If you think that 2021 was the year where NFT’s made huge headlines? Then probably you may have to get back to 2017 to have a look at CryptoKitties. It was one of the early NFT projects which made its strong presence by escalating Ethereum’s congestion due to its popularity. Frustrated with Ethereum, the Crypto Kitties developers rolled out their platform, specifically designed to handle the NFT and gaming applications.
The native token of Flow blockchain, FLOW had maintained a good rally during the mid-2021 and attempted hard to maintain the levels for the next couple of months. However, the price that once fell into the bearish trap in September 2021, could not break the trend. FLOW prices plunged extremely hard and dropped like a waterfall. Currently, a rebound or a flip appears extremely difficult for the asset as no bullish signs are let out yet.
Brief Introduction to Flow Blockchain
The Flow playground, which was initially launched in 2020 by Dapper Labs, the company behind the CryptoKitties blockchain. The team behind the Flow blockchain included Roham Gharegozlou, Dieter Shirley and Mikhael Naayem who designed the blockchain-based games and digital collectables. The platform utilizes a distinct, multi-role architecture that intends to scale the platform without shredding.
Dapper Labs introduced Flow blockchain through the $18 million Public sales on CoinList. Further, the platform underwent a second funding round led by NBA stars Andre Iguodala and Spencer Dinwiddie.
Additional Read: Top Crypto News 17 Jan, 2022
How Does Flow Work?
Usually, a blockchain works with the help of the nodes which confirm the blocks and add them up to the network. But the Flow blockchain dividends the network into different subdivisions and allows the total work to split across the network. The nodes here will validate only a subset of the transactions to achieve high finality time. To make it happen, the Flow Blockchain follows a simple architecture that employs multi-node and multi-role.
The validation process has 4 different stages which divide the responsibilities of each node.
- Collection Nodes:- They are responsible to enhance network connectivity & data availability for DApps.
- Consensus Nodes:- They decide the order and presence of transactions
- Execution Nodes:- They do not have any deciding power but performs computational requirements for each transaction
- Verification Nodes:- They verify and double-check the work done by the execution nodes.
Flow’s creators believe this level of architecture allows equal participation among each node and increases efficiency by splitting the tasks. The developers can also release their DApp in beta and also develop the code simultaneously. This is to check the errors or issues if any and the users will also be alerted to the changes over the platform. Further, when the developers submit the final version of the code, it becomes immutable and cannot be changed again.
Will FLOW Price Hit $100 in 2022?
FLOW price as mentioned before maintained a notable downtrend for a very long time. After hitting the highs above $35 around the time of its inception to trade, the asset held above $21 for a couple of months. And soon drowned into a deep bearish well, from where a strong flip or rebound is a very tedious job. Currently, the price has crashed below $10, yet is maintained much above the downtrend line and consolidating and hence may be a little bullish.
The FLOW price since September is trending below the average levels and unable to rise towards the average levels. The RSI and MACD since then have cemented within the lower bands. However, since Q4 2021, the market has manifested extreme uncertainty and due to which the asset may not have acquired enough momentum to leap long. Yet in the upcoming days, if the asset forecasts some bullish tendency and sustains strong above $10, then a notable uptrend may be well in place. Considering the present scenario, $100 may be a little tough yet not impossible.
Factors Affecting FLOW Price Today
More Scalable With Better Throughput
The Flow blockchain offers an improved version of the network which is more scalable and cost-effective providing good throughput.
The developers here in Flow can concentrate on the issues related to the network rather than the blockchain and its language, unlike the smart contracts. And hence manifest its tendency to be more development-focused network.
Flow consensus Nodes decide the presence and order of execution which distributes the responsibilities equally and hence highly scalable
The platform is designed for mainstream customers with safe and secure payments than the fiat mechanism
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