What is Flow?
Flow is a multifaceted Proof of Stake blockchain that focuses on supporting the network development of the metaverse and Web3 infrastructure. More specifically, Flow is built to support dApps, NFTs, and DAOs.
Flow was brought to fruition by the creators of the famous Crypto Kitties. Before the birth of CryptoPunks, it was Crypto Kitties that wore the NFT crown. Some would say that the creators of Crypto Kitties are the originators of the NFT market you know today. With the success of Crypto Kitties, the team at Flow decided they would seize this opportunity to foster the NFT community in a bigger way.
Fast forward a couple of years and you’ll find that the “Flowverse” has helped create over 60 unique projects with over 300 companies integrated into the Flow Blockchain going into the second half of 2022.
As you can see, Flow has played a significant role in offering new and interesting additions to the crypto space. This has proved to be a successful venture due in part to a new Smart Contract programming language called Cadence.
This resource-oriented programmable language helped to introduce newer features that enable a greater level of security when executing Smart Contracts. This is achieved through various safety checks built into pre and post-conditions of every transaction. The team decided to abandon Ethereum for their own blockchain out of necessity in 2019. This was in response to the limitations of Ethereum that have remained since 2017 when Crypto Kitties was first launched. At that time these widely loved kitties accounted for 10% of all transactions on Ethereum causing gas fees to sharply rise by over 600%. Launching with the NBA Top Shot NFT collection, Flow Blockchain was born.
All this sounds great and all, but what about FLOW Tokens, how to buy Flow NFTs or if FLOW crypto is a good investment?
What is FLOW Token?
Flow has released its FLOW Coin as the currency for the support of the Flow Blockchain. Since Flow is a Layer 1 protocol, FLOW crypto is considered a Coin and not a Token. If either of those statements sounds confusing to you. Feel free to click the links and ease that feeling with some of our Quick Beginner Guides on the subjects.
FLOW is a Fungible cryptocurrency of which there was a Total Supply of 1.25 Billion created during the pre-mine event. This event came with funding from Andreessen Horowitz, Animoca Brands, Coinfund, Warner Music Group, and many other prestigious coin purses to kick start the project.
Of this Total Supply minted, creators Dapper Labs allocated 20% to themselves, 18% to a Development Team, 20% to Early Backers, 13% to Community Sales, and the remaining 29% for Ecosystem Development. Effectively this put 67% of all FLOW in the hands of its creators from the start. FLOW is used for all the common things in the network. This includes Voting in delegation discussions, spending, staking, and as fuel to build your own dApps on the Flow Network.
Accompanying the FLOW Coin to a small degree is the FUSD Stablecoin. But, oddly enough there are no charts or data readily available to track this asset. While available in Testnet only on Blocto Wallet. This means that liquidity is extremely thin for the FUSD Token. Issued through Prime Trust, the FUSD Stablecoin appears to be dead on arrival.
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Head of Research Jesse is a passionate seeker of truth who enjoys educating others about Bitcoin. As a free thinker and 2nd amendment advocate, Jesse believes each individual has the right to monetary freedom. “The swarm is headed towards us” -Satoshi Nakamoto
