Flow (FLOW): A Blockchain For NFT Gaming and Collectibles

The Flow Crypto Protocol and Today's NFT and Gaming Industry

Flow is an adaptable, high-speed blockchain platform designed for collectable non-fungible tokens (NFTs). Flow was launched by Dapper Labs, the creator of CryptoKitties, and specializes in NFT collectibles in gaming, music, and sports. The Flow crypto protocol has been utilized to realize various high impact offerings like NBA Top Shot, Seussibles (Dr. Suess collectible NFTs), and collectibles from leading sports organizations like the UFC (UFC Strike) and NFL (NFL ALL DAY), both of which launched in Q1 of 2022. The project calls on a number of high-profile backers, including Warner Music, which invested in Flow with the goal of allowing fans to interact with musical artists and purchase artist-specific NFTs.

The Flow crypto protocol supports several NFT marketplaces via integrations with Shopify and other related services. This enables Flow-based projects to offer users the ability to buy, sell, and store collectibles in its bespoke Dapper Smart Contract Wallet, along with various other compatible wallet types. These various integrations are designed to significantly lower barriers to entry for those who wish to buy NFTs; one integration allows users to fund purchases with their debit and credit cards nearly instantly.

In October of 2021, Flow launched its U.S. dollar stablecoin FUSD to allow for simpler user onboarding within its ecosystem, in addition to partnering with Filecoin and the InterPlanetary File System (IPFS) to provide decentralized storage for NFTs minted on the network. These integrations dovetail with the Flow blockchain’s underlying technology, all of which is connected via its native FLOW coin.

FLOW Coin

FLOW coin is central to the operational efficiency of the Flow crypto platform and its broad ecosystem. It is used to pay for services within decentralized applications (dApps) built on the network, and to enable the use, deployment, and creation of smart contracts for applications built on Flow. As a Proof-of-Stake (PoS) blockchain, Flow relies on its FLOW coin as the asset of reward for validators who participate in network consensus. In addition, FLOW is used to pay transaction fees on the network. Further, FLOW coins are used as a reserve asset for secondary tokens such as the FUSD stablecoin and to facilitate equitable network governance and ecosystem development.

Characteristics of the Flow Crypto Protocol

The team behind the Flow blockchain chose to build the protocol without the use of the Ethereum network or another Layer-1 blockchain, and is a blockchain in its own right. Flow is designed using what’s called a multi-role architecture that does not incorporate scaling solutions like sharding or Layer-2 networks. The Flow crypto protocol incorporates four main characteristics to fulfill its vision of creating blockchain-based entertainment and investment experiences for millions of users.

Multi-role architecture: Flow’s technical design leverages the use of nodes that fulfill four concurrent roles, allowing the platform to obtain extremely high transaction throughput and security without significantly compromising decentralization or limiting application development. This multi-tiered approach allows the network to scale exponentially because it separates non-deterministic processes like achieving consensus from deterministic processes like  carrying out computation.

Here’s how Flow’s four types of nodes work together: Firstly, Consensus Nodes determine the order and availability of transactions on the network. Verification Nodes work with Consensus Nodes to enhance platform security. Verification Nodes also help maintain the integrity of transactions. Execution Nodes are relied upon to correctly perform computations on-chain. Finally, Collection Nodes are responsible for strengthening network connectivity and increasing dApp data availability so dApps can use data to execute smart contracts and other related processes.

Resource-oriented programming: Flow has developed Cadence, an example of a novel form of programming language called resource-oriented programming. Cadence is easy to use, secure, and powerful, but its ability to allow for the representation of asset ownership directly within the programming language is one of the main characteristics that sets it apart. This innovation is designed to decrease developer complexity and dramatically increase the capability of dApps built on the Flow blockchain.

Developer-focused: Flow features upgradeable smart contracts, a wide range of developer tools, built-in logging support, and fast deterministic finality, all of which are geared toward enhancing development ergonomics and utility. Moreover, the platform leverages the use of both Go and JavaScript-based software development kits (SDKs), its own integrated development environment (IDE), and an in-browser development playground that allows developers to become familiar with Cadence prior to building their own applications.

Consumer onboarding: Flow is built to be user-friendly with the integration of existing mainstream payment on-ramps for users, allowing for customer interaction in a secure and simple manner. In particular, this is realized by providing human-readable security for dApps and wallets so users understand the decisions they are making within the systems they are using. Smart account technology also allows users to make use of the Dapper Wallet without having to remember complex seed phrases or risk the possibility of losing their private keys when they manage their NFTs or digital assets.

Creating New Experiences on the Flow Blockchain

Dapper Labs has significantly expanded upon its NFT offerings since the blockbuster success of CryptoKitties in 2017. The Flow blockchain provides unique collectible, in-game, and user engagement experiences that are engaging, diverse, and call upon some of the most notable organizations in gaming, entertainment, and sports as partners. With the boom in popularity of NFTs and blockchain gaming, Flow is at the forefront of redefining how art, collectibles, and gaming are viewed across the globe.