In this guide, we will voice our own and market’s opinion on FLOW future while discussing Flow price forecast for 2021 and beyond.
Please bear in mind that you should take this and any other prediction with a grain of salt since predicting anything is a thankless task, let alone predicting the future of a novel, highly volatile financial asset like FLOW.
Now, let’s head into it.
Before we delve deep into the Iota price prediction and answer questions if Flow is a good investment or not, why will Flow succeed or fail or why will Flow price rise or drop, let’s quickly throw a glance at what is Flow and how it came about.
What is Flow Crypto?
After Cryptokitties was launched in 2017, major flaw of the Ethereum blockchain stuck out like a sore thumb: scalability.
The Dapper team tested and evaluated different approaches to solve this problem of scalability and came up with a solution: Flow.
Flow is a fast, decentralized, and developer-friendly blockchain developed by the team behind CryptoKitties, Flow was built to support a whole network of apps, games, and the in-app purchases that make them run. FLOW was built uniquely in such a way that without bargaining decentralization or compromising quality, an application’s network retains the standards needed to make them run smoothly. To further explain this, it offers a secure means for developers to build on each other’s work opening up possibilities for billions of consumers around the world.
WHY BUILD A NEW BLOCKCHAIN?
The Dapper Labs team was aware of the fact that the interconnectedness between smart contracts is more multifaceted and error-prone because of lapses in the generally followed method of sharding. Sharding- which is a term used for the process of separating large databases into smaller, faster, and easily manageable units- may be a suitable solution for payments, but has lapses when it comes to the ecosystem of complex applications like social networks or games. Flow meets the hopes of conventional developers and consumers without compromising decentralization or sharding the network.
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HOW IS FLOW DIFFERENT?
Since time immemorial, the entire position on a blockchain is stored on every node (account balances, smart contract code, etc.) and performs all of the work associated with processing every transaction in the chain.
Flow is quite different in that it is designed to separate the jobs typically done by a single node across five different node types thus, the time and effort needed to improve consistency are reduced significantly. To further establish this approach, the Flow team developed a new cryptographic technique called Specialized Proofs of Confidential Knowledge (SPoCKs) to address the Verifier’s Dilemma. The Verifier’s Dilemma is a term used to explain the friction between the computationally complex puzzles in a Proof-of-work consensus network, the economic incentives offered for solving those puzzles and the rational behavior of the miners.
Flow is divided into FOUR node types to attain outstanding enhancement in speed and throughput
- The Collector Nodes amplify efficiency
- The Execution Nodes allow speed and scale
- The Verifier Nodes guarantee correctness
- Consensus Nodes ensure decentralization
By improving upgradable smart contracts and human-readable security, flow improves usability for developers and consumers by rethinking many other design choices.
The result is that each transaction has full ACID (Atomicity, Consistency, Isolation, and Durability) guarantee. With this approach, developers can safely and conveniently build on top of each others’ code, to create totally new products and services at a mouth-watering pace. This is called composability. A similar thing to composability is open source software, which allows developers to innovate faster, ultimately leading to more consumer choice.
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WHAT CAN YOU BUILD ON FLOW?
Flow offers different services for different categories of users
- Artists or bands can use crypto tokens to give millions of fans unparalleled new ways to show their fandom
- Games that reward players for adding value and enable assets and identities that users can take across infinite open environments platforms
- for sports fans around the world to trade verified, authentic, limited-edition digital memorabilia in real-time.
WHAT DOES FLOW MEAN FOR CRYPTOKITTIES, DAPPER, AND CHEEZE WIZARDS?
The first question on the mind of many is “what will happen to Cryptokitties, dapper and cheese wizards after the launch of flow?” From a statement released, Dapper Wallet will still support Ethereum and Flow without a glitch, giving consumers easy access to assets and applications on both networks. Both CryptoKitties and Cheeze Wizards NFTs and their associated smart contracts will continue to live on Ethereum. Flow will allow new features to be integrated into the game, including animations and third-dimensional capabilities.
Flow Price Prediction 2021 – 2025
“The FLOW token … is the native asset for the Flow blockchain that is used by validators, developers and users to participate in the FLOW network and earn rewards. Right now, as a user, you can interact with Flow via NBA Top Shot or by buying artwork from the VIV3 NFT marketplace, as well as other working apps built on the blockchain. Developers can begin using the various built-in tools to experiment with Flow and start building their own dapps.
While Bitcoin and Ethereum show how crypto can make the world of finance more open and transparent, Flow aims to do the same for consumers of entertainment and culture. Dapper Labs’ NBA Top Shop project is now the most popular non-fungible token (NFT) series by volume after being launched in October 2020. The firm has generated almost $100 million in NFT sales.
Flow is still highly concentrated by Dapper Labs (20%), its development team (18%), and large investors (11.1%) and small investors (8.9%). This could be a red flag when it comes to the decentralization of the network but could this could change in the future with further dilution and other community sales.
NFTs are on the rise and are offering to create many tokenized brands. With the recent fundraising, Dapper Labs will be able to work with Warner Music Group, Dr. Seuss Enterprises, and the Ultimate Fighting Championship (UFC) to create new experiences.
Is Flow coin a good investment?
Overall, FLOW coin is worth investing thanks to its use case, technology and team.
Why will FLOW succeed?
Flow has a big chance of succeeding thanks to the fact that NFTs are on the rise, it has solid technology behind the project, great business dynamics and partnerships. It is one of the best NFT projects to invest in 2021.
Why will FLOW fail?
One of the reasons why Flow might fail is a pretty weak community behind the project, general lack of communication with retail investors (the team seems more focused on companies and large investors). This leads to a deficient speculative potential and lack of hype around the coin which is the main fuel behind the rise of the majority of crypto coins.
WHERE CAN YOU BUY FLOW?
Since you cannot buy flow with fiat, you will need to look for an exchange that supports both fiat and cryptocurrency to make things easier when buying Flow.
There are currently 15 Flow exchanges where you can buy, sell and trade Flow (FLOW)
- Open an account on an exchange that supports FLOW. (a few examples include OKEx, Kraken, UPbit, Huobi Global, Pionex, gate.io)
- Most exchanges require registration with an email address, phone number, and proof of identity to register. Complete the KYC
- Deposit funds into your account: Fund your account with a bank transfer, pay with a credit or debit card, or deposit cryptocurrency from a crypto wallet to buy FLOW.
- Buy Flow- Since it is not possible to buy all FLOW directly with U.S. dollars. You will need to buy either Bitcoin or Ethereum with your fiat before clicking on the trading pair, depending on what you choose, the trading pair should have changed to FLOW/BTC or FLOW/ETH. You can place your buy order by selecting New Order. You should see two options; the limit order button and the market order button. If you want to buy FLOW when it reaches a specific price, use the limit order by selecting the Limit button. Enter the desired price (in BTC or ETH) and the amount of FLOW you want to buy, and then click the Buy button.
- Complete your Flow purchase and HOLLA!!! You now own some FLOW token.
WHERE CAN YOU STORE FLOW?
Flow (Dapper Labs) has its own wallet software that is available for download on its website. With this, you can store Flow (Dapper Labs) on your computer or your hardware wallet. For the utmost security, you should store your cryptocurrencies on a dedicated hardware wallet such as a TREZOR wallet or a Ledger Nano X. If you are not a big fan of a hardware wallet, you may consider using a mobile wallet such as Atomic Wallet, Jaxx, or Coinomi to store your flow token with some other cryptocurrencies and you will enjoy some added security benefits.
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com