Flux (FLX) is set to launch today. The coin uses the same SHA-3 Keccak hashing algo that was popularized by Maxcoin. The Flux wallet borrows several features from Foxcoin, including inbuilt mining support, a statistics page, and a block explorer.
So far it looks like the Dev is a coin cook - pulling in pieces of different coins form other people’s recipes to make his own concoction.
Uh uh, don’t tell us this is just another clone! Well, according to the ANN Thread, there is a brand new feature that will make this launch stand out from the last few dozen. The Deb DOES introduce new difficulty re-targeting.
The Flux Antimatter Vortex Algorithm, or just the vortex is a algorithm designed to replace the famed Kimoto Gravity Well. It allows for quick block-by-block difficulty adjustments by taking a weighted average of the past 11 blocks. This ensures that the previous block does not result in a radical difficulty change while enabling over 3x hashrate increases to be mitigated over the course of a few blocks. The vortex is designed to be immune to ‘timewarp’ attacks.
Okay, so at least this is interesting now! There’s nothing wrong with new coins experimenting and trying to solve current problems. Retargeting has been an issue since the Timewarp attacks were first released to the public.
What Else Do We Need To Know About Flux?
The basic technical statements about the coin sound interesting, but I have to admit I’m left a bit cold by the Mission Statement of the coin: “We have decided to create flux because we believe in cryptocurrency as a form of money.”
Uh, that makes almost no sense at all!
At first I was interested because the Dev was so into the technology. Now I’m a bit concerned that there’s probably NO PLAN at all to market this coin. Can you imagine trying to tell a prospective store owner to use your currency. When she asks why you respond, “Cuz I’m believe in cryptocurrency as a form of money. Of course.”
Despite that vague raison d’etre this coin launch does not appear as scammy as many that have been launched lately. The scam launch of EmiratesCoin had many more red flags which turned out to be true.
Of course the name and the logo are also concerns from a marketing perspective. Whether these branding elements can resonate with a mass market remains to be seen.
The Good Points
However, there are some definite good points about this project too!
The Dev has decided to use no pre-mine and no IPO so it’s safe to say no one will lose money with this launch (as long as he shows up and the code works as expected.) There are two pools standing by awaiting launch.
The fact the Dev is using more advanced code should indicate that he is at least competent in compiling code. He has formatted links for all available versions of the wallet, but the links lead nowhere so far. I Flux launches with a compiled Mac wallet it will be far ahead of the last six launches I’ve witnessed.
Keep In Mind This One Uses SHA-3
Don’t forget, your normal Scrypt mining configuration won’t work with Flux. You’ll need to use special mining software for that support. You can also rent a rig that already supports SHA-3, which might just make your life easier.
Summary
So far the activity in the thread has been low, but that will change as game time nears. It looks like all systems are set for FLX. Let’s find out if the new re-targeting algo is one worth investigating.
We’ll be watching!
Recent Comments