- Allows up-gradation of smart contracts, a very handy feature for developers.
- High throughput and lower fees.
- Flow project has a diverse use case and can be used for file sharing, streaming content, deploying dApps and deploying smart contracts, video hosting and social media networks.
- A large amount of tokens are in the hands of a few investors taking away the decentralised part of the project.
The Flow network is a full-fledged blockchain that has learned from the shortcomings of other blockchain networks and has been built to be scalable without compromising on decentralisation or sharding. The network divides the work done by miners across five nodes to arrive at a higher throughput and higher scalability. It makes use of a special new technology called the Specialized Proofs of Confidential Knowledge (SPoCKs).
The FLOW token is used for payment of services, for governance purposes and for staking purposes.
The initial total supply of FLOW was 1.393 billion tokens but the team carries out regular burns to make FLOW a deflationary cryptocurrency. The project plans to move towards a fully decentralised ecosystem in the future.
The distribution mechanism is explained below.
Community Sale: 13%
Ecosystem Development: 29%
Development Team: 18%
Dapper Labs: 20%
Large Backers: 11.1%
Small Backers: 8.9%
Has FLOW Token been audited and doxxed?
Yes. The FLOW token was audited Quantstamp and has been doxxed. The team behind the FLOW Token publishes regular documentation via press releases and is active on social media channels.
Trust & Fairness: 4
Exchanges & Swaps: 3
Overall Rating: 3.25
Detailed Review of Flow (FLOW)
The FLOW token is used inside the Flow ecosystem that allows users to deploy decentralised applications (dApps) and run smart contracts. The Flow network has been built to overcome the deficiencies of the present blockchain networks.
Flow launched its own mainnet in 2020. The network is managed by the Flow foundation that also provides grants for developers choosing to build on the Flow network.
The native token FLOW is used for payment for goods and services, for governance purposes, collateral for secondary tokens, as a deposit for storage and for paying transaction fees inside the network. The Flow network charges very less fees as compared to other rival networks like Ethereum and does not charge any fee for some activities making it a highly popular blockchain network.
Where to Buy Flow Token?
The Flow token can be bought on almost all popular exchanges such as OKEx, Binance, Digifinex, Coinbase, Nominex, Korbit, WazirX, Gate.io, FTX, Huobi Global, KuCoin, Bithumb, Kraken, Crypto.com, Gemini, Bitfinex, Coinone, Poloniex, Phemex, LBank, Upbit, Paribu, CoinDCX, LATOKEN, and BitForex.
You can buy FLOW either through cash via P2P (peer to peer), credit or debit cards or through other cryptocurrencies.
If you already hold some crypto, then you can use the coins to purchase FLOW directly through supported decentralised exchanges such as Blocto. All you need to do is connect your wallet such as Metamask and select the appropriate coin pair that you wish to use for purchasing FLOW (for example: USDT/FLOW). The decentralised exchanges are a quicker and easier method that guarantees anonymity as you do not have to deposit fiat currencies or complete a KYC process before purchasing the Flow token. You can also use FLOW for purchasing other altcoins through the decentralised route as explained above.
What Can you do With the Flow Token?
Deploy dApps or issue tokens: The FLOW ecosystem supports the building of dApps and can be used to run decentralised applications and also issue tokens.
Hodl as a long term investor: The developers of FLOW have plans to include the token as a form of payment on NFT marketplaces all over the world. You could also simply hodl it and gain from its price appreciation in the long term. The token also generates passive income for its holders as it can be staked.
Swap FLOW to other tokens: You can use FLOW and directly swap to other altcoins on a decentralised exchange. The process is quick and simple, and is described below.
How to Swap FLOW to other altcoins
Simply head over to a decentralised exchange and connect your wallet. Then, select the amount of FLOW you wish to spend (factoring in transaction fees) and swap for another crypto token. You will receive the tokens in the same wallet.
How to Buy FLOW?
In order to buy FLOW, you will need to use a centralised exchange or a decentralised exchange. Decentralised exchanges (DEXs) that support the purchase of FLOW tokens are simple and easy to use and do not require any registration. The process of FLOW token swap on DEXs has been explained above.
For purchasing FLOW on a centralised exchange, you will need to register and create an account with the exchange and then deposit fiat currencies or crypto assets that can be used to buy FLOW. You will need to complete the Know Your Customer (KYC) procedure to open an account on a centralised exchange.
Steps to open an account on a centralised exchange:
1. Go to the exchange site where FLOW is listed and click on the Register button.
2. Then select your country of residence and proceed to the registration interface. Here, you will need to provide your email ID/phone number and a password that will be used to login into the newly created account. This is required in order to buy FLOW later.
3. Click on the agree to terms and conditions button and wait for the verification mail or message to arrive.
4. Clicking on the verification tab will take you to your new account. You will need to provide documentation such as a driving license, passport or other government-issued IDs to confirm your identity and address. This is in place to protect all users from fraud.
5. Once this additional step is completed, the exchange will activate your account and you can deposit funds to start trading. You can select fiat currencies or cryptocurrencies supported by the exchange to deposit funds to buy FLOW.
6. Most exchanges support multiple payment methods including credit/debit card, bank transfer, third party payment processors and P2P transfers for purchasing the FLOW token.
Upcoming Events/Future Roadmap
The FLOW token has plans to launch an NFT marketplace that will incorporate the ability for its users to access and mint exclusive NFTs. The developers also plan to enable an entire social gaming network for their users and a more enhanced gameplay experience.
The team has also issued its native stablecoin known as FUSD.
The team has also developed a fun learning resource known as CryptoDappy to educate about all things related to blockchain.
The all-time high price of one FLOW was $42.40 on April 5, 2021. It is currently trading at $9.03 at the time of writing (Source: CoinGecko). The all-time low price was $4.95 on January 27, 2021. Comparing the all-time low and all-time high price, we get returns of about 82.4% which are very impressive returns considering that the FLOW token is a relatively new cryptocurrency.