What is Flow (FLOW)? Flow Cryptocurrency Overview

What is Flow? Flow is a blockchain platform, designed to scale and provide fast transaction speeds and low costs. The project is designed to make Game, NFT platforms and power them. So what outstanding features does Flow have? What advantages does it have over other L1s? Let’s find out with Weakhand below in this article!

To understand more about Flow, you can read the following articles:

• What is Solana (SOL)? Solana Cryptocurrency Overview
• What is NEAR Protocol (NEAR)? Near Protocol Cryptocurrency Overview
• What is Avalanche (AVAX)? Avalanche Cryptocurrency Overview

What is Flow?

Flow is an open, decentralized and developer-friendly blockchain designed for Gaming and NFT platforms and powering them. Flow is a unique, multi-role architecture and is designed to scale without Sharding, significantly improving transaction speed and volume, and is developer-friendly.

Flow empowers developers to build crypto-enabled businesses and thrive in crypto. Flow applications help users control their data, create digital assets, and trade in markets accessible from anywhere in the world.

Mechanism of action

Highlights of the Flow project

Four pillars make Flow stand out among today’s blockchains:

• Multi-role architecture: Flow has a unique design that allows the array to scale to serve billions of users without disrupting or reducing the decentralization of the consensus mechanism.
• Resource-oriented programming: Smart contracts on Flow are written in the Cadence programming language, an easier and safer programming language for crypto assets and applications.
• Developer ergonomics: Upgradeable smart contracts help programmers easily innovate and enhance user experience. Flow also provides open source tools to help developers easily develop Dapps.
• Consumer onboarding: Flow is designed for general users, and creates a payment tool that makes it safe for users to transfer fiat currency to cryptocurrency.

Multi-Node Architecture

In most blockchains, each note stores the entire state (Account balance, smart contract code, etc.) and performs all the work related to processing every transaction in the blockchain. This is similar to having a single worker build an entire car.

But for Flow it is different, here Flow separates the above tasks into 4 roles:

• Consensus Nodes: Determines the presence and order of transactions on the blockchain.
• Verification Nodes: Responsible for checking execution nodes.
• Execution Nodes: Perform calculations related to each transaction.
• Collection Nodes: Increases network connectivity and data availability for dapps.

Consensus Nodes and Verification Nodes will optimize for security and decentralization, both playing a role in enabling high levels of participation even by individuals with conventional hardware connected to the internet at home. Consensus Nodes are one of the most well-proven proof of stake.

Execution Nodes and Collection Nodes work together to verify transactions, making them less vulnerable to attacks. The roles of these nodes can be safely optimized for security and scalability. Operating these nodes requires specialized hardware in a professionally managed data center.

In the above way validator nodes are still involved in validating every transaction, but they only do one of the validation phases.

The above allows Flow to scale high transaction volumes and lower costs while maintaining a shared execution environment for all operations on the network.

Regarding the database, smart contracts and user accounts on the platform can always interact with each other in a consistent, separate and sustainable transaction. This ensures a good user experience and full composability, allowing developers to easily build on it.

Development Roadmap

Update ..

Core Team

The project was founded by the Dapper Labs team.

Roham Gharegozlou – Co Founder & CEO

• 2004 – 2008: Roham Gharegozlou studied at Stanford University with majors such as biological sciences and bachelor of economics.
• 2013 – 2017: Roham Gharegozlou worked as a consultant at Fuel Powered, a game development company.
• 2013 to present: Roham Gharegozlou is Founder & CEO of Axiom Zen, a blockchain and AI venture studio.
• November 2017 to present: Roham Gharegozlou does Business at CryptoKitties.
• March 2018 to present: Roham Gharegozlou is Co Founder & CEO of Dapper Labs.

Dieter Shirley – Founder & CTO

• 1991 – 1996: Dieter Shirley studied at the University of Waterloo, majoring in Mathematics and Computer Science.
• 1996 – 2002: Dieter Shirley both worked as a Software Engineer but in different companies.
• 2005 – 2007: Dieter Shirley worked at Apple as a Senior Software Engineer.
• 2007 – 2013: Dieter Shirley worked as software director at Atimi Software.
• 2013 – 2018: Dieter Shirley worked at Axiom Zen as Chief Software Architect.
• March 2018 to present: Dieter Shirley and his colleagues founded Dapper Labs.
• In addition, Dieter Shirley is also the founder of the ERC – 721 standard for NFTs.

Mikhael Naayem – Co Founder

• 2004 – 2008: Mikhael Naayem studied at Columbia University of Technology, majoring in Bachelor of Science, Engineering and Applied Science, Technical Systems and Management.
• 2012 – 2017: Mikhael Naayem is Founder at Fuel Powered, a mobile game development company.
• September 2012 to present: Mikhael Naayem is a board member of Axiom Zen.
• January 2018 to present: Mikhael Naayem is CEO at Animoca Brands, a mobile game development company.
• March 2018: Mikhael Naayem is Co Founder & CBO of Dapper Labs, then in 2022 Mikhael Naayem becomes president of Dapper Labs.

Investor

The project launched its first ICO on October 10, 2020, earning an amount of $18M from two investors, June Fund and Satori Research.

Tokenomics

Overview information about Flow tokens

• Token Name: Token Flow
• Ticker: FLOW
• Blockchain: Flow
• Total supply: 1,438,539,899

Token Allcation

Token Release

The FLOW token payout schedule will be as follows:

• Ecosystem Development: Used for sponsorship and rewards, etc. Locked within 12 months or used as collateral and not put into circulation.
• Dapper Labs: Paid in installments over 5 years.
• Small Backers and Large Backers: Lock for 1 year and pay monthly for 12 months after that.
• Community Sales: Lock for 1 year and pay in full within 12 months.
• Development Team: 1 year course and paid monthly for 3 years.

Token Use Case

Currently the FLOW token is used for the following purposes:

• Participate in Flow ecosystem governance through holding FLOW tokens.
• Using FLOW to stake on the platform to earn more profit is the FLOW token.
• FLOW tokens are used as transaction fees on the Flow blockchain.
• FLOW token is used as currency in the Flow ecosystem.
• FLOW tokens can be used to sell collateral.

Exchanges

Currently, FLOW tokens are being traded on major exchanges such as Binance, Coinbase, Kraken, Kucoin, etc.

Project Information Channel

• Website: https://flow.com/
• Telegram: https://t.me/flow_blockchain
• Twitter: https://twitter.com/flow_blockchain
• Discord:

Summary

Above is the information you need to know about Flow blockchain, with a development team who have extensive experience in Games and Blockchain. The project is built to develop blockchain and NFT games. Through this article Weakhand hopes you will get useful information for future projects.