If you’re in touch with blockchain technology by any chance, you might have heard about flow blockchain. In this guide, we will dive into the realm of blockchains together and see how this blockchain can benefit you and lots of other blockchain users like you as well.
Back in 2017, when an NFT project named CryptoKitties started becoming viral, it caused the Ethereum blockchain to become congested. This was the first time when the creators of the Ethereum blockchain understood that there was a need to enable easy scalability in the Blockchain market. This was detected as an issue that needed attention as soon as possible to help meet the growing demands of cryptocurrency and NFT users.
Ever since the introduction of NFTs into the blockchain market, the need for a proper blockchain that can support NFTs and all of the activity related to them has arisen. Flow blockchain is the answer to all of these questions. In this article, we will see how Flow blockchain can be beneficial for NFT marketplaces. We will also help you learn how this blockchain works.
History of Flow Blockchain
Understanding the fundamentals of Flow blockchain is very important, but one should always start by learning the history of this solution. This blockchain finds its origin in the introduction of NFTs on the blockchain. This started with the introduction of CryptoKitties, a revolutionary NFT project, back in 2017.
Since the gas on the ETH blockchain is determined according to the number of transactions being done at a particular time, CryptoKitties, and the flood of NFT transactions, brought congestion to the ETH blockchain, and caused the gas fee to skyrocket. This is the main factor that led to the creation of a specific blockchain that addresses all of the concerns regarding NFT transactions and supports all the features needed by them as well. This solution was none other than Flow blockchain.
What is Flow Blockchain?
We can now start with the definition of Flow blockchain. This blockchain is specifically made to be fast, developer-friendly, and obviously decentralized as well. Due to the features, this blockchain possesses, developing dApps and games on it is a piece of cake. The unique architecture used in the creation of this blockchain makes scalability much easier for developers.
This feature allows the Flow blockchain to remain unaffected under heavy load and makes it easier for developers to use it for developing purposes. With the help of this blockchain, developers can easily create decentralized applications while keeping themselves profitable.
Users have the highest level of data protection available on this blockchain. It allows you to create digital assets and eases the trading process by making those assets accessible around the globe. This can lead to the creation of user-owned economies to add even more value to the whole system.
Working with smart contracts on the Flow blockchain is easier as well. Smart contracts on this blockchain work just like pieces of a puzzle that you just have to join together. With the help of a system this easy to use, we can create applications that solve problems for billions of people around the globe.
Features of Flow Blockchain
Most of the problems we face with traditional blockchain are resolved in the Flow blockchain. Many features provided in this blockchain are not available in regular blockchains. For example, its versatile architecture, developer-friendly structure, effective programming, and effective user acquiring process sets it apart from other blockchains competing with it.
The versatile architecture is one of the biggest features of the Flow blockchain. This feature allows it to ensure scalability without compromising the integrity of the decentralized consensus process.
Programming is also made easier on this blockchain with the help of Cadence language for programming. This is an easy-to-learn language and allows developers to easily make decentralized apps and new crypto assets.
The customer-centric approach used in this blockchain allows a smooth conversion of customers from fiat currency to the blockchain. It is made possible only because of the features and functionality added to its development.
The blockchain also has lots of features useful for developers. For example, much-needed features like logging support, easy smart contracts, and lots of other features needed by developers are already present in the Flow blockchain.
You need to read a detailed analysis of all the features available in this blockchain in order to understand how it works and what benefits it provides us with. So, let’s take a good look at the features of the Flow blockchain.
Advantages of Flow Blockchain
The main purpose behind the development of the Flow blockchain is to make transactions on the main blockchain easier and allow easy scalability for every business connected with the blockchain. Let’s take a look at the different features available in this blockchain and how developers and users can take advantage of those features.
Effective Use of Nodes
In our traditional blockchain, all of the burdens are put on the nodes without proper division of responsibilities for every node. Every node in a blockchain has to maintain a copy of the public ledger and process all the transactions by validating them as well. This is why traditional blockchains get congested when there are more transactions being done on them.
Flow blockchain resolves this issue by effectively dividing the responsibilities for every node in the architecture. There is a data collection node, a consensus node, an execution node, and a verification node.
The division of nodes allows the Flow blockchain to effectively divide responsibilities amongst all the nodes to minimize the pressure on each node. Various tasks which need to be done during every transaction are divided among the nodes. This is the easiest way to avoid cluttering and sharding.
The validation stages are divided between all the nodes, and every node takes care of a certain step included in the validation of every transaction. This way, it is easier to create specialized nodes which only perform one function perfectly. It is the easiest way to improve efficiency, and this system is being used in the Flow blockchain.
The node structure of this blockchain is perfect for easy scalability. Moreover, since the task execution is divided amongst all the nodes, the cost per transaction can also be limited and kept low. This unique architecture allows every developer to benefit from the work of other developers, and the overall user experience is also improved.
How Does Flow Blockchain Work?
If you are a beginner, knowing how Flow blockchain works is another important step you should take towards fully understanding its working principles. Doing this can also help you understand how it provides its benefits. Most of the explanation on the working of flow blockchain comes from its architecture and how it is uniquely designed.
The main character here is the multi-node architecture used in this blockchain. It divides all of the tasks on the blockchain, sorts them according to their type, and makes sure that every node gets only the type of tasks it specializes in handling.
All of the tasks are divided into either deterministic or non-deterministic. Deterministic tasks are the ones related to transaction execution and data. On the other hand, non-deterministic tasks are the ones like keeping the blockchain data properly organized and identifying them.
Non-deterministic tasks require the use of a consensus algorithm. This can either be proof of work or it can be proof of stake. Other tasks (the deterministic ones) have only one outcome, which is always accurate. The main reason for the development of the Flow blockchain was the bottleneck which was limiting the scalability factor of the blockchain technology. It solved the issue of blockchain getting congested, and that is its biggest achievement and selling point.
Division of Tasks Amongst Nodes
One of the major features of the Flow blockchain is how it divides certain tasks and assigns them to specific nodes within the architecture. It assigns specific roles to each of the four types of validator nodes. Every node has its percentage share/stake in the whole blockchain network. This way, no node can reduce its efforts deliberately to hurt the network. Here’s how each of the nodes in the Flow blockchain handles its tasks.
The connection between the Blockchain and dApps connected to it is maintained by collection nodes. These nodes make data availability easier as well.
The validation work is done by consensus nodes to keep the transactions and their validation process decentralized. These nodes use proof of stake or proof of work processes.
The computation of every transaction is done by execution nodes. Execution nodes are looked after by the verification nodes. These nodes supervise the execution nodes as well.
If any type of illegal activity is detected by any node, it can easily trigger a response to penalize the transaction and the person attempting to do it. Accountability is made sure between all the notes with the help of consensus nodes. This makes sure that the whole network remains decentralized.
Proof of stake is used for consensus in the Flow blockchain. Both the verification and consensus nodes make the whole network accountable and make sure that every transaction is executed with the utmost security and in a decentralized manner. This level of accountability is the main reason why lots of developers and users are moving to the Flow blockchain.
Deterministic tasks are handled by the nodes responsible for collection and execution, and that’s why the chances of hacking attempts on the nodes are next to none. Other types of nodes keep a check on these nodes to ensure trust amongst all the nodes. These nodes are always optimized for the best security and smooth flow of work. This is made possible by using dedicated servers for these nodes only, with professionals taking care of them regularly.
Benefits for Developers
There are obviously lots of benefits of Flow blockchain for developers, and you should take a look at those benefits as well. There are lots of features of Flow blockchain which are focused on developers to make their work easier than ever before.
By using Cadence as the main programming language in flow, they have made sure that developers face no issues in programming at all. This language makes smart writing contracts easier than ever before. There’s also a new method you can benefit from in order to make new crypto assets. The ownership of all the digital assets you create through Cadence can be verified through the language itself.
The programming language is very easy to understand, and the ease of using it means that there is no room for runtime errors. This is how flow has made sure that smart contracts can be developed easily on the platform. There are lots of useful tools provided by the Flow blockchain team for developers. You can use those tools to create a smart contract easily.
The smart contracts on the Flow blockchain can be upgraded as well. They’ve also made it much easier for every user to understand every smart contract and trust it. You can create a smart contract on this blockchain in beta mode. This will allow you to update the smart contract regularly unless all of the errors are fixed and the smart contract is ready to be properly launched.
Every user can also see that your smart contract is not finished yet. That is why they can always wait for your contract to be complete before having to trust it. After the development process is complete, you can upload your contract on the blockchain, and this will make the contract immutable. The flow blockchain makes it easier for every user to understand the type of code being used in every smart contract in beta mode. Additionally, developers are also allowed to update their smart contracts before finally releasing them.
Onboarding New Users
The onboarding process in the Flow blockchain is also friendly for new users. Developers can easily create applications that are liked by every user. Here are some examples of friendly onboarding processes in the Flow blockchain.
No application has the ability to generate a chain of commands during a transaction that can be understood by a normal person with no knowledge of programming. However, Flow Blockchain provides you with proper assurance before a transaction to make you well aware of its consequences/ results. This is meant to help you make proper decisions. This is how this Blockchain ensures transparency in every transaction.
Smart accounts for every user are another way used by Flow Blockchain to ensure efficiency in every transaction. The user accounts in flow have been made by eliminating all the shortcomings in Ethereum blockchain accounts. These changes provide benefits like improved and effective modular contracts, better authorization automation to make things easier for dApps and developers, and much better security protocols to keep every unwanted person away. This is made sure with the help of regular key cycling.
Benefits for Users
A smooth flow of transactions and low processing fees is one of the most demanded benefits of every blockchain in this era. The main reason for this is the widespread adoption of nonfungible tokens, cryptocurrency, and blockchain-related technology.
Flow blockchain has been developed by keeping the long-term needs of the blockchain industry in mind. It already uses the proof of stake algorithm to make itself much more energy efficient as compared to the proof of work process. It even has its own negative cryptocurrency called FUSD, which is basically a stablecoin. This will make sure that Flow blockchain is trusted by lots of people around the globe and used more frequently as well.
Let’s discuss some of the key benefits of the Flow blockchain for its users.
Ready to Use
Flow blockchain has been made to be used in the mainstream blockchain industry. This is made possible by enabling developer-friendly features on the blockchain and making it interesting for other users who do not even use cryptocurrency. With the help of features provided by this blockchain, users can easily find keys that they have lost.
For developers, Flow blockchain is even easier because it manages everything properly on its nodes and makes it easier for anyone to get started with their new project.
Due to the well-managed node system used in a flow, there’s no sharding hindering any transaction, and ACID transactions are made possible (ACID is a standard of compliance). This is why transactions on the Flow blockchain are so smooth, and gas fees are low as well. This ensures limitless scalability.
Flow blockchain is a uniquely designed blockchain system that enhances the features of Ethereum blockchain and makes scalability possible with the help of proper transaction management. It was introduced mainly to resolve the issue of congested ETH blockchain after NFTs surged in popularity.
Flow blockchain contains every feature a dApp developer could ever need and benefits its users with the most trustable and low-fee transaction system. All of these features combine to make flow one of the best platforms for blockchain developers to take a start.
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