FLOW Token Fundamental Analysis: Unveiling the Potential and Value Proposition
By reading the article “FLOW Fundamentals” published in Adaas Capital, you will get acquainted with FLOW cryptocurrency in general. This level of familiarity can be enough when you need educational information about this topic.
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Table of Contents
FLOW Cryptocurrency Fundamentals
Imagine this: You run a hugely successful Dapp (Decentralized App) in Ethereum blockchain, and your game or app is very popular, and that huge popularity alone makes blockchain almost unusable. (Due to the large number of transactions on the Ethereum platform and the high cost of transactions and low processing speed, the use of popular decentralized software is practically not economically justified for users!)
Sounds far-fetched? This is the story of CryptoKitties, a very popular commercial game that was launched in 2017 and allows users to buy, collect and breed digital cats.
After the disappointing performance of Ethereum for the CryptoKitties development team, the CryptoKitties developers tried to solve the Ethereum blockchain technology problems they encountered by creating a new blockchain that specializes in NFT.
The FLOW platform, launched in 2020, gives developers the ability to create or trade NFT tokens. Using the FLOW platform, the CryptoKitties team seeks to create a new platform that allows applications such as CryptoKitties to attract more users. (Solves Ethereum blockchain problems.)
A comprehensive article about NFT >
Review of FLOW blockchain technology
If you are familiar with how blockchains work, you know that they generally consist of nodes that approve all transactions. FLOW intends to create many subsets of its network so that it can divide the whole work into nodes, and each node approves only one subset of transactions, or in simple terms, any Node performs a part of the transaction verification operation professionally.
For this purpose, FLOW blockchain uses a multi-node architecture, each of which has a different role. In other words, the FLOW has divided the validity of a transaction into four different categories, dividing the responsibilities of each node.
The developers of FLOW cryptocurrency believe that this level of expertise allows each node to participate in the validation of each transaction while splitting tasks to increase performance.
- Collection Nodes: are responsible for network connection and data availability for Dapps.
Consensus Nodes: Decide on the presence and order of transactions. - Execution Nodes: Perform calculations for each transaction. These nodes do not have the power to decide.
- Verification Nodes: Review the work done by Execution Nodes.
FLOW Development Team Review
FLOW is a product of Dapper labs. The company also develops CryptoKitties and the NBA Top Shot platform. The FLOW project was developed under the guidance of the founders Roham Qara Gozlu, Dieter Shirley, and Mikhail Naeem.
Roham Gharegozlu
He is the CEO of dapper lab blockchain FLOW, CryptoKitties and NBA shot. He holds a degree in economics and biology from Stanford University and was the founder and CEO of Axiom Zen before Dapper Labs.
Dieter Shirley
The founder of the unique FLOW blockchain and co-founder of CryptoKitties is also the author of one of the most important Ethereum standards, the Erc_721 standard. This standard is used for NFT tokens in the Ethereum blockchain.
FLOW programming language
Cadence is the language of the FLOW blockchain. This is a new high-level programming language designed to develop smart contracts. This programming language has been developed based on the experience of developers and experts in this field in such a way that writing a smart contract on a FLOW blockchain is as simple, secure, and controllable as possible.
The end words
At Adaas Capital, we hope that by reading this article you are fully acquainted with FLOW Fundamentals. You can contribute to our progress by sharing the article “FLOW Fundamentals” published in Adaas Investment Magazine and help optimize this article by submitting your comments.
References
FAQ
What is FLOW?
Flow is a highly advanced platform for developing and trading NFT tokens.
Where can I buy FLOW?
– Binance
– Kraken
– Huobi Global
– Gate.io
