Flux Changes its Core Business, Allows Developers to Build Betting Apps on its Market Prediction Protocol
Flux, a German startup that had tapped into the online betting space through blockchains like Ethereum and NEAR Protocol is changing its business model. The firm announced through its CEO, Peter Mitchell that it will shift its core business from managing an App to leasing out its protocol.
Initially, the Flux main target market were online users interested in trading derivatives as well as the future of startups through a market it had created. Peter was keen to note that Flux is moving towards a more open approach by giving its clients the freedom to create their own markets. Basically, a developer can leverage Flux’s open protocol to create a suitable market.
Lease Out Protocol as a Business Model
Flux began its journey by building on Ethereum; they however encountered challenges and later shifted to the NEAR Protocol. The motivation was mainly scalability although other factors such as the cost of transactions and efficiency contributed to the problem as well.
The most recent development from the German firm is the entry into a new market against competitors like Ethereum and Augur that offer similar services. This move is a strategy by Flux to exit the prediction App market space whose supply seems to be growing faster than demand.
Flux will reinvent and recreate its prediction market protocol to accommodate the various ideas that betting oriented developers may have. However, despite the hype around this shift, Flux is yet to point out its competitive edge that would attract clientele given the already existing platforms in the space.