As the crypto and web 3 scene continues to expand, the grading of each new product is still unknown. This means that for the average person, we’re more so pushed towards the most popular products in the market right now. Whether it’s an application or protocol, this entire space continues to develop and we have the opportunity to define the new landscape.
This series aims to dive into the most popular crypto & web 3 products to:
This is our opportunity to set the bar, so join me through this article as we tackle the Flow Blockchain.
Flow is a layer one blockchain created to adopt an improved approach to entertainment-driven crypto assets specifically Non-Fungible Tokens (NFTs). It aims to improve scalability, transaction costs, and model development (smart contracts) beyond the traditional capabilities offered by Ethereum.
The blockchain is targeted towards developers to leverage in their projects as it improves performance due to its multi-node architecture ensuring security and composability.
In simplest terms, it provides the backend infrastructure behind the NFTs and ensures proper support for projects to be built on top of a reliable blockchain. Its traction over recent years consists of notable projects with NBA, UFC, and many more.
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Here's a quick history lesson from my deep dive:
Dapper Labs, a whale in the Crypto space is the company behind CrytoKitties. Though I didn't hear about CrytoKitties till early 2020, I soon realized that it was an OG in the NFT space that created the ripple effect to what we have going on today. Originally with the creation of CryptoKitties, there were a series of problems that were created but outlined the various flaws in the Ethereum Network at the time. This consisted of the extremely high costs for developers and the same was repeated for the consumers dealing with outrageously high gas prices.
It's often said that the best solutions are created when looking to solve a problem you're facing. This was exactly what Dapper aimed to solve by creating the Flow Blockchain. It was created to make entertainment assets faster, more scalable, and much more cost-efficient. Since its creation in 2019, it has continued to scale in newer and bigger projects every quarter. Currently, it’s averaging between 200,000 to 500,000 transactions daily with spikes of up to 1 million transactions.
Beyond the offerings of the technology, the Flow blockchain has also seen tremendous popularity from its incredible partnerships consisting of large corporations including NBA, UFC, NFL, Barbie, Balmain, and many more. As the underlying technology behind these projects, the Flow blockchain has been able to see itself continuously grow month-over-month as NFTs also gained immense adoption.
As supporters or collectors of these brands, you’re immediately drawn to the NFTs and these partnerships generally provided great value to the holders. A prime example is NBA Top Shot - an NFT collection that stores specific clips from the NBA season of specific players or teams. Though the collection's popularity died down since its high last year, it saw peeks of over $200 million in sales and $53.8 million in January 2022 alone. It was the first blockchain-based product to reach over 1 million consumers consisting of $80 million in direct sales and over $750 million in secondary marketplace sales.
As a blockchain, there are very limited ways to interact with it whether as a developer or using a decentralized application. This means that the emphasis on its user experience will always come down to the developers and their comfortability maneuvering through this new technology. With this under consideration, the Flow team clearly understood their objectives.
Getting Started
The primary ‘improvement’ that this blockchain offers is the introduction of Cadence. Although Solidity is referred to as the go-to blockchain language, it was recognized that there are clear improvements that can be made to the programming model that would define the ‘new paradigm of crypto-enabled applications’. Leveraging the Resource-Oriented Programming approach that follows a new ownership model inspired by Linear Types for smart contract development, Cadence was created by Flow specifically for smart contract development.
At the core of this language, its specific offerings include increased decentralization, more security, and friendliness to users. With ergonomic syntax, it's also a very comfortable language to understand. Another vital component to getting started is the Flow Playground - an online development environment. This beginner-friendly platform requires no installation and can immediately provide an introduction to get your hands dirty with Cadence.
Features
Beyond the traditional development that we may be familiar with, there are a few additional features that make Flow much more attractive in the eyes of developers. Whether this includes direct changes to their developer experience or the user experience, these features play a significant role in shaping this blockchain.
The community plays a vital role in crypto projects as it not only ensures the primary traction but supports its ability to sustain the popularity as it continues to scale. In web 3, everyone has skin in the game and collectively works together to go through a continuous interactive process to develop the best products.
For a blockchain to be successful, the community will need to support it in various levels of consumption and utilization. This range of participation includes the developers, contributors, and consumers. By diving deeper, we’ll find the following critical factors offered by Flow to enhance its community engagement:
From the get-go, Flow emphasizes being a developer-centric and NFT platform targeting the entertainment industry, NFTs, and DAOs. Here are the top features to cover from the technical side:
Multi-Node Architecture: In many blockchain projects, scalability is tough and often sacrificed by reverting to Sharding. Sharding refers to processing data in small sections/splitting it up versus the entire database as a whole. Often this can cause troubles with scaling since it becomes too much for nodes to process at the same time.
Smart Contract Costs: As pricing is an important factor to be considered, Flow has two simple costs:
As a developer, this is music to the ears. This blockchain provides incredible support to developers to continuously deploy contracts or iterate without taking on the burden of heavy costs. As mentioned above, the blockchain was created with the intent to target NFTs, gaming, and entertainment hence indicating the low costs.
As an open-source developer-centric blockchain, there are three main features that are included in the tool kit.
The two main SDKs consist of the ‘Flow Go SDK’ primarily for backend integration with emphasis on scalability and the ‘Flow JavaScript SDK’ primarily for frontend development with emphasis on seamless integration with Flow. There is also a great extension offered on Visual Studio Code to develop with Candence and interact with Flow. This will provide an easier approach to testing smart contracts within the VS code IDE.
Taking the developer experience further, the Flow team aims to build out an advanced support system surrounding their ecosystem consisting of the Developer Alpha Program for creating a pipeline for feedback from the community of developers and enhancing the developer ecosystem by rewarding developers with tokens for their contributions.
For any blockchain, security receives the utmost priority and it comes with no surprise that Flow places an emphasis on ensuring that its processes align with this objective. How? Right from the foundation of its multi-role architecture specifically the consensus and verification nodes.
These two specific nodes primarily focus on the order of the transactions and ensuring the correct status of other nodes. Of course, concurrently you’ll also have these nodes validating the security of the blockchain through crypto-economic incentives. Throughout the blockchain, they will have an active role and participation to ensure that each node is held accountable for any input of invalid data which immediately kicks off the recovery process.
In the meanwhile, the execution and collection nodes can focus on the processing of each node and network enhancement with emphasis on scalability. Taking a closer look, we’ll also find an additional layer of cryptographic security used called Specialized Proofs of Confidential Knowledge (SPoCKs). In short, this provides more transparency in the process by leveraging a third-party observer.
Shifting the perspective over to the users, there are additional functionalities that exist in the development process to ensure that assets or access to the account are never lost and also additional authentication support. These added layers of customer support and security, both speak towards the attention that’s provided to the user experience.
Please note that this analysis would not be possible without the comprehensive documentation provided by Flow. Have a read through their primer.