Today, we are going to cover Flow Blockchain. 👀
This is a quick overview to provide a glance at the project, token, and one of the use-cases of the ecosystem called the Top Shot app/platform!
Flow is a fast, decentralized, and developer-friendly blockchain, designed as the foundation for a new generation of games, apps, and the digital assets that power them. It is based on a unique, multi-role architecture, and designed to scale without sharding, allowing for massive improvements in speed and throughput while preserving a developer-friendly, ACID-compliant environment.
Flow empowers developers to build thriving crypto- and crypto-enabled businesses. Applications on Flow can keep consumers in control of their own data; create new kinds of digital assets tradable on open markets accessible from anywhere in the world; and build open economies owned by the users that help make them valuable.
Smart contracts on Flow can be assembled like Lego blocks to power apps serving billions of people, from basketball fans to businesses with mission-critical requirements. Source
🔹Why Flow Blockchain?
There are four pillars that make Flow unique:
- Multi-role architecture: Flow’s design is unique, allowing the network to scale to serve billions of users without sharding or reducing decentralization of consensus.
- Developer ergonomics: from upgradeable smart contracts and built-in logging support to the Flow Emulator, this network is designed for results.
- Consumer onboarding: Flow was designed for mainstream consumers, with payment onramps catalyzing a safe and low-friction path from fiat to crypto.
- Resource-oriented programming: smart contracts on Flow are written in Cadence, an easier and safer programming language for crypto assets and apps. Source
The FLOW token (“FLOW” or “𝔽”) is the native currency for the Flow network and the keystone for a new, inclusive, and borderless digital economy. If blockchains are digital infrastructure, the Flow token is the fuel that powers the network. FLOW has several important characteristics that make it the ideal currency for a new generation of games, consumer applications, and the digital assets that will power them:
- Diverse use-cases
- Broad distribution
- Low monetary inflation
Each of these is explained in more detail in this article.
Huobi launched Flow token on Feb. 2nd!
You can buy the flow token on Huobi here.
Now, one of the most widely talked about platform/apps built on the blockchain is called Top Shot. Let’s take a quick glance at this and why it has become a popular way to mix the collectable, sports, and blockchain market all together to form an interesting shot at a new wave of blockchain innovation.
🔹What is NBA Top Shot?
NBA Top Shot is a blockchain-based platform that allows fans to buy, sell and trade numbered versions of specific, officially-licensed video highlights.
In a joint venture that began in July of 2019 between the National Basketball Association, the NBA Players Association and Dapper Labs have come together to create NBA Top Shot, a “revolutionary new experience in which jaw-dropping plays and unforgettable highlights become collectibles that you can own forever,” per Dapper Labs Chief Executive Officer Roham Gharegozlou.
In plain terms: think of the future of the sports trading card market mixed with similar principles of cryptocurrency, but it’s virtual cards that contain individual NBA highlights.
How it works: the NBA cuts the highlights and then Dapper Labs decides how many of each highlight they are going to sell and number them. They place each highlight into digital packs, just like regular trading cards, and sell the packs on the official NBA Top Shot website for prices ranging from $9 to $230. The pack prices depend on the quality of highlight, the stardom level of the player and the exclusiveness of the card. Once you purchase a pack, those highlights go into your encrypted, secure highlight wallet to be “showcased” or re-sold on the NBA Top Shot Marketplace. Source
Hope you enjoy this quick recap of the flow ecosystem. As always do your own research and and make sure to join our community.
Trading in digital assets comes with high risks due to huge price fluctuations. Users should be fully aware of the risks associated with digital asset trading and make prudent trading decisions.
Huobi Global’s announcements and information do not constitute investment advice, and Huobi will not bear responsibility or provide compensation for direct or indirect losses arising from trading decisions whilst relying on this information.