The world is always on the move – both literally and figuratively. This becomes especially true when you live in an age where an idea has more worth than actual objects of use. Currently, ideas have inculcated themselves within the revolutionary technology of blockchain, threatening to change finance completely as we know it. But change does not happen with a flick of a switch. It is slow. It is gradual and gains acceptance with time, using whatever it can from the old and transitioning it into something new. Specifically speaking, innovative minds are endeavoring to create a landscape for the vast potential of cryptocurrency and blockchain. One such example of such an endeavor is that of Flow.
What is Flow?
Flow is a fast, decentralized, and developer-friendly blockchain, designed as the foundation for a new generation of games, apps, and the digital assets that power them. It is based on a unique, multi-role architecture, and designed to scale without sharding, allowing for massive improvements in speed and throughput while preserving a developer-friendly, ACID-compliant environment.
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The technology of Flow is aiming at making developers establish flourishing cypto-businesses. Apps on Flow can keep consumers in control of their own data; create new kinds of digital assets tradable on open markets accessible from anywhere in the world; and build open economies owned by the users that help make them valuable.
It was basically created to resolve an issue that the Ethereum blockchain faced. This related to the Cryptokitties project which was the first Non-Fungible Token on the Ethereum’s blockchain. The project was a success. But it suffered from its success. Or more specifically, Ethereum suffered from this success. Ethereum’s network crashed due to this because there was a sudden activity surge that caused network congestion. The major takeaway – Ethereum or its contemporaries are not ready for mass adoption of cryptocurrency technology. And so, Dapper Labs, the firm behind Cryptokitties, took the initiative of Flow. Instead of waiting for advanced blockchains to come to the market, they decided to create their own – a blockchain for NFTs.
How is it different?
The uniqueness of Flow can be attributed to four things. First is the Multi-role architecture which allows the network to scale to serve billions of users without sharding or reducing decentralization of consensus. Second is its resource-oriented programming which entails smart contracts on Flow being written in Cadence, a better option for crypto-assets and apps. Thirdly, it has developer ergonomics, with features such as upgradeable smart contracts and built-in logging support to the Flow Emulator. Lastly, there is the consumer onboarding made for more mainstream consumers, with payment onramps facilitating a safe and efficient path from fiat to crypto.
At the time of writing of this article, the current value of Flow is $20.98, with the day highest being at $21.89 and the lowest being $18.11. During the bullish run of April, it was able to sustain itself with its value reaching an all-time high value of $46.16 but it took a serious hit in mid-May and is still recovering slowly from that point although a little slowly. It is difficult to say what future has in store for Flow but Dapper Labs has shifted towards building tools for decentralized autonomous organizations or DAOs.