Matjaž Škorjanc is a cryptocurrency industry veteran. Co-founder and former CTO of NiceHash, Matjaž is responsible for the transformation of the platform into a global leader in crypto mining.
“I’ve always been focused on using the best talent to create user-friendly mining software,” says Matjaž Škorjanc. “I think this is why NiceHash became so successful. Since we started, we’ve introduced more than 2.5 million people around the world to crypto mining and provided them wih a low effort way to make money.”
Decentralization is a founding tenet of crypto
A background in electrical engineering fostered Matjaž Škorjanc’s entrepreneurial and innovative interest in technology and how best to use it in a world that’s constantly changing. Which is why, when Flux appeared in 2018, it caught his interest.
Flux launched on 31 January 2018 as an ecosystem specifically designed to offer decentralized computer services running on blockchain-based solutions.
“It’s pretty much a given that cryptocurrency remains controversial for much of the traditional financial system,” says Matjaž Škorjanc. “But everyone agrees that the blockchain technology it’s based on is universally useful and has so many potential uses.”
The Flux Ecosystem provides a one-off development environment through which to come up with various decentralized services. Adds Matjaž Škorjanc: “Flux offers a realistic alternative to other centralized services like Amazon Web Services. Crucially, it was developed for the user, which fits in to my ethos.
“Volatility and unpredictability do govern the crypto sector, but blockchain provides a solid basis for all kinds of applications. The peer-to-peer system architecture that makes the blockchain work puts the user in control of a kind of collective governance of the app.
What does Flux offer to the user?
Flux claims to be the “next generation computational network for the decentralized Web 3.0. It’s scalable and based on a cloud infrastructure. Users can therefore develop, manage and spawn their own applications across a umber of servers at the same time.
At the time of writing, the Flux Ecosystem has 11,485 decentralized infrastructure nodes live right now. It’s packed with features that promise user-friendly development and launch of blockchain-based projects.
The Flux Cloud infrastructure also includes digital currency wallet services through the Zelcore wallet. Use can buy, store and sell crypto using these services.
Flux is packed with features for developers
The Flux Ecosystem also has its own token – FLUX. This operates with a PoW consensus algorithm, the decentralized network of Flux Nodes as mentioned earlier, its own operating system called FluxOS (based on Linux), the Zelcore wallet and a proprietary blockchain app suite.
“Just like NiceHash, Flux was designed and developed to give users an easy-to-use decentralized platform,” says Matjaž Škorjanc. “Developers and users can build and launch decentralized apps (dApps) on Web 3.0 – the Internet of the future. Because node collaterals are lockable, it’s secure from those acting in bad faith. The network also provides incentives to users to ensure that the network grows.”
One of the criticisms of crypto mining concerns the amount of energy it takes and therefore the size of the carbon footprint of mining various tokens. “In comparison with some other cryptos, such as Ethereum and Bitcoin, mining Flux only needs 3GB of GPU RAM,” says Matjaž Škorjan. “In addition, the Flux team has committed to ensure that the network remains ASIC resistant, which means that large scale mining operations won’t be able to push out individual miners.”
Built for the crypto community
According to Flux, its network stands out from others in the crypto sector because of its commitment to community. They says: “Flux is nothing without people like its GPU miners, Flux Node operators and community contributors.”
Matjaž Škorjanc says: “They reflect this ethos back in their economic model. Miners, node operators and Flux token holders are all economically incentivized. This is where the FluxOX does differentiate itself.”
FLUX increased in value throughout 2021, ending the year trading at more than $2. At the time of writing it’s holding at around $0.60, in line with the fall we’ve seen across the crypto sphere during the first half of 2022.
The market cap is almost $325 million and, while in the short term FLUX will face the ongoing unpredictability of the entire market, in the long term the price could feasibly go over $5. However, in order for this milestone to be reached, Flux will have to find more users for its cloud infrastructure.
Instability likely to last throughout this year for crypto
“There are a number of factors combining during the first half of 2022 to make the crypto market unstable,” says Matjaž Škorjanc. “We’re waiting to see the measures that the US, Europe and other countries around the world are likely to take regarding regulation and control, particularly in light of the security issues caused by the Russian invasion of Ukraine.
“I think Flux is one of the crypto projects that could have some longevity, thanks to its focus on the user. It’s innovative and not just a carbon copy of other, already workable platforms. That’s something we often see in this sector – new platforms cropping up that don’t offer any new innovative thinking, but simply replicate others.
“Decentralization was one of the founding tenets of crypto when BTC was founded by Satoshi Nakamoto. This is where Flux is particularly interesting. Its ecosystem could end up bringing millions of users to develop and deploy their own apps using the support of the network. This will only bring positive attention to the sector from more traditional industries.”
Flux and NiceHash founded on similar principles
NiceHash was launched to bring crypto mining to the people and Flux says that its aims are similar. Both platforms are about the ease of use, fast deployment and providing tools for users. According to a White Paper on the Flux website, developers can develop their own apps within the interoperable and frictionless network.
The Flux team say that they have always focused on bringing a working product to market, rather than pushing one that doesn’t fully work. “The ecosystem is constantly being developed since it was deployed in 2018,” says Matjaž Škorjanc. “You can see their roadmap on the website and it looks as though the ecosystem is fully operational. It’s open-source and totally transparent, which is something that I can get behind.”