Flow FLOW

  • flow
  • Flow
    (FLOW)
  • Price
    $1.73
  • Market Cap
    $1.8 B

Dapper Labs, the company behind CryptoKitties, created the Flow blockchain. It aims to help developers develop dApps (decentralized applications) and businesses. This network uses architecture to design instead of sharding. One of the reasons that Dapper decided to have its network instead of being on Etherium is Dapper Labs wanted to stay away from the complexity of sharding. Sharding. Sharding is a method for sending out a single dataset across various databases, which multiple machines can store. They believe that using scaling and putting away sharding will help the platform’s speed and throughput and preserve composability standards. It has a developer-friendly environment.

This network offers its native token as Flow. This token came out in 2020 through CoinList however it was not initially available in Canada and U.S.A. 

What is Flow?

Flow is a blockchain network that is suitable for extensive scaling without sharding. It provides fast and affordable transactions that are reasonable for dApps such as NFT marketplaces and crypto-infused games. But why did they feel like they had to make a new blockchain?

 Other decentralized blockchains’ tactics for scaling depend on sharding or side chain, which makes the interactivity among smart contracts much more complicated and leads to more errors.

Sharding is a good tactic for payments but unsuitable for ecosystems presenting games and social networks.

Dapper Labs presented Flow, which wishes to solve the blockchain congestion by making one primed for games and other interactive practices. Dapper Labs uses this token for all its projects, like NBA Top Shot.

The flow reward validators earn can be sold or transferred, so the money moves in the market.  

Since NFT collectibles made it big in late 2020 and early 202, Flow has benefited from the surge. It reported a substantial uptick in developer requests in the early weeks of 2021.

Flow background

Roham Gharegozlou started Dapper labs (the company behind CryptoKitties launched in 2017), NBA Top Shot, and blockchain. This company is located in Vancouver, Canada, and was founded in 2018.

The Dapper Labs team has been working on and building the production version of this platform since 2019, which includes implementing the protocol logic on each different type of node.  

Dapper’s team released the Flow Beta Mainnet, which supports production user experiences for its users and partners. 

For Beta Mainnet, the native token exists on the network to represent user accounts and give a minimum balance for users to do their first transactions. All fees were deficient at this stage. 

Why Flow?

Dapper designed this network for crypto and collectible experiences growing fast and can find a much larger audience in the following years.

NBA Top Shot has already proven that it has the potential to make vast amounts of cash and find considerable mainstream attention; this is just one experience built over this network, and many more will follow.

Each node stores the whole state in traditional blockchains, including account balances and smart contracts. Every node performs all of the work associated with all transactions. However, this blockchain separates the duties usually done by a node across five nodes, increasing efficiency.

You can currently interact with this network through NBA Top Shot, purchasing artwork from the VIV3 NFT marketplace, and other working applications on the network. Developers can use the various built-in tools to develop their dApps or experiment with Flow.

flow Flow
$2.49

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FAQs

Best Way to Buy Flow in Australia

There are still some cryptocurrency exchange platforms that do not support Flow. Before making up your mind, make sure to go through the exchange’s regulations and read about the services they provide their users. Not all exchange platforms are secure, and not all of them present wallet services to their customers.

Without researching it first, you cannot trust just anyone (websites, exchange platforms, etc.) with your asset. So when considering an exchange, make sure that their platform is safe, and hackers cannot get into them.

If you reside in Australia and wish to find an exchange platform nearby to attend to your needs, Bitunivex is a safe choice. In Bitunivex, you need to open an online account and buy the token or coin you have in mind. Bitunivex also exchanges Fiat currencies, and you can have your wallet on Bitunivex.

Is Flow Real and Safe?

This network uses a PoS (proof of stake) consensus mechanism. If validators wish to participate in the network, they must stake a particular number of Flow tokens. It means that they have to lock a portion of their asset for a certain period of time to contribute to the network system, and the network will award them in return.

This network splits validation tasks into four different kinds of nodes to achieve remarkable improvements in speed and throughput:

1- Collector Nodes: These nodes increase efficiency

2- Execution Nodes: They enable speed and scale

3- Verifier Nodes: These types of nodes guarantee correctness

4- Consensus Nodes: They ensure decentralization

 All of these kinds of nodes participate in the validation of transactions.

Dapper claims that splitting the tasks makes transactions more efficient than other blockchains; this replaces sharding or spreads out the storage and computational needs in many nodes. Dapp does not apply sharding to the network. That is why this ecosystem claims that it can keep transactions isolated, consistent, atomic, and durable (ACID); furthermore, it allows developers to build on another developer’s work.

Can I Cash Out Flow Anytime?

On Bitunivex, you can have your wallet and use the cryptocurrency and fiat exchange platform. 

If you wish to cash Flow tokens, you can conduct your request on the platform, and we will handle your transaction in a matter of minutes. 

You can cash out your investment anytime using a local crypto exchange platform like Bitunivex. We offer instant and safe cash out. Our goal is to provide the top customer service to users; therefore, we try to answer all your questions in less than 3 minutes. If you have any questions regarding your account, wallet, transactions, etc., let us know.