What is the definition of Flow?
Flow is a fast, decentralized, and developer-friendly blockchain that will serve as the foundation for a new generation of games, apps, and digital assets. Flow is the only layer-one blockchain established by a team with a track record of providing excellent consumer blockchain experiences: NBA Top Shot, CryptoKitties, Dapper Wallet
TOKEN OF FLOW
The FLOW coin (“FLOW”) is the Flow network’s native currency and the foundation for a new, open, and transnational digital economy. FLOW token is the fuel that powers the network if Flow is the digital infrastructure. FLOW is the currency that allows the network and all of its applications to function.
FLOW is intended to act as both a payment method and a long-term reserve asset for the Flow economy as a whole. Validators, developers, and consumers use the token to participate in the FLOW network and get incentives. It’s also utilized to pay fees and participate in protocol governance in the future.
The environment of Flow
Flow is the only blockchain that incorporates usability improvements into the protocol layer, making it the only blockchain built from the ground up for mass use. Flow is already being used by top developers and some of the world’s leading brands to create whole new experiences with top-tier content.
Top entertainment companies, development studios, and venture-backed startups make up Flow’s ecosystem. Global IP brands such as Warner Music, Ubisoft, NBA, and UFC are among the Flow ecosystem’s partners, as are leading game developers such as Animoca Brands, Sumo Digital, and nWay; crypto leaders such as Circle and Binance; and several notable projects among the next generation of high-growth startups, such as Opensea.
What distinguishes Flow from the competition?
Flow provides: It learns from and improves on previous solutions.
Flow’s multi-role architecture is unique, allowing the network to scale to support billions of users without sharding or diminishing consensus decentralization.
Smart contracts on Flow are written in Cadence, a simple and secure programming language for crypto-assets and applications.
Developer friendliness: from upgradeable smart contracts to the Flow Emulator, this network caters to individuals who want to create meaningful community products.
Consumer onboarding: Flow was created with mainstream customers in mind, with payment onramps allowing for a secure and low-friction transition from fiat to crypto.
Dapper Labs, the developers of Flow, Cryptokitties, Dapper, and NBA Top Shot, were the original creators of the Flow blockchain as well as Cryptokitties, Dapper, and NBA Top Shot. Dapper Labs was founded in 2018 with the goal of bringing new types of digital engagement to users all over the world. Blockchain-enabled applications can connect fans closer to the companies they love, give people a meaningful stake in the communities they help to build and provide customers new options to become creators.
Publicly announced The NBA and NBPA, Warner Music Group, and the UFC are among Dapper Labs’ partners. Andreessen Horowitz, Union Square Ventures, Venrock, Google Ventures, Samsung, and the creators of Dreamworks, Reddit, Coinbase, Zynga, and AngelList are among the notable investors in Dapper Labs.
Dapper Labs, the company behind the hit NFT collectible game CryptoKitties and the official NBA highlights shop NBA Top Shot, has developed Flow, a blockchain.
The platform is mostly used to host non-fungible tokens (NFTs) and decentralized gaming applications (dApps). Flow aspires to create a blockchain network that is simple to use for both developers and end-users.
The native currency of the blockchain network, FLOW, is currently on the decline, with prices down more than 80% since reaching an all-time high of $46.16 in April 2021. According to CoinMarketCap, the FLOW token price touched an all-time low of $4.34 in late January.
What is the difference between the FLOW coin and the Flow blockchain?
The creators of Flow, Dapper Labs, used what they learned from their experience with CryptoKitties on Ethereum to create an alternative blockchain with cheap gas prices, ease of use, and scalability.
The pipelined architecture of Flow sets it apart from existing blockchains, according to the company. It divides the work traditionally performed by a single miner or validator across five different node types, eliminating redundant effort and increasing efficiency.
Flow bills itself as the “greenest Web3 network.” It employs a proof-of-stake (PoS) consensus process, which is enhanced by a multi-node design, with the goal of increasing network throughput and performance while reducing environmental impact without the usage of sharding or Layer 2 solutions.
The FLOW coin is the Flow blockchain’s native token. FLOW holders will be able to use their token in the following ways, according to Flow’s technical papers:
On the Flow network, transaction fees or gas fees are charged.
Deposit for the storage of data
For secondary tokens, collateral is required.
In order to vote and govern
Staking is used to safeguard the Flow network and collect incentives.
The FLOW token is prone to inflation. Flow claims that its currency has a monetary inflation cap, and that when network costs rise, inflation on FLOW will decrease. Flow did point out, however, that monetary inflation will be higher in the first year of operation in order to encourage larger levels of staking.
According to CoinMarketCap data, the circulation supply of FLOW currency is over 318.08 million, while the total supply is over 1.37 billion. Only about 23% of the total FLOW supply is in circulation, according to CoinCodex.
As of 9 February, there were 726.74 million staked FLOW tokens, or 52 percent of the entire supply, according to Flowscan data.
The future of the FLOW coin is bright: FLOW, a pioneer in the NFT space, held its first community sale in late September 2020, raising $18 million through coin sales on cryptocurrency platform Coinlist. Around the same time in 2020, Dapper Labs, in collaboration with the NBA, established the NFT marketplace NBA Top Shot.
According to DappRadar, NBA Top Shot, which is hosted on the Flow blockchain, accounted for 46 percent of the then-record NFT trading volume and produced $226 million in trades by February 2021.
Between late January and early April 2021, the price of FLOW increased by approximately 600 percent, reaching an all-time high of £46.16 on 5 April. However, the token, along with the whole cryptocurrency market, plummeted in May and June as a result of China’s crackdown on cryptocurrencies.
Despite a robust rise in July and August, FLOW was unable to break beyond the $30 barrier. Meanwhile, on the strength of a flourishing NFT market, competitor NFT tokens such as THETA, MANA, and SAND soared in the second half of 2021. FLOW, on the other hand, continued to fall, eventually reaching an all-time low of $4.34 on January 24, 2022, when the cryptocurrency market took a pessimistic turn.
In July and September, the FLOW token was listed on major exchanges including Binance and KuCoin. In October, Kraken made FLOW tokens available to clients in the United States and Canada. As of February 9th, 2021, Coinbase does not have FLOW listed on its exchange.
Is the bottom in the FLOW/USD pricing over?
After reaching a record high of $46.16 in April 2021, the FLOW token has been under selling pressure for nearly a year. As of 9 February, the FLOW coin price data shows that the token is trading at $7.23.
According to CoinMarketCap, FLOW coin is the 52nd largest cryptocurrency by market capitalization, with a current market capitalization of around $2.66 billion.
The price of the FLOW token has dropped by about 36% in the last year. In the last month, the token has lost around 8% of its value. However, bargain hunters are snapping up the battered token, and the value of FLOW currency has recovered from its low point, rising 12 percent in the previous week.
The FLOW token was placed fifth among NFT tokens by Coin Codex (as of February 9), after Decentraland’s MANA and Sandbox’s SAND.
FLOW cryptocurrency news: The home of NFTs based on sports
The focus of Flow and Dapper Labs is on broad adoption. Because of their affiliations with the NBA, NFL, UFC, and LaLiga, they have become synonymous with sports-based NFTs.
To offer NFT souvenirs to fans, Flow has negotiated official collaborations with the UFC and the NBA. Digital items from the Dr. Suess universe are also available on the network.
In September 2021, Dapper Labs agreed to collaborate with the National Football League (NFL) and the NFL Players Association.
LaLiga, Spain’s top football league, established cooperation with Dapper Labs in October 2021 to sell video-based NFT collectibles based on the Flow blockchain.
In November, the NFT marketplace Rarible announced that it has completely integrated with Flow, allowing users to construct, list, and trade Flow-based NFTs on the platform.
Animoca Brands, a blockchain game publisher, and Dorna Sports, the commercial rights holder for MotoGP, announced an agreement in January 2021 to establish an NFT platform dubbed MotoGP Ignition on the Flow blockchain. On March 26, 2021, the first NFT sale is planned to begin.
CryptoKitties, which was created by Dapper Labs and was previously hosted on Ethereum, is now being developed on the Flow blockchain. Onboarding into the Flow network, CryptoKitties owners received a minimum of $1 billion in FLOW tokens.
In a move to enhance its cross-chain and decentralized finance capabilities, Flow has announced that a FLOW/USD Chainlink Price Feed is now available to all dApps on Ethereum.
Price targets for Flow coin (FLOW) in 2022, 2025, and 2030
According to a Coin Codex short-term Flow price estimate (as of 9 February), the token’s value could drop to $8.10 by 14 February. “According to our FLOW forecast, this is a favorable moment to acquire FLOW,” CoinCodex said.
Meanwhile, as of 9 February, algorithm-based forecasting sites published mixed longer-term FLOW price predictions: PricePrediction.net predicts the token will average $10.08 in 2022. In 2025, FLOW/USD was predicted to average $33.10, and in 2030, it was expected to average $212.33.
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