What is Flow (FLOW)

Flow is an NFT-centric blockchain project created by Dapper Labs in March 2018, with FLOW as its native token. Dapper Labs is the same team that created CryptoKitties, a popular dApp game built on the Ethereum blockchain in 2017. The key attraction behind this game was the new standard for NFTs, ERC-72, enabling ownership and uniqueness of each NFT for trading and transfer.

CryptoKitties featured virtual cartoon cats, each with a different metadata, making them collectible. Its users could buy, collect, trade, and sell these CryptoKitties with each other. Their holders could breed (mix two CryptoKitties to create a new CryptoKitty with new traits and metadata). This game gained so much traction that by 2018, a single CryptoKitty was sold at a price as high as $140,000. However, the high popularity of this dApp game created serious network congestion and traffic for the Ethereum blockchain, making it unsupported for all other projects.

To solve this problem, Dapper Labs created a new blockchain, Flow. Flow focuses on NFTs and microtransactions and aims to provide scalability solutions to dApps, games, NFTs, and other web3 components. It also works on becoming scalable without introducing sharding to maintain trust in its decentralization. Dapper Labs raised $18 million by publicly selling its native token, FLOW, in October 2020. Leveraging its experience with CryptoKitties, Dapper Labs successfully attracted many big corporations like the NBA, Warner Music Group, UFS, and Ubisoft. It provides special theme NFT marketplaces for some of these projects. It also recently partnered with Meta to help it integrate NFTs on Instagram.

FLOW is the primary platform used by developers for deploying their new smart contracts and storing data in the Flow blockchain. The transaction fee on Flow is also payable in the FLOW token. The owners of FLOW can participate in the apps, games, and other experiences developed by the Flow network.

As a proof-of-stake network, FLOW tokens incentivize validators and delegators and govern the Flow network. The token does not have a reported maximum supply. However, its genesis block was introduced with 1.25 billion FLOW.

How does Flow (FLOW) work?

Flow employs a multi-node version of the Proof of Stake (PoS) consensus method to secure its network. PoS consensus nodes store the entire blockchain history and perform all transaction verification tasks. However, the Flow network's consensus uses a separation-of-labor approach to speed up the process. Each of its nodes participates in the validation process of every transaction but focuses on different stages of that process. It differs from sharding, where a network divides into a group of nodes to verify different transactions simultaneously. In simpler words, Flow has divided the transaction validation process and nodes into four different stages and categories, respectively.

The nodes in the Flow network are categorized into four segments based on their task: Collection Nodes, Consensus Nodes, Execution Nodes, and Verification Nodes.

Collection nodes receive user transactions and introduce them to the network and other nodes. They contribute to the network connectivity for facilitating the transaction validation.

Consensus nodes form the blocks from the received transactions sent by Collection nodes. They also decide the order in which transactions will be processed and validated.

The transaction block goes to Execution nodes, which compute the outputs of all blocks the Consensus nodes provide. Execution nodes publish an execution receipt for the next group of nodes to check and verify. They do not have any decision-making power in the Flow Network.

Here is when the Verification nodes come in. They check the computation done by Execution nodes by checking their execution receipts. Once they verify the execution receipts, they publish a result approval for the blocks.

The consensus nodes we discussed above also have a second task after the work done by the execution nodes. They publish a block seal as proof that most verifier nodes have agreed on the authenticity of the transactions. Over 440 nodes exist in the Flow network. The platform plans to have 51.8% consensus nodes, 7.8% execution nodes, 23.6% verification nodes, and 16.8% collection nodes as an ideal composition.

According to Flow, this setup allows all nodes to participate in the consensus and transaction verification without splitting into multiple individual groups.

Flow has a native language, Cadence, for smart contract programmers. It has a learning website to help developers learn this language and familiarize themselves. It includes upgradable smart contracts that reduce the chances of long pending bugs, costing crypto users large losses due to hacks and loopholes. The carbon-friendly factor of Flow blockchain is also its noteworthy attraction. The network reportedly uses less annual energy than its competitors like Solana and Polygon. As per the official Flow website, minting NFTs on Flow uses less energy than the average social media post.

Its native token, FLOW, is the medium of exchange on the platform. Users can send value to each other peer-to-peer through the FLOW token. The dApps and other projects that operate on FLOW charge FLOW tokens for their services and products. If anyone wants to reward someone in the Flow ecosystem, it is also possible with FLOW. Transaction fees and staking rewards are also given in FLOW tokens. Additionally, if someone stores data in the Flow blockchain, they are also required to pay in FLOW tokens for their storage.

Those who stake FLOW tokens get a fixed payout amount that comes from the transaction fee. However, if the transaction processing fee falls short for any reason, the network issues new FLOW tokens to pay the staking nodes. The reward for nodes and the staking requirement varies according to their types and work. For example, becoming a collection node requires users to stake 250,000 FLOW coins, while execution nodes require 1.25 million FLOW tokens. Verifier nodes need to stake 1,35,000 FLOW, while consensus nodes require 500,000 FLOW.

How to Buy FLOW Crypto in India?

There are many crypto exchanges where you can invest and Buy FLOW in India.

One such platform is Flitpay. To buy FLOW in INR, you have to sign up for the relevant application, where you will have to enter the required details and go through a small KYC verification process.

After the KYC approval, ensure you have correctly entered your bank details. Now, through the linked bank account, deposit the amount you want to buy MEME and execute the purchase.

You can instantly convert your INR to FLOW and FLOW to INR and withdraw your INR through bank transfers whenever you want.

Flitpay also keeps introducing timely rewards for its users.

What Do I Do After Buying Flow (FLOW)?

Flow (FLOW) can be used to buy other cryptocurrencies after converting them to INR through crypto exchange platforms like FLITPAY. You can also hold the Flow (FLOW) till it reaches a high price, and then you can sell it through the FLITPAY Quick Buy/Sell order facility. Users can earn significant profits from buying it at a lower price and selling it at a higher price.

Additionally, FLOW also has multiple attractive use cases in the Flow ecosystem. You can lock it to become a network node and earn staking rewards from the network. If you wish to deploy dApps and NFTs on Flow, then you can pay the network fees through FLOW tokens.

FAQs

What is Flow (FLOW)?

FLOW is the native token of the Flow blockchain. It works to give a scalable blockchain environment to NFTs, dApps, and other web3 components. FLOW acts as the platform currency for all the dApps and users associated with the Flow blockchain.

What is the Flow (FLOW) price in India?

Check out the current INR price of FLOW crypto in India on Flitpay.

Which is the best platform to buy Flow (FLOW) in India?

The best platform to buy FLOW, buy Ethereum or your favorite cryptocurrencies in India is Flitpay. Flitpay supports instant UPI and bank deposits and bank withdrawals with a minimum deposit and withdrawal limit of INR 100.

What are the benefits of Flow (FLOW)?

The benefits of Flow (FLOW) include solving network congestion issues for NFT-based dApp gaming projects by offering a scalable environment. Leveraging its experience with CryptoKitties, Flow introduces a seamless experience for similar games. Its unique vertical multi-node consensus allows high transaction processing without sharding. The native token, FLOW, plays a central role, serving as a currency for developers, transaction fees, and staking rewards, effectively binding the Flow network components together. Additionally, Flow's energy-efficient approach and diverse use cases make it an attractive choice for blockchain applications and NFTs.

Is it safe to invest in Flow (FLOW) in India?

Yes, investing and trading FLOW is Safe in India. Flitpay is one of India's most secure cryptocurrency exchanges for buying MEME. It offers real-time prices and advanced investing features.