597
views

Flowr – A Cardano-Based Stake Pool for Your ADA Coins

Cardano is a blockchain platform with unique features, including the ability to execute smart contracts and decentralized applications. Cardano also uses a proof-of-stake algorithm called Ouroboros, which allows users to stake their tokens to receive rewards.

In such a context, the Flowr project has emerged on the market panorama. This initiative designed a competitive ecosystem allowing Cardano investors to stake their ADA coins in a new way.

Today’s review will look into Flowr, from its purpose to its architecture. This post aims to provide our readers with detailed information on the platform.

What Is Flowr?

Flowr is a stake pool looking for people to delegate their ADA to it. It is one of many pools but has some features worth considering. The hardware it uses is new and specially selected for reliability and safety. 

The system is redundant, meaning that if something goes wrong with one part of it, other parts can take over. This crypto staking service is available 24/7 to let the crypto community earn rewards.

Understanding the Way Flowr Works

You can stake cryptocurrencies on the Cardano blockchain with Flowr. First, you need to have some ADA in your wallet. Then, you can go to the Flowr website and choose how much ADA you want to stake. 

Once you’ve decided, click on the “Stake” button and follow the instructions. After your transaction’s confirmation, your ADA staking will begin, and you’ll start earning rewards.

ADA coin holders who stake their coins on the Flowr platform will earn rewards. These rewards include a share of the block rewards and transaction fees generated by the Flowr network. 

The more ADA coins staked on Flowr, the greater the rewards. In addition to earning rewards, staking ADA on Flowr also increases the network’s security. 

By staking your coins on Flowr, you are helping to secure the network and making it more resistant to attacks. Finally, staking ADA on Flowr is an appealing way to support the development of the Flowr platform.  

You can stake your ADA coins on Flowr through two different wallets: Daedalus and Yoroi. Both wallets are generally secure and offer rewards for staking coins on the Flowr network. As you keep reading our review, we will share an example to start delegating ADA coins through the Daedalus wallet.

The Project’s Hardware Structure

Flowr has used dedicated servers for its crypto staking services on Cardano. Three servers are available in different data centers, one of which is acting as the block producer node. 

These servers are more powerful than desktop computers or Raspberry Pis and have several state-of-the-art features. Specifically, we can mention:

  • CPU AMD Ryzen Hexa-Core “Matisse” (Zen2 – 12 Cores): This powerful CPU will allow the servers to handle the network’s speed and keep up with the entire ledger. The CPU is also hexa-core, meaning it has six cores, further increasing its processing power.
  • RAM 64 GB DDR4: This amount of RAM will ensure that the servers can run smoothly and handle any required tasks. DDR4 is a modern generation of RAM, and so the servers will be using cutting-edge technology.
  • NVMe SSD 2 x 512 GB: The NVMe SSDs provide the storage space necessary for the servers to maintain a full copy of the Cardano ledger. The use of SSDs is essential as they are much faster than traditional HDDs. Consequently, the servers will be able to access the data they need quickly.
  • Guaranteed bandwidth: The servers will have a guaranteed bandwidth of 1 Gbit/s, ensuring that they can keep up with network demand. This bandwidth will also allow for future expansion if necessary.
  • DDoS protection and Firewalls: The platform protected its servers from DDoS attacks and other potential threats with firewalls and other security measures. Firewalls will ensure that only authorized traffic can access the servers.
  • 24/7 monitoring: The project monitors its servers 24/7 to ensure they run smoothly. This monitoring will allow for any issues to be detected and resolved quickly.

The Project’s Figures

Staking is the process of committing funds to a blockchain project to receive rewards based on the number of stakes. In the Flowr network, stakers collect ADA as a reward for locking up their funds and helping secure the network.

The Flowr network is relatively new, and there is not yet a lot of data available on staking statistics. However, the available information tells us the network has a relatively low amount of stake compared to other networks.

Additionally, we can see that the first epoch had a very low amount of staking (340 ADA). This fact suggests that the network is still in its early stages of development.

Looking at the lifetime rewards and fees, we can see that stakers have earned 12.7k ADA in rewards. At the same time, the network has collected 305.5m ADA in fees. This shows that there may be potential for growth in the rewards stakers can earn as the network evolves.

A Guide to Delegate ADA Coins on Flowr

When you want to delegate your ADA, you first need to go to the official website of the Daedalus Wallet. The website will let you download the latest version of this software, which is compatible with Flowr. 

Once you have it, open the file and start the installation process. If a user control message pops up, select yes so you can continue with the installation. At this point, open up the software and scroll down to accept the terms and conditions. Then, in the right corner, you can see if the wallet starts synchronizing. 

In order to create a new wallet, click on “Create.” Give your wallet a name, and then enter a strong password. You will need this password if you want to send ADA or delegate your ADA to a stake pool. 

Write down the recovery phrases in the proper order and keep them saved (preferably store them safely offline). Verify the recovery phrases in the right order to be sure that you have noted them correctly. 

The wallet is now live and synchronized with the network. This operation will take a while the first time, but on the receive tab, you will find the wallet addresses. Here you can send your ADA. If you’re unsure about this process, send a low amount the first time. 

When the wallet is fully synchronized, the ADA will be visible. Now you can delegate the ADA to a stake pool by clicking on the second button on the left side. Open the stake pool tab and search for your favorite stake pool. 

If you don’t have a stake pool yet, maybe the Flowr pool is something for you. Click “Delegate to this pool” and select the wallet that you have created. Enter your spending password and confirm. 

Final Thoughts

Because the Flowr network is still in its infancy, we have limited information on its staking statistics. We can observe from the available information that the network has a relatively modest stake compared to other networks. 

Overall, it appears like Flowr has the potential to be a viable alternative for crypto staking. It’s too early to say whether or not the network will continue to expand and draw in new members. 

Cardano live price
Ada
Cardano
$0.5529740000
price
6.59214%
price change
BUY NOW

You may visit the project’s website and follow it on social media if you are interested in this initiative.

Stay up to date with our latest articles

More posts

WMA: Bitcoin Tests $25,000, Ethereum Merge Gets Closer, and Altcoins Thrive

Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The Crypto Market ends the week at a total market capitalization of $1,175 trillion. Bitcoin has increased by over 6% this week. Ethereum gained almost 17% over the past seven days. XRP is up by nearly 3% this past week. Almost all altcoins are trading in the green, with very few exceptions. The DeFi sector increased the total value protocols (TVL) to around $44 billion. Crypto…

Tornado Cash DAO Goes Offline Following Blacklist

The DAO website for sanctioned crypto mixer Tornado Cash appears to no longer be operational. According to social media reports, this is also true for the platform’s Discord server. DAO Website Stops Going Through Earlier this week, the United States Treasury Department’s Office of Foreign Asset Control imposed a sanction on the Ethereum-based protocol. Since then, the platform has seen some of its resources become inaccessible. Additionally, various entities have begun distancing themselves from Tornado Cash’s services. Hence, the platform’s…

P2E Axie Infinity Cancels SLP Rewards On Classic Game Mode

Axie Infinity (AXS) has announced that its play-to-earn (P2E) platform will no longer offer token rewards on its classic game mode. The development team hopes its decision will help nudge users to its new game mode. Players will now have to use the newly launched Origin update to earn the game’s native currency, Smooth Love Potion (SLP). AXS to Balance SLP Economy Origin is the latest expansion in the Axie Infinity gaming ecosystem also known as Axie Battles v3. The…

Strike Announces ‘Visa Card’ Feature Letting Users Pay Anywhere With Bitcoin

The Bitcoin payments company Strike has partnered with Visa to integrate a ‘Visa card’ into its wallet app. This will allow Strike users to pay for goods and services in Bitcoin with any Visa-accepting merchant.  In a tweet on Thursday, Strike revealed its new Visa card, which it called the “Strike Card.” “You can now take Strike anywhere and earn rewards on everyday spending,” explained the company. The card rewards users with incentives for every purchase and charges no added…

Authorities Arrest Developer With Ties to Tornado Cash

Earlier this week, Netherlands’ financial watchdog the Fiscal Information and Investigation Service (FIOD) took a 29-year-old developer into custody. The FIOD carried out the arrest in Amsterdam due to suspicions of his involvement in money laundering operations using crypto mixer Tornado Cash. Tornado Cash Facilitating Crypto Crimes The arrest comes shortly after the US Department of Treasury announced sanctions against the privacy protocol. In a release, the Treasury cited Tornado Cash’s role in various crypto crimes since its inception in…

Brazilian Football Club Welcomes First Argentinean Crypto Signing Amid Economic Downturn

Harsh economic restrictions in Argentina have pushed the country’s football clubs towards cryptocurrencies. Recently, the first transfer of a football player via crypto instead of fiat occurred, marking a new era in football finances. Earlier this month, Sao Paulo Futebol Clube from Brazil paid $6-$8 million worth of USDC to Banfield’s Athletic Club for midfielder Giuliano Galoppo. The oscillating gap reflects the tempestuous value fluctuations between the US Dollar and the Argentinean Peso. The First Football Cryptocurrency Signing Galoppo's transfer…

What Is an Iceberg Order in Crypto?

Iceberg orders allow traders to buy or sell a large quantity of cryptocurrency without tipping off the market. By splitting their orders into smaller chunks, traders can execute their trades without causing undue price movement.  This guide will explain what iceberg orders are and how to use them in your trading strategy. What Is an Iceberg Order in Crypto Trading? An iceberg order lets traders buy or sell a large number of assets without revealing their intentions to the market.…

Ultimate Beginner Guide to Bitcoin Improvement Proposals (BIPs)

Bitcoin Improvement Proposals (BIPs) are essential tools in the crypto community. They allow the Bitcoin community to propose and vote on changes to the Bitcoin Core software.  BIPs can also work for other wallets/services and have a process for development and implementation. This guide will explore what BIPs are, how they work, and some of their benefits and risks. What are Bitcoin Improvement Proposals (BIPs)? Bitcoin Improvement Proposals (BIPs) are proposals for changes to the Bitcoin protocol. Anyone can submit…

MakerDAO Co-Creator Wants to Drop USDC for ETH

On Thursday, MakerDAO co-founder Rune Christensen shared a proposal via the network’s official Discord server. Christensen raised the suggestion that the MakerDAO organization should swap its $3.5B  worth of USDC for Ether. However, Ethereum creator Vitalik Buterin tagged Christensen’s plan a “terrible idea” despite the potential benefits of such a move on Ethereum’s value.  Christensen To Remove USDC Exposure Rune’s actual goal is to eliminate MakerDAO’s exposure to USDC following the US Treasury’s recent sanction on crypto mixer Tornado Cash.…

Ethereum Merge Officially Scheduled for September 15th

Ethereum developers have established tentative, official scheduling for the merge on September 15th. On that day, the network’s consensus mechanism will change from proof of work to proof of stake.  The date was established on Thursday during an Ethereum Foundation Consensus Layer Call. Developers agreed to target either September 15th or September 16th with the upgrade. However, the timing remains an estimate, and devs stressed that the official date is not finalized yet. On Thursday, developer Tim Beiko tweeted the…