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What is Flow, used by the NBA and UFC

Introduction

Flow is a decentralized protocol designed to enable fast, scalable, and secure transactions for a wide range of decentralized applications (dApps).

It was developed by Dapper Labs, the company behind the popular blockchain-based game CryptoKitties.

Because of the congestion Cryptokitties caused on Ethereum, Flow was created with the intention to address the scalability and usability issues that have hindered the widespread adoption of blockchain technology before.

One of the key features of Flow is its ability to handle high transaction volumes, making it well-suited for dApps that require fast and efficient processing of large amounts of data.

This is achieved through a combination of a modular architecture, optimized data structures, and a unique form of the consensus algorithm “proof-of-stake.”

Flow also integrates a number of security and privacy features to protect against potential attacks and protect user data.

For example, it utilizes zero-knowledge proofs to enable private transactions, in which the contents of a transaction are hidden from everyone except the sender and the recipient.

Flow is a highly innovative 3rd generation token protocol that aims to bring the benefits of blockchain technology to a wider audience by addressing some of the challenges that have held back crypto adoption in the past.

Flowverse Hub

Check out Flowverse hub to get an overview of what curated projects are currently published on the Flow Blockchain.

See what exciting new smart contracts are currently being deployed on the Flow blockchain in the field of games, sports, collectibles, tools, music, art and much more.

Pros of Flow Protocol

  • High scalability: Flow is designed to handle high transaction volumes, making it well-suited for dApps that require fast and efficient processing of large amounts of data.
  • Energy efficient: Flow uses a proof-of-stake (PoS) consensus algorithm.
  • Secure: Flow integrates a number of security features to protect against potential attacks and protect user data, including zero-knowledge proofs for private transactions.
  • Modular architecture: Flow is built on a modular architecture, which allows developers to customize and extend the protocol to suit their specific needs.

Cons of Flow Protocol

  • Limited adoption: As a relatively new protocol, Flow has not yet gained widespread adoption among dApp developers and users.
  • Complexity: The technical details of the Flow protocol can be complex and may be difficult for some users to understand.
  • Dependence on staking: The PoS consensus algorithm used by Flow relies on users staking a certain amount of tokens in order to participate in the validation process.
  • Competition: Flow faces competition from other blockchain protocols and platforms that are also targeting the dApp market, such as Ethereum and EOS.

Tokenomics and inflation rate of Flow Protocol

The inflation rate of a cryptocurrency or blockchain protocol refers to the rate at which new units of the currency are introduced into circulation.

In the case of Flow, the inflation rate is determined by the protocol itself and can vary over time.

According to this part of the Flow documentation, the protocol currently has a fixed annual inflation rate of 5%. This means that each year, 5% of the total supply of Flow tokens (FLOW) will be added to the circulating supply.

The exact amount of tokens that is added each year is determined by the total supply at the time the tokens are minted. The projection is that this will lower to 3%.

Read everything about Flow Tokenomics.

How Flow protocol is used in the NFT space

The Flow protocol is used to enable the creation, issuance, and trade of non-fungible tokens (NFTs) on the Flow blockchain.

One of the key features of Flow that makes it well-suited for the NFT space is its ability to handle high transaction volumes and handle the large amounts of data that can be associated with NFTs.

Some sports projects that are built on Flow

UFC and NBA Pioneers

The Ultimate Fighting Championship (UFC) and the National Basketball Association (NBA) are both using the Flow protocol related to their respective sports.

Soon these partnerships created UFC Strike and NBA Topshot digital NFT Collections.

In the case of the UFC, the organization has partnered with Dapper Labs to create NFTs that represent exclusive experiences related to UFC events and fighters.

Similarly, the NBA has also partnered with Dapper Labs to create NBA Top Shot NFTs representing memorable moments and highlights from NBA games.

These NFTs can be collected, traded, and even used to redeem special experiences and rewards related to NBA events.

Because of the success of the previous two, NFL All Day was published with all kinds of video collectibles.

Since then many other famous (worldwide) sports projects were created by both companies and individuals. Check all Flow sports projects.

These projects leverage the unique properties of NFTs and the blockchain to create new and innovative ways for fans to engage with and experience their respective sports.

Flow Blockchain focuses on sports, art and music NFT collections.

Where can you buy Flow?

Flow is available across most major exchanges in the crypto world, including Coinbase and Binance, or use another smaller exchange that offers a trading pair for Flow.

Also, check out our exchanges ranking to pick a cryptocurrency exchange that suits you best.

Last Updated on 21/12/2022 by Staff

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