This is the ultimate guide to the Flow blockchain, which is optimized for NFT transactions. We are going to do a full overview on the Flow Blockchain including:
- Advantages of Flow vs other blockchains
- How and where to buy Flow
- Some of the best projects available on Flow
If you have any questions about the Flow Blockchain, let us know below and we will try to help you out!
What is Flow?
Flow is a high-performance blockchain created by a company called Dapper Labs. Flow Blockchain is designed without the use of sharding techniques, opting for a multi-node architecture.
This means that it provides fast and low-fee transactions. These two things are key for NFT marketplace transactions and cryptocurrency video games.
Flow is specifically built for speed, massive scaling and overall developer-friendliness. Their main goal is to become the default platform for all NFT creators and crypto gaming apps.
Who Owns Flow Blockchain
Flow Blockchain was created by a Vancouver-based company called Dapper Labs. They are also the company behind the popular CryptoKitties game. Their number one priority is massive scalability for blockchain-based crypto games and digital collectibles (NFTs).
Dapper has done a great job building partnerships with some of the largest sports leagues in North America including NBA basketball, NFL football, UFC mixed martial arts, F1 racing, and more. This has increased awareness on the Flow blockchain in a short period of time.
How Does the Flow Blockchain Work?
Flow Blockchain uses a proof of stake method to validate transactions. This requires validators to stake a certain number of FLOW tokens to be able to participate in the network.
Flow uses a multi-node architecture, meaning it splits the validation tasks into 4 separate types of nodes:
Splitting up these tasks makes transactions on the blockchain faster and more consistent. This also allows developers to easily build on each other’s work.
Transactions are verified on the blockchain once they go through that particular stage of focus. This is why more and more crypto games and NFT creators will be moving over to the Flow Blockchain.
Flow Blockchain Features
Flow has a number of really cool features that make it enticing for crypto games and NFTs. Here are a few of the main features of the Flow Blockchain.
Transactions Per Second
Although not all blockchain transactions are equal, Flow Blockchain has sustained right around 100 transactions per second.
This is substantial when you compare it to Bitcoin which averages 7 transactions per second and Ethereum which averages 15 transactions per second.
Flow is also looking to improve that number significantly with smart scaling features.
When deciding on which blockchain to use, users must consider the types of fees associated with transactions. With the Flow Blockchain, there are currently two fees.
One is for account creation which starts at 0.001 FLOW, or approximately $0.008. The other is the transaction fee which is 0.00001 FLOW.
These fees are considerably low when you compare them to the Ethereum blockchain where each gas transaction fee can be $20 or more.
For crypto games which have many transactions in succession, these low fees are key to acquiring new users.
The Flow Blockchain uses a multi-node architecture which gives it an advantage over the Ethereum blockchain which uses sharding.
Sharding is the splitting of a blockchain into different components called partitions. Each node works through each partition individually to validate transactions. A multi-node architecture allows nodes to focus on a single task. Tasks from each node run concurrently and are verified at the end.
There are four nodes present on the Flow Blockchain:
This allows the Flow Blockchain to verify transactions much faster and also at a higher scale.
Flow allows users to release smart contracts in a beta state. This allows the original author of the contract to update the code prior to it being locked.
In the Ethereum blockchain, smart contracts cannot be changed once the transaction is performed. This adds security, however if the contract is flawed there is no way to change it.
The ability to update the smart contract on the Flow Blockchain makes it way more flexible and better optimized for end users.
FLOW is the official cryptocurrency token used for the Flow Blockchain. It is needed when creating an account and also when completing transactions on the blockchain.
Where to Buy Flow
FLOW is currently available to buy on:
Flow is not currently supported on Coinbase.
Once you have FLOW, you can use it to buy NFTs that are supported on the blockchain. A lot of payment portals (NFL All Day for example) let you pay with a fiat credit card and then automatically performs the conversion and transaction on the Flow blockchain.
How to Buy Flow
Purchasing the FLOW token is very seamless and similar to any other cryptocurrency.
- Open a crypto account online. Currently FLOW is only available on Binance and a few other exchanges (listed above). Creating an account is usually painless. You will just need to sign up on the official website and then verify your identity with your Social Security number, address and photo of a valid ID.
- Buy a wallet (optional). This is an optional step and is just added security for holding your cryptocurrency. Most big exchanges have extensive security measures in place to ensure that your coins are safe, but you are able to hold them in a hard or soft wallet.
- Make the purchase on the exchange you have chosen. The easiest way to do this is by depositing fiat into your account and then buying the token of your choice, in this case FLOW.
Best Flow Blockchain Projects
NBA Top Shot
NBA Top Shot is an NFT marketplace where fans are able to buy, sell and trade NBA highlights. Instead of a digital image of a trading card, you are buying an actual highlight that happened in game. Each highlight is based on rarity and the cost will coincide with how rare the moment is.
Click here to read our complete guide on NBA Top Shot.
Matrix World is a massive virtual world that supports different blockchains and allows users to explore the world with different on-chain identities. The world is made up of Lands, which are issued as NFTs. As such, these are tradable and transferable via blockchain networks.
In the 2nd wave, Matrix World issued 5000 Lands on the Flow Blockchain so these can be purchased.
The official website is https://matrixworld.org
UFC Strike is an NFT marketplace, much like NBA Top Shot, where users can buy moments that have happened in the UFC (Ultimate Fighting Championship). Moments are based on rarity and you can buy, sell, and trade them through the official marketplace.
The official website is ufcstrike.com
Evolution is a new limited edition NFT collection created by the artist Ben Mauro. This collection is found exclusively on the Flow Blockchain.
Evolution started as 21 original designs showcasing different creatures and characters that can evolve throughout time.
Find out more at evolution-collect.com
Chainmonsters is a free to play monster taming crypto game. It is based on the play-to-earn method meaning you can earn free cryptocurrency rewards by just putting time and effort into the game.
The items and NFTs that you earn throughout the game are stored on the Flow Blockchain.
Find out more at https://playchainmonsters.com
This was one of the first blockchain games in the world, created by Dapper Labs. CryptoKitties was one of the main reasons that the Flow Blockchain was created. In this game you collect and trade CryptoKitties which are cat NFTs. You can also breed them to create rarer NFTs. C
ryptoKitties was initially made on the Ethereum blockchain but it is currently changing over to the Flow Blockchain for faster transactions and new animations.
The official website is https://www.cryptokitties.co
These are just some of the main projects using the Flow Blockchain and there will be many more to come.
Let us know down below if you have used the Flow Blockchain and how you would compare it to others!