January 24, 2023
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Cryptocurrency FLOW

By  Cryptocurrency  0 Comments

Dapper Labs is known to cryptocurrency connoisseurs as the creator of the NFT game CryptoKitties. The studio’s top development allows you to buy unique kitties, which exist only as non-fungible tokens. In 2017, the game blew up the crypto market, thereby starting to disrupt the Ethereum blockchain. Problems with the scalability of the network had to be solved radically – the company launched its own high-speed blockchain Flow. The company moved its popular projects to the Flow network, encouraging other developers to use the game hosting tool and NFT.

History and overview of cryptocurrency

Flow was conceived as a high-throughput blockchain for a new generation of games and other decentralized applications. The creators solved the problems with the speed of transaction processing, primarily by placing their own applications on the new blockchain – CryptoKitties and NBA Top Shot. The peculiarity of the project is its own FLOW coin. It acts not only as a game currency or financial token, but also as an independent payment tool placed on popular exchanges.

Roham Gharegozlou is one of the founders of Dapper Labs.  He graduated from Stanford and holds several degrees. His company developed Flow and many other products originally as a startup. The developers managed to get the following global corporations to fund the Flow project: Google, Samsung, Warner Music, Reddit, and the NBA.

The history of the project consists of three main phases:

  • A trial launch of the network in May 2020. Then in June, testers of the NBA Top Shot fan app were invited. At the time tokens were not yet released, and staking was also absent.
  • The second phase was marked by the issuance of tokens. The system generated 1.25 billion tokens that were not intended for sale. The coins were given to major sponsors and investors, as well as basketball stars. Also, 350 million tokens were reserved for the development of the system.
  • In mid-December 2020, payments for validators began. Coins became the basis of the circulating offer as they were passed as a reward for staking. Deflationary mechanism was also introduced – making the coin cheap for initial investors. Then the market supply will fall and the value of the asset will increase significantly.

The main thing to remember about the Flow blockchain is that it was created to satisfy the mass consumer. Flow provides high speeds at low cost without compromising safety or decentralizing. This is why the creators came up with a multi-node architecture that separates computation from consensus.

Flow is designed to handle huge amounts of data from a wide variety of decentralized — applications. It fits not only NFT, but also DAO and DeFi, which are created by both Dapper Labs and third-party developers. Blockchain proved its efficiency when the NBA Top Shot service seamlessly executed tens of millions of transactions with non-fungible tokens.