Flow FLOW Price

Originally, CryptoKitties was running on the Ethereum blockchain, but because of the heavy load on that network, Dapper Flow decided to create their own platform that would solve the major blockchain problems of today, such as:

• High fees
• Environmental friendliness
• Low network bandwidth

In general, blockchain Flow is designed to work with NFT, game projects and other applications. It is optimal for users who are not familiar with blockchain technologies: addresses in the network are short, and its participants do not need private keys.

History of Flow

• In 2017, the Distributed Network was created by Dieter Shirley in collaboration with Roham Garegozlu. Dieter Shirley is known for having launched the CryptoKities project in 2017 and for co-creating the idea of so-called NFTs.
• In 2018, the team created a company called Dapper Labs.
• In August 2019 the first round of Private Sale funding took place in August 2019, finishing with an inflow of $11.2 million at a cost of $0.1 per Flow.
• By the fall of 2019, the company created the first version of the Flow network, in which the authors managed to create a protocol with different types of nodes, supported by cryptographic libraries and signatures.
• In May 2020, the beta version of the main network was launched, which already had its own token.
• In March 2022, Flow raised another $725 million in investment, some of which will be used to fund user projects in the Flow ecosystem.

Flow Features

In comparison to other cryptocurrencies, Flow provides a significant increase in speed and bandwidth by separating the tasks of a miner or validator into four separate functionalities.

Flow's smart contracts and user accounts can work together seamlessly within a single transactional system that meets the requirements of atomicity, consistency, isolation, and persistence (ACID). In other words, all decentralized applications run on the Flow network in one shared execution mode.

This provides high usability and full compatibility, allowing developers to easily complement each other's work. Solutions such as sharding and layer 2 are breaking connectivity and reducing the network effects of decentralized applications and smart contracts, depriving the runtime environment of ACID guarantees.

As mentioned above, Flow uses four types of nodes to ensure optimal execution speed and quality service.

Uses of Flow cryptocurrency:

• Production of NFT tokens for various sports leagues and associations.
• Artists and artists can distribute their own tokens to popularize their art.
• Cryptocurrency can be used in games and around-the-game industry to reward or add value to various game assets.

Flow Mining

The Flow platform is based on the Proof-of-stake algorithm. This mechanism involves proving a share, which brings the expected reward as Flow coins. Meanwhile, the classical mining using GPUs (graphics video processors), Asics or processors is not possible.

You can earn money by using staking, and the more people store or stack coins, the more incentives Flow crypto gets to develop its ecosystem.

Token staking is based on the following principles:

1. new blocks are created only by validators;
2. validators ensure uninterrupted operation of their equipment, which is online around the clock;
3. it is possible to do indirect stacking, when you delegate a part of your coins to a validator.

The easiest way of staking is to transfer your share to a validator, who has the necessary equipment and amount of coins. He receives the income, then distributes it among the holders according to the contributed shares. A certain percentage will be charged on the transaction.

Summary

Flow is a stable and forward-looking digital marketplace that will grow over time. It is good for quick experiments and learning new business models and financing models. The fully open-source token and full core network functionality product has made Flow a platform that is accessible to a new generation of entrepreneurs, designers, and builders.

This project has been supported by numerous investors, including both individuals as well as companies or organizations. Dapper Labs has partnerships with the National Basketball Association (NBA), the UFC fighting organization, Dr. Suess and Fusion Media, and major label Warner Music Group. In addition, the big breakthrough for Flow was the fact that Meta integrated the NFTs released in Flow into Instagram and Facebook.