Flow - a blockchain, developed by the Dapper Labs team, who previously created the famous CryptoKitties back in 2017. After a 2-year hiatus in which they considered the next direction for their talents, they came out with the Flow blockchain.
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Description of Flow
Flow - a fast, decentralized and user-friendly blockchain, aimed at the general public, with payment mechanisms that make it easy and secure to convert real money into cryptocurrencies. It is based on a unique architecture that delivers the performance, required by popular applications while maintaining decentralization. This means that Flow developers can create secure and modular applications that open up new possibilities for billions of people around the world.
All the while, the blockchain has also maintained a developer friendly environment that is also ACID compliant. Blockchain is designed to work with NFT, game projects and other applications. It is suitable for all users who are not familiar with blockchain technologies yet. Network addresses are short, and its participants can work without private keys. The project is focused on the operation of large decentralized applications that use NFT. Basically, these are projects in the field of GameFi.
The difference between blockchain and competitors
Flow smart contracts can be assembled as Lego blocks to power applications that serve billions of people, from basketball enthusiasts to mission-critical businesses. There are four things that make blockchain unique from other existing platforms:
| Feature | Description |
|---|---|
| Multipurpose architecture | The Flow code is unique, allowing the network to scale to serve billions of users without reducing consensus decentralization. |
| Easy writing of smart contracts | Smart contracts on the blockchain are written in Cadence, a simpler and more secure programming language for crypto assets and applications. |
Some features of the blockchain include built-in conditions for functions and transactions, a strong static type system and capability-based security. Currently, Flow is the blockchain of choice for the NBA Top Shot DApp.
Flow token
FLOW - the token of the Flow blockchain, as well as the only token for staking, management and payment of transaction fees, as well as the main reserve asset of the network. Flow aims for broad and decentralized participation in the Flow Network and hence token distribution. Flow has introduced two fees, one is charged on account creation, which starts at approximately 0.001 FLOW, or approximately $0.008. The second transaction fee starts at approximately 0.000001 FLOW. Account creation fees are charged only when you create an account. It covers storage costs of 100 KB. The transaction fee is charged once per transaction, occurring at run time.
