Flow (FLOW) - platform and cryptocurrency for NFT and games

The more blockchain technology develops, which is used in other industries, services and entertainment, the sooner we learn where its limitations are. Fortunately, opportunities to overcome further barriers are quickly found on this market, and an excellent example of this is cryptocurrency and Flow platform.

We are continuing the cycle of the Forex Club portal in which we analyze and describe the largest, highest-valued, most interesting, most developing, advanced and also the most controversial cryptocurrency projects around the world. Today, it's time for Flow, a platform and a cryptocurrency that was created to support a large-scale NFT collection and games based on blockchain technology.

NFT collections for "heavy" for Ethereum

Flow would probably not have come into existence if it had not been for an event in 2017. Then it was one of the first projects NFT - non-fungible token (non-exchangeable tokens) - CryptoKittiesturned out to be such a heavy burden on the network Ethereumthat he even… stopped her. 

It was the first such case in history, which made the company's programmers aware Dapper labsthat the current generation of blockchains will not meet such computing needs. Meanwhile, NFT projects were gaining in popularity, and more and more of them appeared, and it was necessary to find a solution that would not block the network, which would only have to deal with them.

That's why the decision was made to create an entirely new blockchain network, rather than wait for Ethereum to be more scalable. This is how Flow was created - a blockchain, which not only became interested in CryptoKitties, but also NBA Top Shot was based on it and was used by many other developers. NBA Top Shot was undoubtedly a workhorse, but partners were also, among others, Ultimate Fighting Championship (UFC), CNN or Samsung, Ubisoft i Warner Music Group.

How Flow Works

Flow provides fast and cheap transactions that can be used both in the handling of NFT collections and video games with encryption. The project is open to everyone, because it is enough to obtain a certain number of Flow tokens for validators to participate in a network that uses the participatory consensus confirmation mechanism. 

On the other hand, four types of nodes participate in transaction confirmation: consensus, verification, execution, and collection. This is what makes blockchain more efficient than the competition without compromising on security. This fragmentation alternative works perfectly in practice. 

Smart contracts can also be placed on the Flow platform, also in the beta form, which can be tested and improved before official implementation.

Flow token

The native Flow tokens went public in October 2020, but were not initially available in the US and Canada. They were also blocked for a year and could not be sold until October 2021. Nevertheless, some tokens have already been placed on smaller exchanges - obtained from rewards paid in Flow to network validators. 

Project Flow also launched its own stablecoin. From June 2021, Dapper Labs offers USD, based on USD and backed by US dollars deposited with the financial infrastructure provider Prime Trust.

Flow cryptocurrency quotes

As of December 15, 2021, there are 316 Flow tokens in circulation, valued at $ 835 apiece, which translates into a market cap of more than $ 587 billion. They can now be traded on 21 cryptocurrency exchanges from all over the world, including the most popular of them - Binance. The peak of trading took place on June 19, 2021, when each Flow token was paid $ 43,86.