Flow blockchain validators currently operate 68% of the network’s nodes, as DApper Labs announced, while we read more today in our latest crypto news.
Dapper Labs announced that Flow Community Validators are currently operating 68% of the total nodes of the Blockcahin network and the network is being gradually decentralized. Dapper Labs’ flow blockchain is one of the best known in the expanded NFT market, supporting NBA Top Shot to date on over $ 750 million in secondary market trading volume. As the company expands into new NFT projects and other directions, it has worked to further decentralize the network.
It’s been an incredible year of growth #onFlow, so we wanted to reflect our path to becoming the fastest growing blockchain in the world
The mission of putting a blockchain wallet in every pocket continues ⛓️
📘 Read more about the power of network effects: https://t.co/kTiMuRBQU4 pic.twitter.com/HR3vrFRJ0t
– Flow blockchain (@flow_blockchain) October 15, 2021
Now, a representative from Dapper Labs says that blockchain validators operate 68% of the network’s nodes, which essentially means the network is open and community controlled as the company operates fewer than a third of the active consensus nodes maintaining proof of participation network. The company claims that 68% of the nodes are operated by external stream validators. Proof-of-network like Flow works differently than BTC and ETH’s proof-of-work approach, so instead of using a power-hungry mining model, Flow relies on validators for deserved rewards in the process.
Decentralization is critical to the decades-long security of blockchain networks spread across thousands of computers around the world. So if a single unit controls most of the mining power or determines nodes, it is actually possible to change transactions and spend coins twice. Dapper Labs is a very successful company closely associated with the transportation company which operates 32% of Flow’s current nodes. Product Manager Layne LaFrance said:
“We have reduced the number of consensus nodes that Dapper Labs operates to less than a third. This allows community members to participate more in the network and is also a really important security metric to show that the network is run by the community. “
Dapper created Flow after his original NFT project, Crypto Cats, nearly crashed the Ethereum blockchain in 2017 due to overwhelming demand. Whether it will be fully decentralized is a question that has revolved around the dozen of networks since the launch of NBA Top Shot. LaFrance said:
“Flow was designed as a fully decentralized, permissionless public blockchain. The startup process – when new code is developed, security is always something you test. Part of the security process is adding more people from the community. “
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