Non-fungible tokens (NFTs) are one of the biggest stories of crypto over the past year, with many being sold on the Ethereum blockchain for thousands of dollars. But one NFT project was so successful that it caused congestion on Ethereum, frustrating users and developers alike. That project was CryptoKitties.
The creators of CryptoKitties decided to create their own blockchain that was more suited to digital collectibles, games, and all other sorts of NFTs, including sports highlights. FLOW blockchain was born, CryptoKitties migrated, and Dapper Labs set out adding more projects to their blockchain creation such as NBA Top Shot.
In this guide we will be going over what Flow blockchain is, its advantages, and what projects are using it already.
What is Flow?
Flow is a fast, decentralized, and developer-friendly blockchain and FLOW is the native cryptocurrency that powers the network.
Flow is the foundation for full ecosystems of consumer applications starting such as games, collectibles, and the apps that interact with them. Flow is based on a new architecture that achieves the performance required for mainstream applications without compromising decentralization or sharding the network.
FLOW Tokenomics
FLOW token is the fuel that powers the network.
FLOW is the currency required for the Flow network and all the applications on top of it to function. FLOW is designed as a payment method as well as a long-term reserve asset for the entire Flow economy. The token is used by validators, developers, and users to participate in the FLOW network and earn rewards. It is also used for fees and to participate in future protocol governance. As the network matures, FLOW token holders will be able to use their FLOW in an evolving number of ways:
- Payment for computation and validation services (i.e., transaction fees)
- Medium of exchange
- Deposit for data storage
- Collateral for secondary tokens
- Participation in governance
Flow Advantages
Flow is designed as the foundation for a new generation of games, apps, and the digital assets that power them. There are four main advantages the developers believe Flow has over other blockchains:
Flow’s Multi-Role Architecture: Flow channels the work of a blockchain miner or validator across four different roles that all require staking; a separation of concerns that helps to reduce redundant processing efforts:
- Consensus Nodes decide the presence and order of transactions on the blockchain
- Verification Nodes are responsible for keeping the Execution Nodes in check
- Execution Nodes perform the computation associated with each transaction
- Collection Nodes enhance network connectivity and data availability for dapps
- Resource-oriented programming: smart contracts on Flow are written in Cadence, an easier and safer programming language for crypto assets and apps.
- Developer ergonomics: from upgradeable smart contracts and built-in logging support to the Flow Emulator, the Flow network is designed for results.
- Consumer onboarding: Flow was designed for mainstream consumers, with payment onramps catalyzing a safe and low-friction path from fiat to crypto
What NFT Projects Use Flow?
Currently there are two big NFT projects already built on Flow, CryptoKitties and NBA Top Shot. Flow is also working on NFt projects with the UFC, Dr.Seuss, Ubisoft, and Samsung.
CryptoKitties
CryptoKitties is a game centered around breedable, collectible, CryptoKitties, virtual and unique versions of your feline friends.
It started years ago, having been released to the public on November 28th, 2017 as the world’s first game built on the Ethereum Network. It attained immediate popularity and became the third most active smart contract on the Ethereum network within three hours of the launch. It accounted for nearly 2% of all Ether transactions. As a result of its popularity, the creators decided to create the Flow blockchain to alleviate the stress of all the transactions on Ethereum. Users can still access their CryptoKitties through the Ethereum blockchain but can also transfer them onto the Flow blockchain for lower transaction costs.
NBA Top Shot
NBA Top Shot is centered around collecting highlights or “Moments” by opening packs or buying them on the marketplace. You can get highlights of your favorite players and showcase them on your profile.
Some believe this will be a replacement for other forms of sports collectibles like trading cards. NBA Top Shot is fully built on Flow, unlike CryptoKitties, which means once full functional the transaction fees will be low and the speeds will be fast. NBA Top Shot has become quickly popular with over 600,000 users including celebrities like Mark Cuban, Quavo, and players like Tyrese Haliburton.
