Flow PRICE USD CHART

Flow (FLOW) is a layer-1 blockchain designed, primarily, for NFTs and play-to-earn (P2E) games. Its novel architecture offers the speed necessary for running applications without sacrificing decentralization or network sharding. It also allows developers to build secure and reusable apps.

The following are some of the features that make Flow unique: 

• Speed – Flow implements a proof-of-stake consensus mechanism and eliminates sharding. 
• Near-instant finality – The network achieves instant transaction finality without compromising decentralization.
• Scalability – Flow is highly scalable for major play-to-earn (P2E) games and offers lower transaction fees.
• Upgradable – Flow’s contracts are upgradable and written in the Cadence programming language.
• Recoverable – It uses recoverable smart accounts, replacing keys and seed phrases. 

The network has a native cryptocurrency called FLOW. Besides serving as the basic currency for paying transaction fees, it has the following use cases: 

• Rewards – FLOW holders can receive incentives by staking their tokens to help secure the network.
• Deposit – The tokens can be deposited for data storage on the network. 
• Collateral – FLOW can be used as collateral to borrow secondary tokens.
• Governance – Its holders can vote on protocol upgrades. 

Flow processes transactions by engaging four types of nodes, each with its own function and responsibilities. This built-in node subdivision provides the network with a significant edge in scalability and eliminates the reliance on off-chain solutions. 

Flow’s four-node architecture consists of the following: 

• Collection nodes – This is Flow’s first layer, responsible for managing the transaction pool to collect well-constructed transactions. It mainly hashes and signs the text before sending it to consensus nodes. 
• Consensus nodes – This layer allows Flow to reach consensus on the order and presence of transactions.
• Execution nodes – These nodes are in charge of computing and executing each transaction on the network.
• Verification nodes – These nodes help verify the correctness of the work done by Execution nodes.

Because of the degree of specialization involved, the Flow network allows each node to participate in transaction validation while separating roles to boost efficiency.

Flow is the brainchild of Dapper Labs, the company behind CryptoKitties and NBA Top Shot NFT. 

Roham Gharegozlou, Dieter Shirley, and Mikhael Naayem led the platform’s development, focusing on blockchain games and digital collectibles. Flow was launched in 2019, following an $11 million investment round led by A16z. 

In 2020, Flow launched Flow Playground, allowing developers to create non-fungible tokens. The platform rose to prominence with the release of the NBA Top Shot NFTs, which registered millions of dollars in sales and attracted fans like Mark Cuban. 

In January 2022, Dapper Labs again made it to the news with the launch of UFC Strike, an NFT marketplace for Ultimate Fighting Championship fans. Since then, the firm has entered other significant collaborations with companies like Samsung, CNN, and Ubisoft. 

Flow (FLOW) uses a proof-of-stake (PoS) consensus mechanism that makes it highly secure. Moreover, its four-tier node architecture makes it an efficient blockchain network. Flow is also highly decentralized, with the global community controlling over 68% of the network’s validator nodes. 

However, most attacks and online frauds target individuals rather than protocols and platforms. Online crypto wallets or hot wallets are particularly vulnerable when it comes to compromising private keys.

Thus, using cold (hardware) wallets is recommended for optimal security. They store private keys offline, putting them at a safe distance from hackers. Ledger’s wallets are industry-leading hardware wallets. 

As a popular cryptocurrency, Flow (FLOW) is available on several centralized (CEXs) and decentralized exchanges (DEXs) globally. The problem with CEXs is that they don’t provide complete ownership to users, retaining control over private keys. Moreover, CEXs usually implement strict KYC regimes that can threaten the users’ privacy. 

DEXs are ideal for those seeking privacy when buying FLOW. But as mentioned above, there are considerable security risks on account of hot wallets. 

At the moment, Ledger Live doesn’t support the purchase and sale of FLOW. However, you can still use a Ledger hardware wallet to securely store FLOW and Ledger Live to make transactions. Follow these simple steps:

1. Get a Ledger hardware wallet.
2. Download and install Ledger web or mobile application.
3. Connect the Ledger app with the Ledger hardware wallet.
4. Install the Flow application.
5. Send and receive FLOW tokens.