How To Buy Flow (FLOW)?
A common question you often see on social media from crypto beginners is “Where can I buy Flow?” Well, you’ll be happy to hear it is actually quite a simple and straightforward process.
Step 1: Create an account on an exchange that supports Flow (FLOW)
First, you will need to open an account on a cryptocurrency exchange that supports Flow (FLOW).
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In order to sign up, you will need to enter some basic information, such as your email address, password, full name and, in some cases, you might also be asked for a phone number or address.
Note: On specific exchanges, you might need to complete a Know Your Customer (KYC) procedure in order to be able to purchase cryptocurrency. This is most commonly the case with licensed and regulated exchanges.
Step 2: Deposit funds into your account
Many cryptocurrency exchanges will allow you to purchase Flow (FLOW) with fiat currencies, such as EUR, USD, AUD and others. Furthermore, they will also provide you with multiple deposit methods through which you can fund your fiat account, such as credit and debit cards, ewallets or direct bank transfers.
Note: Some payment methods will have higher fees than others, such as credit card payments. Before funding your fiat account on your chosen exchange, make sure to do your due diligence to find out the fees involved with each payment method to avoid unnecessary costs.
Step 3: Buy Flow (FLOW)
This process is similar across almost every cryptocurrency exchange. All you have to do is find a navigation bar or a search bar, and search for Flow (FLOW) or Flow (FLOW) trading pairs. Look for the section that will allow you to buy Flow (FLOW), and enter the amount of the cryptocurrency that you want to spend for Flow (FLOW) or the amount of fiat currency that you want to spend towards buying Flow (FLOW). The exchange will then calculate the equivalent amount of Flow (FLOW) based on the current market rate.
Note: Make sure to always double-check your transaction details, such as the amount of Flow (FLOW) you will be buying as well as the total cost of the purchase before you end up confirming the transaction. Furthermore, many cryptocurrency exchanges will offer you their own proprietary software wallet where you will be storing your cryptocurrencies; however, you can create your own individual software wallet, or purchase a hardware wallet for the highest level of protection.
For more in-depth instructions, our ‘Absolute Beginner’s Guide To Cryptocurrency Investing‘ will take you through the process step-by step. In addition to providing instructions for sending and receiving your cryptocurrency.
And if you’re completely new to crypto our beginner, intermediate and advanced level articles will get you up to speed with everything you need to know about the cryptocurrency space starting out.
What Is Flow (FLOW)?
Flow is a fast, decentralized, and developer-friendly blockchain, designed as the foundation for a new generation of games, apps, and the digital assets that power them. It is based on a unique, multi-role architecture, and designed to scale without sharding, allowing for massive improvements in speed and throughput while preserving a developer-friendly, ACID-compliant environment.
Flow empowers developers to build thriving crypto- and crypto-enabled businesses. Applications on Flow can keep consumers in control of their own data; create new kinds of digital assets tradable on open markets accessible from anywhere in the world; and build open economies owned by the users that help make them valuable.
Smart contracts on Flow can be assembled like Lego blocks to power apps serving billions of people, from basketball fans to businesses with mission-critical requirements.
There are four pillars that make Flow unique among existing blockchains:
- Multi-role architecture: Flow’s design is unique, allowing the network to scale to serve billions of users without sharding or reducing decentralization of consensus.
- Resource-oriented programming: smart contracts on Flow are written in Cadence, an easier and safer programming language for crypto assets and apps.
- Developer ergonomics: from upgradeable smart contracts and built-in logging support to the Flow Emulator, this network is designed for results.
- Consumer onboarding: Flow was designed for mainstream consumers, with payment onramps catalyzing a safe and low-friction path from fiat to crypto.
Flow Multi-Node Architecture
In a traditional blockchain, every node stores the entire state (account balances, smart contract code, etc.) and performs all of the work associated with processing every transaction in the chain. This is analogous to having a single worker build an entire car.
From manufacturing to CPU design, pipelining is a common technique for dramatically scaling up productivity. Flow applies pipelining to blockchains by separating the jobs of a validator node into four different roles: Collection, Consensus, Execution, and Verification. This separation of labor between nodes is vertical (across the different validation stages for each transaction) rather than horizontal (across different transactions, as with sharding).
In other words, every validator node still participates in the validation of every transaction, but they do so only at one of the stages of validation. They can therefore specialize for — and greatly increase the efficiency of — their particular stage of focus.
This allows Flow to scale to thousands of times higher throughput and lower cost while maintaining a shared execution environment for all operations on the network. In database terms, smart contracts and user accounts on Flow can always interact with each other in one atomic, consistent, isolated, and durable (ACID) transaction. This ensures good user experience and full composability, letting developers easily build on each other’s work.
From the standpoint of end users, the speed of a blockchain is most practically measured by the time it takes before they (or their client software) can be confident their transaction is permanently included in the chain. This is commonly referred to as “finality”. In Bitcoin, most people define finality as six block confirmations which can take more than an hour. Ethereum improves on this by achieving probabilistic finality after about 6 minutes.
On Flow, deterministic finality is achieved within seconds: once Consensus Nodes determine which block a transaction will be a part of, user agents can in most cases execute the transaction locally and give feedback to the user almost immediately. In cases where results may be influenced by other transactions in the network, users will either choose to trust an execution node, using modern APIs to get feedback within a couple of seconds, or wait until the results of the transaction are sealed into the blockchain along with all the relevant execution and verification receipts. This process of block sealing and formal observation takes around 10 blocks; about ten seconds at launch.
Who are the creators of Flow?
Dapper Labs was the original creator behind Flow blockchain as well as Cryptokitties, Dapper, and NBA Top Shot. Founded in 2018, Dapper Labs uses blockchain technology to bring new forms of digital engagement to users around the world. Blockchain-enabled applications can bring fans closer with the brands they love, give people a real stake in the communities they contribute to, and create new ways for consumers to become creators themselves. Publicly-announced Dapper Labs partners include the NBA and NBPA, Warner Music Group and UFC. Notable investors in Dapper Labs include Andreessen Horowitz, Union Square Ventures, Venrock, Google Ventures, Samsung, and the founders of Dreamworks, Reddit, Coinbase, Zynga, and AngelList, among others.
Flow Open source tooling
The Flow team has open sourced a series of tools to help developers get started:
Flow Go SDK: the Go SDK is a great tool for developers looking for backend integration with scalability in mind. Go is one of the most popular backend programming languages when performance is a top priority, and has been the go-to choice for Dapper Labs.
Flow Playground GUI: the hosted, in-browser development environment where users can learn and try out Cadence smart contract language without any setup needed. Makes it easy for any new developer to get a taste of Cadence, the powerful new language for smart contract development.
Flow Token Economics
Developed by the team behind some of the most successful crypto applications on the Ethereum network, Flow is a blockchain re-designed from the ground up to be user- and developer-friendly as well as modular and future-proof.
Flow’s novel four-node architecture achieves massive improvements in speed and cost that scale with hardware capacity without compromising decentralization or breaking up the network into shards or “layer two” solutions.
The FLOW token (“FLOW” or “𝔽”) is the native currency for the Flow network and the keystone for a new, inclusive, and borderless digital economy. If blockchains are digital infrastructure, the Flow token is the fuel that powers the network.
FLOW has several important characteristics that make it the ideal currency for a new generation of games, consumer applications, and the digital assets that will power them:
- Diverse use-cases
- Broad distribution
- Low monetary inflation
FLOW is the native currency for apps, games, and smart contracts built on top of the Flow blockchain, and thus is the currency guaranteed to be available for developers and users to transact with on the network. Developers can easily build FLOW directly into their apps for peer-to-peer payments, charging for services, or enabling consumers to earn rewards for the value they create. FLOW can also be held, transferred, or transacted by users peer-to-peer.
Token holders can earn rewards by staking their FLOW as a security deposit and working to secure the network through running validator nodes – or delegating their stake to professional operators to run validator nodes on their behalf. Validator nodes receive staking rewards and transaction fees in exchange for providing the security, computation, and storage services the network needs.
Small amounts of FLOW token are also required for every activity on the network – from new user accounts to storage for assets and smart contracts. As the network matures, FLOW token holders will be able to use their FLOW in an evolving number of ways:
- Payment for computation and validation services (i.e., transaction fees)
- Medium of exchange
- Deposit for data storage
- Collateral for secondary tokens
- Participation in governance
Official website: https://www.onflow.org/
Best cryptocurrency wallet for Flow (Flow)
There are plenty of different crypto wallets available. The best one for you depends on your general trading habits and which provides the most security in your situation. There are two main types of wallets: hot storage wallets (digital) and cold storage or hardware wallets (physical). Both have their pros and cons, and there is not necessarily a right or wrong answer when it comes to figuring out which crypto wallet is best for you.
HOW DO I DECIDE WHICH cryptocurrency WALLET TO USE for Flow (Flow)?
Deciding which type of wallet to use depends on a variety of factors, including:
- How often you trade. In general, hot wallets are better for more active cryptocurrency traders. Quick login ability means you are only a few clicks and taps away from buying and selling crypto. Cold wallets are better suited for those looking to make less frequent trades.
- What you want to trade. As mentioned earlier, not all wallets support all types of cryptocurrencies. However, some of the best crypto wallets have the power to trade hundreds of different currencies, providing more of a one-size-fits-all experience.
- Your peace of mind. For those worried about hacking, having a physical cold wallet stored in a safe deposit box at the bank or somewhere at home, provides the safest, most secure option. Others might be confident in their ability to keep their hot wallets secure.
- How much it costs. It is important to investigate the costs associated with each wallet. Many hot wallets will be free to set up. Meanwhile, cold wallets, like any piece of hardware, will cost money to purchase.
- What it can do. While the basics of each cryptocurrency wallet are the same, additional features can help set them apart. This is especially true of hot wallets, many of which come with advanced reporting features, insights into the crypto market, the ability to convert cryptocurrencies and more. Security features can also be a good differentiator.
For a more in-depth overview of cryptocurrency wallets visit our “Cryptocurrency Wallets Explained” guide.
Ledger manufactures cold storage wallets designed for users who want increased security. Their wallets are a physical device that connects to your computer. Only when the device is connected can you send your cryptocurrency from it. Ledger offers a variety of products, such as the Ledger Nano S and the Ledger Nano X (a bluetooth connected hardware wallet).
Trezor is a pioneering hardware wallet company. The combination of world-class security with an intuitive interface and compatibility with other desktop wallets, makes it ideal for beginners and experts alike. The company has gained a lot of the Bitcoin community’s respect over the years. Trezor offers two main models – The Trezor One and Trezor Model T (which has a built in touch screen).