Web 3.0 is already making its mark to change the scenario where user-generated content is taking precedence over the traditional structure and Blockchains are playing an important part in ushering in that era. According to Rejolut, an award-winning Flow Blockchain development company, Flow would play a pivotal role in shaping the web 3.0 space.
Flow it is a high-performance Blockchain protocol created specifically for various activities like NFTs, crypto-games, and other apps. Flow comes in the special-purpose built blockchain that is created to address specific needs unlike the general purpose Ethereum Blockchain. If you think just NFTs are a new rage, then you could be talking about yesterday but not today. As Web 3.0 can be defined as any form of transmissible data, that covers a wide range of things like digital assets, collectibles, money, in-game items, profile pictures, or supply chain information.
So, let us have a look over how Flow Blockchain, its features, and how it can help to disrupt the web 3.0 arena.
What is Flow Blockchain?
Origin of Flow Blockchain
Flow is a high-performance Blockchain protocol built especially for creating web 3.0 assets like NFTs, crypto games, and dApps. The Flow Blockchain protocol was built in 2017 by Dapper Labs, who are creators of CryptoKitties and set off a revolution in the NFT industry. Initially, the game Cryptokitties was released over the Ethereum network, but the congestion in the network led to a spike in the transaction fees. Due to this persisting issue, Dapper Labs decided to address this issue by developing a customized blockchain protocol. Which will be tailored according to the features they wanted and this is how the Flow originated.
How Flow Blockchain functions?
Flow Blockchain is designed for extensive scaling without the use of sharding, so that it can provide fast and low-cost transactions. Flow uses Proof-of-Stake (PoS) mechanism to achieve consensus and its Smart Contracts are written in Cadence language. According to developers, Cadence is an easier and safer programming language that is highly suitable for building crypto-assets and apps.
The architecture of Flow is multi-role therefore execution and collection nodes function separately. This multi-role architecture is one of the important of Flow that let it do easier scaling without sharding. Dapper Labs designed Flow in such a manner that it could support billions of transactions while being highly scalable so that it becomes user-friendly. This is possible due to the execution and collection nodes, which give functionalities like payment onramps offer an efficient, low-friction, and secure transition from fiat towards crypto.
What makes Flow Blockchain unique and different from other protocols
- Functions over Proof-of-Stake (PoS) consensus mechanism that works without sharding
- Offering Near-Instant finality without giving up decentralization
- Highly scalable platform that is suited for massive gaming but inexpensive at the same time
- Smart Contracts are upgradable
- Smart Contracts used are recoverable unlike keys and seeds
Main functionalities of Flow Blockchain
Smart Contract functionality
Smart Contracts in Flow are written in Cadence language, which is an easier and safer programming language suited for crypto-assets and apps.
Consensus mechanism
Many consider Flow to be built on Ethereum and will be a successor of Ethereum, but Flow has many unique functionalities other than Ethereum. Flow uses the Proof-of-Stake (PoS) mechanism to achieve consensus, under this mechanism validators are required to stake a certain number of FLOW tokens to participate in the network.
Validation mechanism
The validation mechanism in Flow works differently. Flow network splits validation tasks into four separate types of nodes for providing speedy transactions – namely:
- Consensus
- Verification
- Execution
- Collection
These four types of nodes together take part in the validation process of each transaction to increase the overall scalability of Flow.
Native token – FLOW
Like any other Blockchain protocols in the market, Flow has its own native cryptocurrency which goes by the name of FLOW. It serves as means of payment for processing fees or computation fees in the network.
Future of Flow in web 3.0 ecosystem
Flow is one of those Blockchain platforms that is offering a place to accommodate all those emerging technologies that are ushering in web 3.0. As of now, the web 3.0 space is very limited with a small number of resources, but according to web 3.0 experts at Rejolut, the Flow blockchain is playing an important role to bring decentralization and its ability to integrate with other technologies. The new innovations and integrations of technology that Flow offers will not only just safeguard the sovereignty of users but looks like it will certainly disrupt the web 3.0 space.
