The cryptocurrency industry is advancing quickly. Trends come and go, highlighting the need for fast, scalable, and developer-friendly blockchains to handle the increasing demand.
It’s safe to say that 2020 is the year of decentralized finance (DeFi). The market has grown an astonishing 2000% since March as new DeFi protocols pop up daily. And while this brings up a myriad of opportunities, it also highlights some of the inherent issues of Ethereum – the blockchain used for most of the DeFi apps.
A week ago, CryptoPotato reported that Ethereum TX fees soared (again) as Uniswap launched its governance token, and users flooded the protocol. But sky-high transaction fees are the least of the worries – some users said they had to wait hours for their transactions to go through.
In a field that’s attempting to revolutionize not just finance, but a lot of other industries, that’s unacceptable. Other challenges that existing solutions face include, but are not limited to:
- Blockchains can’t scale to meet consumer expectations.
- Onboarding barriers make blockchains unusable by many users.
- There’s a lack of content for mainstream audiences.
- Scaling solutions either compromise on decentralization or push complexity to developers.
This is why Dapper Labs, the company behind CryptoKitties and KittyVerse, among other popular projects, has designed Flow – a fast, secure, and developer-friendly blockchain that’s built to support the next generation of apps, games, and the digital assets that power them.
Introducing Flow Blockchain
Flow is a fast and secure blockchain that can take care of the inherent complexity of decentralized systems.
For reasons highlighted above, and many more alike, Dapper Labs has decided to build Flow for over the past two years. It’s re-designed from the ground up to be future-proof, developer- and user-friendly, as well as modular.
It’s worth noting that traditional blockchains force every node to store the entire state of the network and to perform the work associated with processing every single transaction in the chain. This limits the overall throughput capacity of the network. There are different scaling solutions offered on the table. One of them is Sharding – something that Ethereum 2.0 is expected to implement. However, this might introduce additional attack vectors, while also increasing the complexity for developers.
Flow has a multi-node architecture design that allows it to achieve high performance while also keeping costs low. It does so without compromising on decentralization or breaking up the network through Sharding.
Flow and Its Highlights
The Flow blockchain introduces a lot of features that take care of the inherent complexity of decentralized systems, as highlighted above. It has a balanced native taken design, as well as novel distribution mechanics.
The FLOW token allows for participation on the platform and provides opportunities to earn rewards. The demand for FLOW tokens increases directly with activity on the platform and with the demand for secondary tokens minted on top of it.
It comes with a built-in user-base and seamless onboarding process, making the life of developers a lot easier. It has a novel architecture inspired by pipelining in modern CPUs. It has four node types that work in parallel, allowing scalability without Sharding or compromising decentralization.
The entire thing is designed by a team that has developed some well-known and great consumer blockchain experiences, including but not limited to CryptoKitties, Dapper Wallet, NBA TopShot, and so forth. The team consists of experienced production engineers and leading researches who have worked together for years.
FLOW’s Token Sale
First and foremost, FLOW’s crypto token is NOT available on Uniswap, meaning that all FLOW tokens listed there are fake.
The Community Sale opened on September 22, 2020, and each participant has to go through a registration process. Residents from the US and Canada are not allowed because of regulatory compliance.
FLOW is the native asset for Flow’s layer-one blockchain, and CoinList is the only place where it can be purchased before the mainnet release.