What is the flow? What does FLOW do, where to buy?
Flow is a Layer-1 blockchain network designed for the mainstream that prioritizes scalability and ease of use for developers. The network token, used in many areas from governance to authentication, is called FLOW.
Flow's blockchain network is designed for decentralized applications, games, interactive experiences, and NFTs. By focusing on solving the scaling problem, Flow aims to create an ecosystem where all of these can interact with each other without being exposed to density.
In the Flow ecosystem, users can create their own open economy and have full control over their data by developing their own apps and digital assets.
Who developed Flow?
Behind the Flow project is Dapper Labs, the developer of the popular Ethereum-based blockchain game CryptoKitties. Project founders include Roham Gharegozlou, Dieter Shirley and Mikhael Naayem.
The growing popularity of CryptoKitties has led to congestion of the Ethereum network, revealing a scaling problem. Therefore, Dapper Labs decided to develop a more functional and highly scalable blockchain for decentralized applications and games.
The company announced its Flow network in 2019 after receiving an investment from investment giant a16z.
What sets Flow apart from the rest?
Perhaps the most outstanding feature of Flow is its innovative solution to the scaling problem. This framework, referred to as "multi-node architecture," offers the opportunity to achieve high transaction throughput without the need for fragmentation.
In traditional blockchain networks, nodes must store the entire state of the blockchain. Sharding, on the other hand, divides the network into parallel segments, making nodes responsible for verifying transactions only in the partition to which they are assigned.
However, this method, which is well suited to payment networks, makes the interaction between smart contracts much more complex and error-prone.
Flow, on the other hand, solved this problem by applying the pipeline to blockchain technology. With this method, which is often used to increase efficiency, the nodes were divided into four groups and instructed only to perform the task assigned to them.
Build nodes are responsible for data access and network connectivity for applications in Flow, while reconciliation nodes decide the order in which transactions are to be validated.
Execution nodes, which do not participate in decision making, provide the computational power needed to execute transactions. Verification nodes, on the other hand, validate transactions after re-verifying the information sent by the execution nodes.
This process verification process, similar to the production line, achieves very high transaction throughput and keeps transaction fees low, making nodes responsible for only a certain stage of this process.
Additionally, the Flow team has developed a new cryptographic technique called Specialized Proof of Confidential Information (SPoCK). Using this technique, proposers can demonstrate that they have certain confidential information without revealing it.
Blockchain developers work with a resource-oriented programming language called Cadence. This language, created by Flow, was designed to make written code safe, open and accessible.
Smart contracts in Flow can be released in beta, allowing development before completion. Users interacting with the contract are informed of the changes made.
Flow also offers developer training opportunities. Anyone who wishes can have knowledge and experience in Cadence programming language, blockchain programming, creating their own digital assets and NFTs and creating their own market in the Flow Playground tab.
What does FLOW do?
All activities performed on Flow's blockchain network, such as creating a new user account and using smart contracts, are paid to FLOW as a transaction fee. In addition, the storage chain is also purchased for FLOW.
FLOW stakes are also required to become a validator on Flow, a proof-of-stake blockchain network. Nodes also receive a FLOW award in exchange for network security and transaction verification services. Users also have the option to run nodes on their own by transferring their tokens to third parties.
FLOW is also used for governance. Token holders have the right to vote on suggestions for changes and updates sent to the community.