Flow is a blockchain project developed by the team behind CryptoKitties, a widely popular trading game launched on the Ethereum network in 2017 that allowed users to buy, collect, and breed ‘digital cats’ – a concept of non-fungible tokens (NFTs) before it was a thing.
The platform supports NFTs, games, and DeFi applications, and is said to be more scalable and faster than Ethereum.
Today we will take a closer look at the Flow blockchain and its native cryptocurrency by the same name.
We shall learn how it works, what purpose FLOW tokens serve on the ecosystem, what its future prices look like, and where to buy FLOW before determining if it is a credible cryptocurrency and blockchain project.
So, without further ado, let’s get started.
What is Flow (FLOW)?
Flow is the result of CryptoKitties developers growing frustrated with Ethereum after they had to deal with the blockchain’s technical problems.
They created a platform that is designed specifically to serve decentralized applications (Dapps) like the ones they helped popularize.
In 2020, the Flow Playground was launched, which allowed developers to create and trade NFTs on the Flow blockchain.
The main goal of the network is to create a platform that allows Dapps to be able to attract a large number of mainstream users.
How Does Flow Work?
The Flow blockchain can be compared to Ethereum as they both share similar functionalities. The network can support Dapps like decentralized exchanges (DEXs), lending and staking protocols, and NFTs.
Unlike traditional blockchains that are made up of nodes that store the entire state of the network and verify all transactions, Flow creates subdivisions of the mainnet to allow its functions to be split across nodes.
Each node on the blockchain only validates a subset of the transactions. This way, the network is far less likely to face congestion, a condition that can result in higher transaction costs and time.
To get this done, the blockchain employs a multi-node, multi-role network architecture that divides the validation stage of a transaction into four categories:
- Collection Nodes
These nodes help enhance network connectivity and data availability for Dapps deployed on Flow.
- Consensus Nodes
The Consensus Nodes decide how the transactions are ordered.
- Execution Nodes
These nodes perform the computation associated with every transaction on Flow. the Execution Nodes have no decision-making powers on the network.
- Verification Nodes
The responsibility of Verification Nodes is to double-check the work done by the Execution Nodes
Flow blockchain is written in the Cadence programming language. The platform allows developers who have never built decentralized applications to learn the language and familiarize themselves with the blockchain. They can also launch their Dapps in beta on Flow.
What is the Flow Token (FLOW)?
FLOW is the native cryptocurrency of the Flow blockchain. The cryptocurrency performs several functions on the platform, such as that it can be used as collateral to run a node, and to delegate tokens to receive rewards in exchange for supporting the blockchain.
FLOW can also be used to pay the transaction fee on the blockchain. These fees are then paid as rewards to the validators.
The token will also have voting powers as the project is working on making it completely decentralized.
FLOW: Price Prediction 2024, 2025, 2030
At the time of writing, FLOW is trading at $1.08 – down 0.2% in the last 24 hours.
Based on Flow’s current valuation, FLOW is forecasted to trade within a range of $0.905487 on the lower end and $2.41 on the higher end of the price spectrum this year. If the token manages to reach the upper price target in 2024, then its value will increase by 123%.
Flow is predicted to trade between a minimum price of $1.94 and a maximum of $2.32 in 2025. The average trading price for FLOW during that year will be $2.13.
In 2030, FLOW is expected to trade between $5.62 on the lower end and $10.60 on the higher end. If the token can reach its upper price target during that year, then its value will rise by 882%.
Where to Buy Flow Token (FLOW)?
Here is a list of popular cryptocurrency exchanges where you can trade FLOW:
Is Flow A Credible Cryptocurrency Investment?
Flow is a blockchain network developed by the founders of the popular Ethereum-based NFT game CryptoKitties. The platform was built to support DApps, NFTs, and other crypto-related services in a faster, secure, and more efficient manner.
The blockchain employs a unique consensus mechanism that distributes its operations among the nodes by categorizing them. This is for the protocol to process transactions faster, thereby making it highly scalable.
Flow is relatively similar to Ethereum when it comes to how it operates but aims to solve the limitations of the latter blockchain. Flow’s ecosystem is powered by the FLOW token that is used to pay for transactions and vote on governance decisions.
Flow has partnered up with global sports leagues like the NBA, La Liga, UFC, and NFL to power their NFT-based fantasy sports games on its blockchain.
All things considered, I can say Flow is a credible blockchain project that is an active participant and supporter of NFT technology.
However, you should note that all cryptocurrencies, including FLOW, are susceptible to extreme volatility. Therefore, it is important to do your research before investing in the project and make sure that you only put in money that you can afford to lose.
