All about Token Sales Flux — Find out how you can become a part of the community
I have already told you many times about the Flux protocol project (you can read about the project in my article — https://respectboris4646.medium.com/flux-protocol-a-special-oracle-what-makes-it-special-and-what-are-the-oracles-44c98dbe5ac3). I also publish news about the project, what is happening there and what new developers are doing. Today I want to share with you great news — the project launches the long-awaited token sale. How to buy them correctly and what they are needed for, I will tell you in my article.
What will we need a token for?
I have already told you that the project is managed by the community (DAO). That is, everyone votes on all important issues and takes a direct part in important decisions concerning the fate of the project. To be considered a member of the DAO, you will need FLX tokens. Any token owner, if there is a consensus, can propose any issue for discussion by the community.
The second option of using the token is that it is needed for the functioning of the protocol itself. So anyone can become a validator in the main network. However, in order for the validator to bet on the correct query results and participate in the consensus, he needs to place FLX tokens.
How will the sale take place?
The token sale will take place in the form of an auction (LBP). Everyone connected with cryptocurrency is probably already familiar with this format of sale. Now I will briefly introduce it to those who hear about it for the first time.
The Dutch auction is, in fact, the same battle for the lot between potential buyers, which takes place at regular auction auctions, the nuance is in the price rules, i.e. first the highest price is set for the product, which is offered by the auctioneer and in the process of reducing this price, the winner is determined between buyers. It turns out such a situation in which the game is not on the rise, but on the decline.
As for the mechanics of the process itself, it is as follows: there
is a scoreboard on which the initial price is displayed, if none of the buyers expressed a desire to purchase a lot at the set value, then the price is reduced. The winner is the one who first presses the button and thereby stops the price reduction.
The token sale will take place on November 30. 15,000,000 tokens will be sold. Read the detailed terms about the sale in the article (https://fluxprotocol.medium.com/announcing-flx-token-and-mainnet-launch-details-44b71ccd9f5f) and remember the risks!