The Flow blockchain is a new generation, decentralized blockchain network created by Dapper Labs, the team of developers behind the popular NFT CryptoKitties. Designed as a new-age blockchain to cater to Web3, games, NFTs, and more, Flow is backed by a wide range of prominent brands, both within the crypto community as well as in mainstream sectors. The Flow ecosystem partners include brands such as NBA Top Shot, Samsung, Animoca Brands, UFC, LaLiga, Warner Music Group, and Ubisoft.

The FLOW token is the native digital asset that powers the Flow ecosystem and serves as the native currency for transactions among apps, games, and smart contracts running on the blockchain. In addition to serving as a utility token, FLOW can also be staked by holders towards securing the Flow network and earning rewards.

Flow boasts of a user-friendly experience for both developers as well as end-users, offering a fast and highly responsive interface that can achieve finality within seconds. Leveraging a Proof-of-Stake consensus mechanism known as HotStuff, Flow blockchain calls itself the greenest Web 3.0 platform among the leading blockchains in the market.

Unlike many of its peers that use sharding to achieve higher scalability, Flow's blockchain technology allows all dApps to operate within the same shared execution state. As a result, its ecosystem offers a better user experience overall and full composability so that developers can build on each other's work and innovate better.

The Flow ecosystem is designed to be an attractive platform for decentralized apps in the DeFi, gaming, NFT, and metaverse space. It offers a robust experience for innovation in the Web 3.0 sphere.

You can learn more about Flow(FLOW) at our BYDFi Blog.

The FLOW token has several use cases within the Flow decentralized network and as a digital asset to invest in. Here are some of its uses:

Utility Token in Flow Ecosystem

As the native currency within the Flow blockchain, the FLOW crypto can be used for paying transaction fees by users, developers, and applications. dApps built on Flow can use the token to charge for services, conduct peer-to-peer payments and even send rewards.

Staking FLOW to Earn Passive Income

As a PoS network, the Flow blockchain lets users stake their FLOW cryptos as security deposits to increase the resilience of its network. Users can stake FLOW to become validators who verify transactions and add new blocks to the network, earning rewards in FLOW for their efforts.

Other Functions

Developers need to pay in FLOW to purchase storage within the blockchain. FLOW today also serves as collateral if they want to create secondary digital assets within the Flow ecosystem.

Digital Asset to Trade or Hold

Flow is one of the most exciting cryptocurrencies to invest in because of the strong potential for its blockchain ecosystem. You can trade it against other crypto assets or hold it in the long term.

We recommend that you always check the latest FLOW price statistics, market cap, 24-hour trading volume, and news before trading the cryptocurrencies. You can also stake it on leading crypto exchanges or DeFi platforms to generate a stream of passive revenue.

One of the most promising aspects about Flow is that it is backed by leading names in the industry. Starting from its creators, Dapper Labs, who have already scripted success with CryptoKitties and NBA Top Shot, to leaders such as Animoca Brands Ubisoft, the partners of the project offer high levels of confidence in FLOW and keep the Flow price and market cap supported.

In addition to leading names from the crypto industry, Flow also has some big mainstream brands partnering with it, such as Warner Music Group, Samsung, and NFL. Being backed by big brands gives further confidence that the Flow ecosystem could see rising adoption from decentralized projects in the future, especially as Web 3.0 takes off.

The FLOW price could see an uptick as more projects launch on its blockchain even as an overall bullish sentiment in the wider crypto market lend it support. When investor confidence in the market is high, investors turn their attention beyond the leading cryptos to newer entrants. And FLOW is one of the more trending digital assets that enjoys high liquidity, trading volume and attention among investors in a bull market.

As of May 2022, FLOW crypto is one of the top 50 cryptocurrencies by market cap, making it an interesting digital asset to watch. It also has a high trading volume and liquidity on leading platforms, including BYDFi, which is a positive sign of its popularity as a crypto asset for investment or trading.

However, since this is a relatively new cryptocurrency compared to more established peers in the market, it is advisable to consider investing only a small portion of your capital into Flow. As the adoption of its ecosystem among Web 3.0 projects, particularly in the NFT and gaming space, increases over time, the FLOW price could potentially skyrocket, resulting in significant returns.

FLOW is also an appealing token to add to your portfolio if you are looking to earn passive income. By staking FLOW, you can generate interest on your holdings, making it a promising digital asset for long-term holding.

You can stake FLOW on leading crypto exchanges, DeFi apps, and even directly via the Flow Port to earn rewards and grow your holdings in this cryptocurrency. Staking via the Flow Port gives you the option to become a validator node or delegate your FLOW tokens to another node operator within the network.

BYDFi lets you earn rewards for holding Flow via its Crypto Lending feature. You can use this option to lend liquidity in FLOW crypto to the BYDFi platform and receive attractive interest on your lending.

Head to the Crypto Lending section on the BYDFi platform and select the FLOW token from the list of digital assets listed on the page. Enter the amount of FLOW you wish to lend and select the tenure (7 days, 14 days, or 28 days).

You will receive information about the daily interest rate as well as an estimate of the profit you can earn once you have selected the tenure. Once you have verified all these details, you can confirm the transaction and lock your FLOW holdings to earn rewards via BYDFi.

Here are some of the key differences between the Flow and Ethereum blockchains from the perspective of NFT development:

Flow Enjoys Lower Transaction Fees, Higher Throughput

Flow is a proof of stake network with lower transaction fees while Ethereum still suffers from the issue of high gas fees owing to network congestion. The Flow network can also process transactions at a faster rate due to its efficient development while transactions on the Ethereum network can be not only expensive but also more time-consuming.

The average TPS on Ethereum is around 15 while Flow can process as many as 1,000 transactions per second. The PoS consensus algorithm makes Flow a more energy-efficient platform for deploying NFT projects as well.

Flow Offers Higher Scalability

Flow leverages a multi-node architecture against Ethereum's approach of sharding for achieving scalability and growth. The multi-node architecture makes it possible for projects to enjoy higher throughput and scale their operations without compromising on security and speed.

Flexible Smart Contract Development

Flow lets users release smart contracts in beta mode on its mainnet so developers can work out any kinks in the code before its full release. After adequate updating, they can launch the smart contract on the Flow blockchain, giving them higher flexibility in optimizing them and offering an improved user experience.