One of the hottest trends in the blockchain universe is the application of decentralized finance (DeFi) solutions. Today we will impartially review for our readers the Silicon Finance project, a new DeFi initiative aiming to solve a series of industry issues. The project’s team aims to achieve an increase in the safety of DeFi, with obvious benefits for the whole blockchain community. Furthermore, the initiative will look into a way to introduce more democracy and equality on Initial Dex Offerings…
Flow.com is a popular blockchain-based portal aiming to revolutionize the gaming and app business.
Blockchain technology is changing the way we work and impressively enjoy ourselves, and Flow.com is an excellent example of this trend. Moreover, everything can be tokenized nowadays. So, the value of digital assets in our economy is steadily growing.
In this guide to Flow.com, we sum up all the unique features of this blockchain network. Read on if you wish to know more about it!
What is Flow.com?
Flow.com defines itself as “the platform for a new digital economy.” Its goal is to help create a new generation of apps and games through its futuristic technology.
To do so, Flow.com comes with a decentralized, fast, and developer-oriented network. Furthermore, it aims to tackle what it believes the extreme centralization in the gaming sector.
The blockchain comes with its native coin, FLOW, which is, according to the developers, the “fuel powering it’s network.” With a large distribution and low monetary inflation, FLOW is increasingly popular on the market.
Contrary to first-generation blockchain networks, Flow.com has a fast built-in structure with quick, intelligent contract management. This largely depends on its multi-role architecture, with the chance of having scalability without sharding.
Flow.com relies on the Cadence programming language. This fast and straightforward tool perfectly fits the blockchain’s needs. Besides the benefits of simplicity and rapidity, Cadence possesses a safer framework.
How does Flow.com work?
To understand the potential value of Flow.com, we’ll compare its architecture to that of first-generation blockchain networks. Unfortunately, most of these systems famously suffer from congestion, an issue ultimately affecting their speed.
Some of the factors differentiating Flow.com from older existing blockchain networks include:
An efficient pipelining framework
Old-style blockchains receive a large amount of data on every single node of their architecture. Therefore, a structure in which each node needs to deal with the whole ledger is not efficient in the long term.
Flow.com seems to have found a reasonable solution to this famous problem using a multi-node structure. In its case, each of the four existing nodes will always perform only one task:
- The collection node aims at smoothing the app-to-app data availability process in the blockchain.
- The consensus node is responsible for helping, through the proof-of-stake mechanism, each transaction in the system.
- The execution node takes the input of the consensus node and makes the transaction happen.
- The verification node makes sure that the execution node behaves as expected.
This structure is four times less likely to suffer from data congestion with the same amount of information.
A flexible composability
The developers’ experience on past similar experiments proved to be vital for the existence of Flow.com. Its simplicity and safeness primarily rely on the use of Cadence as the central programming language.
Cadence is the programming language for which all competent contract developers have been waiting. This resource-oriented helps keep track of digital assets ownership. The permissionless app composability of such a system is the very foundation of Flow.com.
Just like its developing team loves to remind, digital assets on Flow.com behave just as small Lego bricks. Each developer can make use of the creation of a colleague to build decentralized apps and games.
A sense of community
Blockchain networks are looking more and more into giving a general sense of community to their users. This is true regarding the system’s level of interactions, network safety, and ease of payment among members.
Flow.com prides itself on having a human-readable safety security system. Indeed, the permission steps are easy to read by a human eye, which usually does not happen on other blockchains.
The multi-signature structure of Flow.com allows for an optional enhance in the security level of a digital asset. In addition, the possibility to automatically renew old access keys is also a vital aspect to guarantee data protection.
What is the Flow token?
Each transaction that users complete on Flow.com passes through the FLOW token. This is because blockchains are all about user interaction.
Each developer can smoothly integrate FLOW peer-to-peer transactions into their digital apps on the system. Generally, the improvement of verification nodes gives any developer the right to claim a fixed amount of FLOW coins. By doing so, the development team incentives its community to realize a safer and safer blockchain network.
This reward mechanism does not exclude users who do not know how to improve verification nodes. Indeed, anyone can delegate its FLOW stake to professionals who know how to do this and earn their reward.
At the time of writing, FLOW was trading at $13.17, with a market cap equal to $751.54. By looking at the market cap, FLOW ranked 151 in the crypto sector.
Where to buy Flow?
Popular exchanges such as Binance, Huobi Global, and Upbit allow you to trade FLOW. Additionally, you can store the token in the wallet offered by Flow.com or on any ERC-20 compatible portfolio.
Is the Flow.com network safe?
The security of the Flow.com network lies in its architecture. By dedicating a whole architectural node to the matter, Flow.com provides a relatively secure environment.
Apart from the critical role of the verification step, the consensus node provides an enhanced security level to the network. Furthermore, the blockchain system aims at reducing the chances of unwanted side-effects from transactions. Therefore, the network claims very clearly, indeed, all the changes that each transaction may introduce.
Final thoughts on Flow.com
The blockchain revolution appears to be only beginning, with more sectors showing interest in it. While cryptos are a fancy trend on the market, the technology behind these tokens is even more impressive.
The decentralized peer-to-peer model that Flow.com promotes is here to stay. Additionally, several players on the market are tackling issues such as node congestion with positive results. As a result, Flow.com appears to be a valid alternative towards more secure and faster blockchain technologies.
Lastly, it will probably take a while before Flow.com becomes a benchmark in the gaming and digital app sector. However, experience shows how blockchain networks can sometimes achieve a fast growth pace.