Fluence FLU ICO: Secure Data Storage Network For Web 3.0 Apps?
Fluence aims to provide unstoppable data storage for web 3.0 applications. Find out how it works toady in our review.
What Is Fluence FLU?
Fluence, found online at Fluence.ai, is a network of independent nodes providing a decentralized, end-to-end encrypted database service. The platform is designed to provide scalable, secure, and reliable encrypted database services built on blockchain technology. You can try the platform today from the Fluence Github page here: https://github.com/fluencelabs/fluence.
Overall, the goal of Fluence is to create a web 3.0 network. That network is decentralized and distributed, making it less susceptible to censorship and security problems. Nodes on the network provide storage in exchange for Fluence Functional Tokens, or FFT. The token sale for Fluence tokens begins on March 15, 2018.
What Problems Does Fluence Seek To Solve?
Fluence aims to create a future-proof version of the internet. The developers see problems with today’s version of the internet. Today’s internet has problems like:
- Data Centralization: Most of the world’s data sits in a few centralized locations. Users don’t own or control their data, nor can they see who accesses their data.
- Data Leaks: Centralized clouds are vulnerable, and we see significant data leaks on a near-daily basis.
- Censorship and Regulations: Governments and large corporations have full control over personal data and internet access.
- Fragmentation and Regulations: Modern internet architecture is dependent on centralized clouds, DNS, CDN, etc.
How Does Fluence Work?
Fluence aims to solve all of the above problems by creating a new, future-proof version of the internet. That version of the internet will have decentralized data, where data ownership and access rights now belong to the user.
Fluence will also have datasets that are cryptographically protected and impossible to break, which means there will be no database dumps through a single access point.
Fluence will avoid censorship by encrypting data and spreading it across different servers under no single authority, making it impossible to ban data or use data against its owner.
Finally, Fluence aims to solve fragmentation by creating a self-sustainable ecosystem capable of remaining operational even when a significant part malfunctions or gets sabotaged.
Overall, Fluence sees itself as web 3.0. Here’s the basic process Fluence uses to provide the solutions above:
- Your data is encrypted and split into several replicas stored on independent nodes
- Fluence protocol ensures the network is always online and that you can access your data anytime
- The nodes are independent and spread over the world, and only you can access your data
Users can also “mine” Fluence by running a node. Anyone can run a Fluence network node and earn tokens. Nodes are responsible for data storage as well as verifying transactions and securing the network.
In terms of a timeline, Fluence released its whitepaper and proof of concept in early February. Their token sale is scheduled for mid-March, with the platform scheduled to continue development throughout 2018.
Use Cases for Fluence
Some of the proposed use cases of Fluence include all of the following:
- Unstoppable content for Wiki-like website, including websites like Wikileaks or an encrypted end-to-end messenger
- Patient records, including secure medical data storage and sharing
- Decentralized insurance, including no more pain with digital personal data regulations
- Data marketplaces where users can store any personal or sensitive data and build a market around it
- Big data, where no dataset is too large and no number of requests is too much to handle
The Fluence FLU ICO Token Sale
Fluence will have two token sales. The first will be an individual capped main sale taking place in mid-March. That token sale will last 24 to 48 hours. The second sale, the main sale, will continue if the hardcap is not reached with individual caps. It’s also expected to take place in mid-March, just after the first token sale.
Right now, the individual capped sale is scheduled for March 15, with the second sale scheduled for March 16 to April 15, 2018.
How Do Fluence Tokens Work?
Fluence’s tokens are called Fluence Functional Tokens, or FFT. They’re internal tokens that handle transactions between clients and node owners. FFT are not tradeable and not transferable: the tokens are issued and burned by the Fluence Gateway in exchange for tradeable tokens called FLU.
The goal of FFT is to provide fast and cheap transactions within the Dataset Cluster. When FFT are issued in external blockchains (via Ethereum contracts of the gateway), it’s tracked by the corresponding Dataset Cluster, and the incoming transaction is placed on the Cluster Blockchain.
When a client wants to store data or perform any operation with the Dataset Cluster, they’ll need to pay FFT tokens to the node owner.
Who’s Behind Fluence FLU?
Fluence’s development is led by a team called Fluence Labs. That company was founded to build a decentralized network technology, including decentralized data storage.
Key members of the team include Evgeny Ponomarev (CEO), an entrepreneur and product manager at 2GIS (20 million user monthly audience). Other key members of the team include Dmitry Kurinsky (CTO), a software engineer and technical leader who has worked on complex engineering projects since 2004.
Fluence FLU ICO Conclusion
Fluence aims to create a web 3.0 network complete with decentralized datasets. The network consists of a series of nodes who receive Fluence Functional Tokens, or FFT, in exchange for their contributions to the platform.
The token sale for Fluence tokens begins on March 15, 2018. You can learn more or check out the platform yourself today by visiting online at Fluence.ai.