What is Flow?
Flow is a smart contract platform ( Smart Contract ), developed based on a new architecture that allows for faster, cheaper, and more developer-friendly transaction processing. Flow is built by Dapper Labs, the development team of CryptoKitties – a virtual pet game on Blockchain.
From the beginning, Flow focused on Dapps Games (Decentralized Games), Collectibles (collectibles), and the applications that interact with them.
What is the unique selling point?
The main highlight of Flow is Flow’s multi-tier architecture:
In most Blockchains, the Nodes in the validator (Validation) store all information (account balances, Smart Contract Code, …) and perform all the work related to transaction processing on the blockchain. Chain. This is similar to a worker building an entire car.
However, with Flow it is different, they separate the other tasks into 4 roles:
- Collection: Collection buttons increase efficiency.
- Consensus: Consensus nodes ensure decentralization.
- Execution: Execution nodes enable speed and scale.
- Verification: Verification buttons ensure correctness.
- Consensus and Verification together optimize security and decentralization, enabling high levels of engagement even for individuals using conventional hardware with home internet connections.
- Collection and Execution together perform fully verified tasks, which makes them less vulnerable to attack. However, implementing these nodes requires specialized hardware in a professionally managed data center.
In this way, validator nodes are still involved in validating every transaction, but they only do one of the validation phases.
Thus, these Nodes can specialize and greatly increase the efficiency of transaction validation. This allows Flow to process transactions many times faster and with lower costs.
In addition, the Flow ecosystem is currently being considered a fertile land for NFT projects with a lot of potential for development, you can learn more about side projects and investment opportunities with Flow ecosystem right through the article below!
How does Flow work?
Flow uses a proof of stake consensus mechanism that requires validators to stake a certain number of FLOW tokens to participate in the network.
However, the way that validation works is unique amongst blockchains, as Flow splits validation tasks into four separate types of nodes: consensus, verification, execution, and collection. All four node types participate in the validation of each transaction.
Dapper says that splitting up the tasks makes processing transactions more efficient than on rival blockchains. It’s an alternative option to sharding or spreading out the storage and computational needs of a blockchain across numerous nodes. Flow does not use sharding, and by doing so, Dapper says that Flow keeps transactions atomic, consistent, isolated, and durable (ACID), and allows developers to build on each others’ work.
Flow also features upgradeable smart contracts, allowing smart contracts to be deployed in beta and then enhanced or fixed before being finalized and made immutable.
- Token Name: Flow.
- Ticker: FLOW.
- Blockchain: Flow.
- Token Standard: Updating…
- Contract: Updating…
- Token Type: Utility, Governance.
- Total Supply: 1,368,390,492 FLOW.
- Circulating Supply: Updating.
FLOW will conduct 2 rounds of selling on Coin list : Community Distribution Sale and Dutch Auction.
Community Distribution Sale:
- Taking place from September 22 to October 2.
- The selling price is $0.1/FLOW.
- Each person can only buy up to $1,000 (equivalent to 10,000 FLOW).
- The total maximum supply for the Community Distribution Sale is 10%.
Token Release Schedule
The FLOW coin unlocking schedule will be as follows:
- Ecosystem Reserve: Used for funding, awarding,… Currently, Ecosystem Reserve is expected to be locked for 12 months or used as collateral and not put into circulation.
- Dapper Labs: Pays monthly for 5 years.
- Pre-Launch Backers: Lock for one year and pay monthly for 12 months thereafter.
- Team: Lock for one year, pay monthly for 3 years after that.
- Future Sales:
- Community Distribution Sale: Lock for one year and pay monthly for 12 months thereafter.
- Dutch Auction: Lock for 1 year and pay off in 1 installment.
Token Use Case
FLOW coin is a native token in the Flow ecosystem and is used for the following purposes:
- Staking: Lock FLOW to participate in validating transactions on Flow Blockchain and receive a reward of FLOW Coin.
- Governance: FLOW Holders can participate in Flow’s ecosystem governance through FLOW Coin.
- Transaction Fee: FLOW coin is used as a transaction fee on Flow Blockchain (like ETH as a transaction fee on Ethereum).
- Currency: Used as currency in Flow’s ecosystem.
Core Team members have worked on previous Gaming related projects such as CryptoKitties, Dapper Wallet, and NBA TopShot.
You can learn more about Flow’s Team here .
Flow (FLOW) is a high-performance blockchain specifically for creating NFTs, massive crypto games, and apps. Unlike general-purpose blockchains such as Ethereum, Flow is built to efficiently scale for potentially billions of people interacting with NFTs like in-game items.
Find more information about: Flow Blockchain
If you have any questions, comments, suggestions, or ideas about the project, please email [email protected].
DISCLAIMER: The Information on this website is provided as general market commentary, and does not constitute investment advice. We encourage you to do your own research before investing.