As our world becomes increasingly intertwined with technology, data has emerged as one of its most valuable commodities. Flux has been a trailblazer in the decentralized movement of data, making it accessible and free-flowing for all.
For the past 14 months, we’ve been building a product that will revolutionize the way blockchains operate. Our focus has been on creating a trustless data layer and a data transfer standard for web3 that will bring about a seismic shift in the way data is handled and utilized. With our cutting-edge technologies, we’re paving the way for a future where data is free to flow, untethered by traditional boundaries, and available to anyone who needs it.
Today, we are excited to announce that we are taking the next step in our journey by unveiling SEDA, a new standard for data transmission across Web3!
At SEDA, our mission is to build a fully trustless web3. We envision a future where no single entity holds control over the flow of data. A future where the new foundations of the internet remain permissionless, transparent, and open to all.
SEDA, a combination of the words “secure” and “data,” is a trustless data layer that acts as a bridge between any blockchain and the real world. This makes it possible for all integrated parties to carry out data requests, connect to any data source, and query its data in a fully permissionless way.
What does this mean?
The trustless web3 data layer that we have been building allows users to store and access data securely and transparently on the blockchain.
We are creating a standard for data transmission, a set of protocols and guidelines for transferring data to and between different blockchain networks and platforms. These efforts are aimed at improving the security, transparency, and interoperability of data moving through to or from blockchains.
SEDA does not create data. Rather, it ensures that data can pass through the system in a secure and trustless manner by providing a channel for external data and information to flow to and between any blockchain.
This transition represents our commitment to providing secure and trusted solutions for managing and exchanging data to and across blockchain networks. We are confident that SEDA will enable us to establish stronger connections with our users and partners through its memorable and distinctive identity as we continue to grow and evolve.
So what does this mean for our community and Flux Token holders?
Existing holders of the FLX utility token will have the ability to upgrade, one-to-one, to the new token standard that will power the SEDA Network. The SEDA Token will act as the main utility token and will be launched with the mainnet deployment of the protocol. With this new token standard, changes to the token economics will be applied that introduce:
- Deflationary Mechanic — protocols burn SEDA Tokens to request data
- Inflationary Mechanic — main-chain and sub-chain validators get newly minted SEDA Tokens for securing the network and bridging data to sub-chains
- Network Governance — any SEDA Token holder can participate in the governance of the SEDA Network to control parameters like inflationary rewards, the SEDA token treasury, and much more
Check out the SEDA Litepaper to learn more.
In addition to our new name, we’re introducing a new logo and website. Our social media handle will change to @sedaprotocol. We are also unveiling a fully redesigned Discord server with more resources and support channels, giving more power to the community.
Get ready for an exciting launch! Along with our brand new social channels and tools, we’re unleashing a plethora of fresh content to help you navigate the SEDA Network. From the SEDA Primer, a quick 10-minute intro to all things SEDA, to the in-depth SEDA Litepaper, which covers the cutting-edge features and innovations of the SEDA Protocol, we’ve got you covered. And that’s not all — we’re also debuting a new documentation hub packed with useful information, FAQs, and resources for getting started with SEDA. So buckle up and get ready to dive into the world of SEDA!
SEDA is a statement of our commitment to building a more open, fair, and secure data ecosystem that benefits everyone. By joining the SEDA movement, you can play a role in shaping the future of data and the way it is used in our society.
Thank you for your continued support and loyalty as we work to create the permissionless data layer for web3! We are thrilled to embark on this new chapter in our project’s history. We hope you’ll join us for the ride.