the best technology available


Question 19: “How much did you raise from VCs and why didn't you start with public raise / community building instead? (VC bad / community good)”


This is a super great question. Jasper and I started our journey for Flux about 2 years ago full time. We chose to work with a small group of angels and investors that gave us the ability to focus exclusively on building rather than working a part-time job.


In total we’ve raised ~€400k in our pre-seed and a bridge round. For our upcoming fundraise, we’ve received over 85 inbound investors looking to allocate capital in the past two weeks. we are extremely focused on finding investors that are long term oriented and focused on helping Flux grow and continue innovating towards better products for our users and developers


After this raise we are focused on getting $FLUX into the hands of our community, users, and developers. Where we have already shown conviction by creating the Flux Ecosystem Fund, Flux Beta Program, Flux Bounty Program, Flux Liquidity Incentive Program, Flux Validator Incentive Program, and Flux Social Incentive Program. All of which are aimed at getting $FLUX into the hands of active participants in the Flux ecosystem


Question 20: “When will the Flux app be available for download?”


The Flux App is currently developed in React which is designed for progressive web. There are community members which will also be developing Flux in React Native, which will allow any developer to release a version of our app on Apple’s App store or Google’s play store, but this won’t be released by our team.


Question 21: Is there a regulatory reason for not deploying a Flux app yourselves on the Apple App Store & Google Play Store? Or is there another reason?


Flux is focused on building the core infrastructure which is a huge operation in itself. The open source app is designed to be used by the community, but Flux the the company won’t maintain any user facing applications as it will divert focus from building the best developer tools on the market. This may change in the future. Flux is built in RUST, which means we could theoretically deploy to any other layer one that is WASM compatible with little to no changes.


When deploying an app the developer will have to make sure they are compliant with the local jurisdictions that this app is offered in


* * *


That’s the full AMA! To stay up to date on Flux, be sure to join the Flux Telegram Channel, as well as their Reddit page. For those interested in joining the Flux Social Incentive Program - Start Here!







About 4NTS: 4NTS Guild is a rising NEAR Guild focused on connecting and communicating NEAR, its different projects, and the tremendous opportunity for entrepreneurs, contributors and other Guilds. Feel free to drop us a line at m@4NTS.com




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