The Flow Network, often thought of as a do-it-yourself blueprint for blockchain-based digital projects, enables developers, large studios – even individuals – to create games, applications, and non-fungible tokens (NFTs).
Flow was designed for ease of access such that a dramatically more expansive set of craftspeople might participate in the task of building a borderless digital economy.
The cornerstone of this decentralized products/services wellspring: the FLOW coin.
FLOW represents several pertinent use cases, including transaction-fee settlement, node-validator compensation, and, importantly, proper governance.
Flow is the brainchild of Dapper Labs – the team that created NBA Top Shot (tokenized basketball highlights) and those NFT-pioneering CryptoKitties. A number of high-profile companies (Samsung, Ubisoft, Warner Music Group, and UFC) are utilizing Flow to build next-generation consumer experiences.
With continued focus surrounding blockchain scalability, the Flow project stands out for at least one noteworthy reason, its multi-role architectural solutions. In the past, the only way blockchain networks such as Ethereum could ramp up processing capacity for transactions was by splitting the blockchain into partitions that each contain separate data points, a technique known as “sharding.”
Flow’s technological design allows it to massively scale up, accommodating a diverse set of clients and audiences under one roof. The network is secured through what’s considered to be a relatively more environmentally friendly Proof-of-Stake (PoS) consensus algorithm. Potential validators stake FLOW tokens, participating by way of four distinct, pre-assigned sub-tasks (collection, consensus, execution, and verification); the protocol automatically adjusts its reward scheme to improve the payouts for any one of these operations, thus incentivizing the widest possible participation while correcting any speed imbalances across the four stages.
The current circulating supply of FLOW is about 42 million tokens.
A note on supply: specific quantities of FLOW are automatically minted whenever node validators need to be made whole in terms of compensation i.e. if transaction fees are insufficient. This way, as transaction volume on Flow increases, fees will rise, offsetting the need for new tokens, curbing inflation.
What is the Price of Flow?
As of mid-June 2021, FLOW is trading at around $13.
In the four months following its issuance early in 2021, the coin registered a 75% gain. An all-time high of $42.40 was reached on April 5, 2021. FLOW is the 119th largest coin in terms of total market capitalization, per CoinGecko.
The daily average trading volume was about $84 million in May 2021, representing a decline of 17.9% compared to the prior month.
With the recent buzz surrounding NFTs, FLOW has gained heavy traction. That’s because it is seen by some as a proxy for NFT investing. Since these digital collectibles can be bought or sold via a few of Flow’s applications, some investors have come to see a purchase of FLOW as an indirect, cost-efficient investment in the NFT marketplace. Their beliefs are centered around the theory that FLOW holders will be direct benefactors of increasing NFT trading volumes on the network.
How to buy Flow
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This article is for informational purposes only and takes no account of particular personal or market circumstances, and should not be relied upon as investment, tax, or legal advice. For investment, tax, or legal advice and before taking any action you should consult your own advisors. Note that digital assets such as cryptocurrencies present unique risks for investors. Please see our disclaimer regarding risks specific to holding digital assets before investing.
May not be available in all jurisdictions.
This content is correct as of June 2021
Note: this cryptocurrency is not available for withdrawal to external crypto wallets. It can be bought, held, and sold on Uphold.
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