What Is Flow Blockchain? All About the Blockchain for Open Worlds.
The growth of NFTs (Non-fungible tokens) took the world by storm, amassing a whopping $2.5 billion before the summer of 2021. Although its popularity grew in 2021, NFTs had existed long before then. Earlier in 2017, one major NFT (non-fungible token) project CryptoKitties, opened the world to the scalability issues that plagued the second cryptocurrency giant Ethereum. The systems of the platform got congested, and the Ethereum blockchain came to a halt.
Source: NFT - CryptoKitties
After noticing the scalability issues that affected the network, the developers, Dapper Labs, decided to create their network to battle the problems themselves. This gave birth to a new blockchain named Flow. The developers took it a step further and worked on more than just the scalability issue. They increased the transaction speed and enhanced the operability of the network while providing these services at a lower cost.
What Is Flow Blockchain?
To know all about Flow, we need to take a look at the history of its creation. The developers of Flow are the brains behind Dapper Labs, which essentially aims to proffer NFT and Decentralized gaming solutions. To achieve their goals, they developed the CryptoKitties NFT and pioneered an uprising in the NFT industry.
What the developers should have accounted for was the success of CryptoKitties. The popularity of the NFT grew, and the Ethereum network became overwhelmed by the numbers, which led to an increase in transaction fees and slower processing speed on the platform.
Dapper Labs decided to create its custom blockchain rather than wait for the congestion issue to get sorted out. They built this blockchain to match the features they wanted to see on other blockchains, which led to Flow Blockchain.
We can’t know all about Flow blockchain without knowing the definition. Flow is a high-performing, fast, and user-friendly blockchain developed with high scalability without sharding techniques while providing high-speed transactions at low fees. The Flow blockchain is explicitly designed to accommodate the NFT market space and other decentralized apps (Dapps).
Flow is a platform for different developers to build crypto-themed projects that have the ability to change the world. The blockchain’s design allows users to purchase, sell, and safely keep their collectibles in the Dapper Smart Contract Wallet and the different wallets that can run on the network. The compatible wallets on the platform create a bridge between other users and the NFT market, granting them easy access to a market space where they can easily carry out NFT-based transactions.
How Does Flow Work?
Blockchain technology is the backbone of the crypto industry, and different projects have spawned from creating these blockchains. Flow’s unique architecture makes it exceptionally advantageous and increases the efficiency of its blockchain. Other blockchains use individual nodes to keep the details, facts, and history of transactions to carry out all the processes relating to the transactions in the network. Some identifiers take note of both the sender and the recipient.
Flow, on the other hand, uses an entirely different system. Flow uses a pipeline system of validator tasks divided into four different node types: Collection, Consensus, Execution, and Verification. This means that Flow does not need each node to perform various tasks (Collection, Consensus, Execution, and Verification); Flow has already broken those tasks and assigned them to specific nodes that specialize in any validator tasks.
Flow’s unique architecture boosts the scalability of the blockchain and makes it much better while reducing transaction costs and fostering a cooperative atmosphere for all network activity.
Features/Benefits of Flow
The reason behind the construction of the Flow blockchain was to solve the problems they faced with congestion on the Ethereum blockchain; to achieve that, they developed certain features that set them apart from others.
Flow’s Multi-node/Multi-role Architecture and Scalability
The platform’s unique architecture uses four nodes, each charged with performing a specific role, ensuring the speed of operations and the platform’s security without forsaking decentralization or restricting the creation of apps.
The four nodes work together systematically:
- Consensus Node: This helps set the order of transactions and keep track of transaction orders on the blockchain;
- Verification Node: This works hand in hand with the consensus node to ensure the platform is safe and secure. It also maintains and oversees the operations of the Execution Nodes;
- Execution Node: The Execution Node, as the name implies, is in charge of the computation task pertaining to each transaction. It ensures that every job is carried out correctly;
- Collection Node: This is tasked with enhancing the network connectivity and boosting the data availability of Dapps so Dapps can use data to carry out smart contracts.
Flow imitates Fordism, a system created by Ford which propagated a different style of the division of labor that revolutionized the 19th-century mass production era. The idea of Fordism was quite simple; instead of having different workers assemble all parts of an automobile, they only had to take part in a specific part of the production process. By focusing on that particular task, the worker is able to specialize in that one area and does not need to have skills relating to the other areas.
With this in mind, one could see Ethereum Sharding architecture like that of the old automobile production setting; where each worker was to build an entire car, While Flow’s multi-node architecture assigns a specific task to a worker, and each worker is tasked with completing a part of the automobile production process.
Unlike Sharding and Roll-ups, each node on Flow’s multi-node architecture is charged with a specific task, and by carrying these tasks out, they can solve the scalability trilemma (Decentralisation, Security, and Scalability).
Resource-oriented Programming
Developers making use of the Flow blockchain have access to Cadence. It is an easy, resource-driven smart contract programming language on the Flow blockchain. It has been created to monitor the ownership of digital assets.
Upgradeable Smart Contracts
This is a feature most developers would love. Most blockchains do not give a chance for smart contracts to be modified once they have been released to the blockchain. Issues arise when a bug or the smart contract does not run as desired. Flow has fixed this issue by letting developers add their Flow smart contracts to the mainnet for a beta test. This allows developers to monitor the smart contracts and ensure that everything works smoothly.
The developers no longer have to worry about messing up the contracts or getting it at first go, but can run it through the beta state and confirm the soundness of the contract before sending out the immutable version.
Onboarding of Users: “The Normie Blockchain.”
The users are included on the Flow blockchain. The user-friendly system, paired with the already established mainstream payment on-ramps, lets users interact with a safe platform in an easy and stress-free manner. Flow is not just building a blockchain for developers; it has also built a universe for normies and future users who are more technologically savvy and know a lot more about web3.
Flow is in connection with tech giants like Google and Instagram, who greatly impact the world of tech. This attracts a variety of users and ensures that flow stays relevant and can stand the test of time. Flow isn’t looking for today’s users; they are also looking for future users.
Flow has taken a different approach from other web3 developers. Rather than building a platform that only appeals to the current crypto users, the Flow team has every other potential user in mind and has plans to not only incorporate them into the platform. This means that people who do not own cryptocurrencies or need to learn about them have a platform that could easily bridge that gap and open the blockchain world to a much broader audience.
Developer Driven
Flow makes its platform user-friendly and also valuable for developers. The tools created on the platform, like flexible smart contracts, various developer tools, in-house logging support, and many more, are all geared toward enhancing the platform’s usefulness.
Flow vs. Ethereum
Different areas split these two blockchains from each other:
Scalability
Scalability is a difficult issue for most crypto-related platforms, and Ethereum is no exception to that issue, as the popular platform can carry out 13 to 15 transactions per second. This was the issue that CryptoKitties noticed when their game blew up. To avoid the same limitations as Ethereum, Flow blockchain focused on increasing the blockchain’s scalability without dropping the network’s decentralization and security.
Transaction Cost
The next area is the transaction cost. Ethereum users need to pay a certain amount when executing smart contracts. The fee, called the “gas fee,” is paid in ETH. Flow, however, came up with a two-layer fee payment system. Users don’t need to pay high gas fees; they only need to pay two fees, one for opening an account which begins at 0.001 FLOW, while the other price starts at 0.000001 FLOW.
The Consensus Mechanism
The type of consensus mechanism adopted is another area that differentiates these two blockchains. Ethereum uses a Proof-of-Work (PoW) consensus, which consumes incredible amounts of energy and requires a lot of money to obtain computing equipment. Flow uses the Proof-of-Stake (PoS) consensus. The blockchain applies the HotStuff consensus algorithm developed by VMware Research. The PoS consensus differs from the Proof-of-Work consensus; validators are picked randomly to create new blocks, releasing them to the network participants and then gaining rewards. The validators make use of ETH in the verification process of transactions.
Smart Contracts
The main difference between Ethereum and Flow is the immutability of smart contracts. Most Ethereum users trust Ethereum because of the Immutability of smart contracts on its platform; however, other developers believe smart contracts should be adjustable to eliminate unintentional errors when or if they arise. Flow blockchain has made such an option possible.
Flow has allowed developers to release smart contracts on its mainnet in a beta test format. This gives the developer the chance to alter or modify the smart contract. This also provides the user with an opportunity to monitor the code and decide whether to trust the code or not.
What Is the FLOW Token?
FLOW tokens have several use cases, giving them a strong chance against other native tokens of blockchain gaming platforms. The usefulness of the coin can not be explored if the coin does not have value, so how does FLOW obtain value?
Flow requires developers to create use cases for the FLOW tokens in their games. This makes FLOW the native currency for transactions and rewards. On the other hand, developers can use the Flow blockchain to create digital currencies in their apps.
FLOW is used to carry out tasks on blockchain. FLOW is the bridge currency for currency swaps between tokens with low liquidity. FLOW token holders can earn by staking the FLOW token as a security deposit and working to ensure the safety of the network through validator nodes.
FLOW Token Use Cases
Payment of fees: The Flow network allows users to log into any Dapp with their account, use the services and use Flow tokens as a means of payment. Users can also make purchases in the ecosystem with the FLOW token.
Decentralized Applications: The FLOW token can be used in various Dapps, such as CryptoKitties, Dapper Labs, and NBA Top Shot.
Network Contributions: The token will also be used in the platform in two ways. The first way is contributions made by developers who develop applications hosting NFs and games on the Flow network. The second set is validators who participate in activities that power the ecosystem.
Platform Governance: The introduction of De-Fi gave birth to a system of government that involved users and holders of community tokens. Flow token holders have the right to vote on different decisions within the platform. Three issues will use the governing system: Ecosystem decisions, Protocol upgrades, and Protocol parameters.
NFT Projects On Flow
The major projects on the Flow Platform include:
- CryptoKitties: A virtual game built on breedable and interchangeable virtual cats. Each cryptokitty is a unique NFT and belongs exclusively to the owner. The cryptokitty’s value relies on the versatility of the market, and already existing Cryptokitties can be sold on the OpenSea market and are coming to the flowverse rally soon. The success of Cryptokitties speaks for itself, with around 2 million Cryptokitties NFTs worldwide, with around 114,200 users on the platform. The platform has recorded over 70,500 ETH-based transactions since its launch.
- NBA Top Shot: An NFT market for NBA moments/Highlights. The idea seems basic, but this project’s numbers and impact are no joke. It has gathered cryptocurrency and blockchain enthusiasts from around the world and gained over 1.1 million registered users who have carried out transactions on the platform, amounting to a whopping $800 million in NFTs.
- UFC Strike: A platform for fans to trade UFC’s best moments and clips. The new digital collectible consists of UFC stars like Kamaru Usman, Robbie Lawler, Francis Ngannou, and many more. The moments are grouped into different groups; Fandom, Contender, Challenger, Champion, and Ultimate. You can get packages on the official UFC strike site.
Is FLOW a Good Investment?
The evolution of technology over the years has been spawned by an increase in innovative creations triggered by a need to solve a problem or achieve a goal, from the launch of the first cryptocurrency to the first decentralized financial service, down to NFTs. Flow is a new wave of innovative ideas that looks to bridge the gap between the world and the NFT ecosystem. As NFTs and Blockchain games are making their way in the world, Flow is positioned to play a pivotal role in the future. The basics are all there, and the challenge will be to continue developing in order to allow the project to keep up with the times.
How to Own FLOW?
You can own FLOW via a crypto centralized exchange, so you can begin by creating a Gate.io account. Once the account is verified and funded, find out the steps to buy FLOW. In a nutshell, you can do this via flash swap, trading the spot market or even using leverage.
News on Flow blockchain
As mainstream media reported last August, Following Meta Platform’s (META) plan to use the blockchain to advance its non-fungible tokens (NFT) program, the FLOW token saw a gain of over 35%. The highest price since May 31 was reached at that point, when it rose to $2.84. After Meta announced the international extension of its previously tested digital collectibles function on its photo and video-sharing platform Instagram, the token experienced buying pressure. Support for NFTs produced on the Flow blockchain was announced by Meta.
Useful References
For the latest updates about Flow blockchain, you can visit:
Take Action on FLOW
Check out FLOW price today and start trading your favorite currency pairs.
Artikel terkait
What is Stablecoin?
What is Liquidity Farming?
What Is Flow Blockchain? All About the Blockchain for Open Worlds.
What Is Flow Blockchain?
How Does Flow Work?
Features/Benefits of Flow
Flow vs. Ethereum
What Is the FLOW Token?
FLOW Token Use Cases
Is FLOW a Good Investment?
How to Own FLOW?
News on Flow blockchain
Useful References
Take Action on FLOW
The growth of NFTs (Non-fungible tokens) took the world by storm, amassing a whopping $2.5 billion before the summer of 2021. Although its popularity grew in 2021, NFTs had existed long before then. Earlier in 2017, one major NFT (non-fungible token) project CryptoKitties, opened the world to the scalability issues that plagued the second cryptocurrency giant Ethereum. The systems of the platform got congested, and the Ethereum blockchain came to a halt.
Source: NFT - CryptoKitties
After noticing the scalability issues that affected the network, the developers, Dapper Labs, decided to create their network to battle the problems themselves. This gave birth to a new blockchain named Flow. The developers took it a step further and worked on more than just the scalability issue. They increased the transaction speed and enhanced the operability of the network while providing these services at a lower cost.
What Is Flow Blockchain?
To know all about Flow, we need to take a look at the history of its creation. The developers of Flow are the brains behind Dapper Labs, which essentially aims to proffer NFT and Decentralized gaming solutions. To achieve their goals, they developed the CryptoKitties NFT and pioneered an uprising in the NFT industry.
What the developers should have accounted for was the success of CryptoKitties. The popularity of the NFT grew, and the Ethereum network became overwhelmed by the numbers, which led to an increase in transaction fees and slower processing speed on the platform.
Dapper Labs decided to create its custom blockchain rather than wait for the congestion issue to get sorted out. They built this blockchain to match the features they wanted to see on other blockchains, which led to Flow Blockchain.
We can’t know all about Flow blockchain without knowing the definition. Flow is a high-performing, fast, and user-friendly blockchain developed with high scalability without sharding techniques while providing high-speed transactions at low fees. The Flow blockchain is explicitly designed to accommodate the NFT market space and other decentralized apps (Dapps).
Flow is a platform for different developers to build crypto-themed projects that have the ability to change the world. The blockchain’s design allows users to purchase, sell, and safely keep their collectibles in the Dapper Smart Contract Wallet and the different wallets that can run on the network. The compatible wallets on the platform create a bridge between other users and the NFT market, granting them easy access to a market space where they can easily carry out NFT-based transactions.
How Does Flow Work?
Blockchain technology is the backbone of the crypto industry, and different projects have spawned from creating these blockchains. Flow’s unique architecture makes it exceptionally advantageous and increases the efficiency of its blockchain. Other blockchains use individual nodes to keep the details, facts, and history of transactions to carry out all the processes relating to the transactions in the network. Some identifiers take note of both the sender and the recipient.
Flow, on the other hand, uses an entirely different system. Flow uses a pipeline system of validator tasks divided into four different node types: Collection, Consensus, Execution, and Verification. This means that Flow does not need each node to perform various tasks (Collection, Consensus, Execution, and Verification); Flow has already broken those tasks and assigned them to specific nodes that specialize in any validator tasks.
Flow’s unique architecture boosts the scalability of the blockchain and makes it much better while reducing transaction costs and fostering a cooperative atmosphere for all network activity.
Features/Benefits of Flow
The reason behind the construction of the Flow blockchain was to solve the problems they faced with congestion on the Ethereum blockchain; to achieve that, they developed certain features that set them apart from others.
Flow’s Multi-node/Multi-role Architecture and Scalability
The platform’s unique architecture uses four nodes, each charged with performing a specific role, ensuring the speed of operations and the platform’s security without forsaking decentralization or restricting the creation of apps.
The four nodes work together systematically:
- Consensus Node: This helps set the order of transactions and keep track of transaction orders on the blockchain;
- Verification Node: This works hand in hand with the consensus node to ensure the platform is safe and secure. It also maintains and oversees the operations of the Execution Nodes;
- Execution Node: The Execution Node, as the name implies, is in charge of the computation task pertaining to each transaction. It ensures that every job is carried out correctly;
- Collection Node: This is tasked with enhancing the network connectivity and boosting the data availability of Dapps so Dapps can use data to carry out smart contracts.
Flow imitates Fordism, a system created by Ford which propagated a different style of the division of labor that revolutionized the 19th-century mass production era. The idea of Fordism was quite simple; instead of having different workers assemble all parts of an automobile, they only had to take part in a specific part of the production process. By focusing on that particular task, the worker is able to specialize in that one area and does not need to have skills relating to the other areas.
With this in mind, one could see Ethereum Sharding architecture like that of the old automobile production setting; where each worker was to build an entire car, While Flow’s multi-node architecture assigns a specific task to a worker, and each worker is tasked with completing a part of the automobile production process.
Unlike Sharding and Roll-ups, each node on Flow’s multi-node architecture is charged with a specific task, and by carrying these tasks out, they can solve the scalability trilemma (Decentralisation, Security, and Scalability).
Resource-oriented Programming
Developers making use of the Flow blockchain have access to Cadence. It is an easy, resource-driven smart contract programming language on the Flow blockchain. It has been created to monitor the ownership of digital assets.
Upgradeable Smart Contracts
This is a feature most developers would love. Most blockchains do not give a chance for smart contracts to be modified once they have been released to the blockchain. Issues arise when a bug or the smart contract does not run as desired. Flow has fixed this issue by letting developers add their Flow smart contracts to the mainnet for a beta test. This allows developers to monitor the smart contracts and ensure that everything works smoothly.
The developers no longer have to worry about messing up the contracts or getting it at first go, but can run it through the beta state and confirm the soundness of the contract before sending out the immutable version.
Onboarding of Users: “The Normie Blockchain.”
The users are included on the Flow blockchain. The user-friendly system, paired with the already established mainstream payment on-ramps, lets users interact with a safe platform in an easy and stress-free manner. Flow is not just building a blockchain for developers; it has also built a universe for normies and future users who are more technologically savvy and know a lot more about web3.
Flow is in connection with tech giants like Google and Instagram, who greatly impact the world of tech. This attracts a variety of users and ensures that flow stays relevant and can stand the test of time. Flow isn’t looking for today’s users; they are also looking for future users.
Flow has taken a different approach from other web3 developers. Rather than building a platform that only appeals to the current crypto users, the Flow team has every other potential user in mind and has plans to not only incorporate them into the platform. This means that people who do not own cryptocurrencies or need to learn about them have a platform that could easily bridge that gap and open the blockchain world to a much broader audience.
Developer Driven
Flow makes its platform user-friendly and also valuable for developers. The tools created on the platform, like flexible smart contracts, various developer tools, in-house logging support, and many more, are all geared toward enhancing the platform’s usefulness.
Flow vs. Ethereum
Different areas split these two blockchains from each other:
Scalability
Scalability is a difficult issue for most crypto-related platforms, and Ethereum is no exception to that issue, as the popular platform can carry out 13 to 15 transactions per second. This was the issue that CryptoKitties noticed when their game blew up. To avoid the same limitations as Ethereum, Flow blockchain focused on increasing the blockchain’s scalability without dropping the network’s decentralization and security.
Transaction Cost
The next area is the transaction cost. Ethereum users need to pay a certain amount when executing smart contracts. The fee, called the “gas fee,” is paid in ETH. Flow, however, came up with a two-layer fee payment system. Users don’t need to pay high gas fees; they only need to pay two fees, one for opening an account which begins at 0.001 FLOW, while the other price starts at 0.000001 FLOW.
The Consensus Mechanism
The type of consensus mechanism adopted is another area that differentiates these two blockchains. Ethereum uses a Proof-of-Work (PoW) consensus, which consumes incredible amounts of energy and requires a lot of money to obtain computing equipment. Flow uses the Proof-of-Stake (PoS) consensus. The blockchain applies the HotStuff consensus algorithm developed by VMware Research. The PoS consensus differs from the Proof-of-Work consensus; validators are picked randomly to create new blocks, releasing them to the network participants and then gaining rewards. The validators make use of ETH in the verification process of transactions.
Smart Contracts
The main difference between Ethereum and Flow is the immutability of smart contracts. Most Ethereum users trust Ethereum because of the Immutability of smart contracts on its platform; however, other developers believe smart contracts should be adjustable to eliminate unintentional errors when or if they arise. Flow blockchain has made such an option possible.
Flow has allowed developers to release smart contracts on its mainnet in a beta test format. This gives the developer the chance to alter or modify the smart contract. This also provides the user with an opportunity to monitor the code and decide whether to trust the code or not.
What Is the FLOW Token?
FLOW tokens have several use cases, giving them a strong chance against other native tokens of blockchain gaming platforms. The usefulness of the coin can not be explored if the coin does not have value, so how does FLOW obtain value?
Flow requires developers to create use cases for the FLOW tokens in their games. This makes FLOW the native currency for transactions and rewards. On the other hand, developers can use the Flow blockchain to create digital currencies in their apps.
FLOW is used to carry out tasks on blockchain. FLOW is the bridge currency for currency swaps between tokens with low liquidity. FLOW token holders can earn by staking the FLOW token as a security deposit and working to ensure the safety of the network through validator nodes.
FLOW Token Use Cases
Payment of fees: The Flow network allows users to log into any Dapp with their account, use the services and use Flow tokens as a means of payment. Users can also make purchases in the ecosystem with the FLOW token.
Decentralized Applications: The FLOW token can be used in various Dapps, such as CryptoKitties, Dapper Labs, and NBA Top Shot.
Network Contributions: The token will also be used in the platform in two ways. The first way is contributions made by developers who develop applications hosting NFs and games on the Flow network. The second set is validators who participate in activities that power the ecosystem.
Platform Governance: The introduction of De-Fi gave birth to a system of government that involved users and holders of community tokens. Flow token holders have the right to vote on different decisions within the platform. Three issues will use the governing system: Ecosystem decisions, Protocol upgrades, and Protocol parameters.
NFT Projects On Flow
The major projects on the Flow Platform include:
- CryptoKitties: A virtual game built on breedable and interchangeable virtual cats. Each cryptokitty is a unique NFT and belongs exclusively to the owner. The cryptokitty’s value relies on the versatility of the market, and already existing Cryptokitties can be sold on the OpenSea market and are coming to the flowverse rally soon. The success of Cryptokitties speaks for itself, with around 2 million Cryptokitties NFTs worldwide, with around 114,200 users on the platform. The platform has recorded over 70,500 ETH-based transactions since its launch.
- NBA Top Shot: An NFT market for NBA moments/Highlights. The idea seems basic, but this project’s numbers and impact are no joke. It has gathered cryptocurrency and blockchain enthusiasts from around the world and gained over 1.1 million registered users who have carried out transactions on the platform, amounting to a whopping $800 million in NFTs.
- UFC Strike: A platform for fans to trade UFC’s best moments and clips. The new digital collectible consists of UFC stars like Kamaru Usman, Robbie Lawler, Francis Ngannou, and many more. The moments are grouped into different groups; Fandom, Contender, Challenger, Champion, and Ultimate. You can get packages on the official UFC strike site.
Is FLOW a Good Investment?
The evolution of technology over the years has been spawned by an increase in innovative creations triggered by a need to solve a problem or achieve a goal, from the launch of the first cryptocurrency to the first decentralized financial service, down to NFTs. Flow is a new wave of innovative ideas that looks to bridge the gap between the world and the NFT ecosystem. As NFTs and Blockchain games are making their way in the world, Flow is positioned to play a pivotal role in the future. The basics are all there, and the challenge will be to continue developing in order to allow the project to keep up with the times.
How to Own FLOW?
You can own FLOW via a crypto centralized exchange, so you can begin by creating a Gate.io account. Once the account is verified and funded, find out the steps to buy FLOW. In a nutshell, you can do this via flash swap, trading the spot market or even using leverage.
News on Flow blockchain
As mainstream media reported last August, Following Meta Platform’s (META) plan to use the blockchain to advance its non-fungible tokens (NFT) program, the FLOW token saw a gain of over 35%. The highest price since May 31 was reached at that point, when it rose to $2.84. After Meta announced the international extension of its previously tested digital collectibles function on its photo and video-sharing platform Instagram, the token experienced buying pressure. Support for NFTs produced on the Flow blockchain was announced by Meta.
Useful References
For the latest updates about Flow blockchain, you can visit:
Take Action on FLOW
Check out FLOW price today and start trading your favorite currency pairs.
Artikel terkait
What is Stablecoin?