Flow blockchain using Proof-of-Stake mechanism

Dapper Labs has announced that its upcoming Flow blockchain uses the Proof-of-Stake mechanism. The blockchain is being developed to process high volumes of data without compromising on its speed. The network introduces five different nodes, which means the workload will be split between them. As a result everybody can help to build the network, ranging from home computers to data centers.

In a traditional blockchain every node stores the account balances, smart contract code etc. Each of the nodes performs all of the work associated with every transaction. Because of this these nodes require strong hardware and do lots of technical work. The Flow blockchain applies decentralized participation, allowing a wide range of participants to commit to a range of technical and financial commitments. This results in five different roles: Collection, Consensus, Execution, Verification, and Observation.

Flow splits the consensus mechanism from the computing mechanism. Because these tasks have been separated, specialized nodes are capable of dealing with a lot more data. Dapper Labs mentions that the performance increases with a factor 56.

There are five types of nodes. Firstly there are Consensus and Verification Nodes, which are the foundation of security in the Flow network. Everybody can participate in this part of the network, even using consumer hardware from a home connection. Secondly there are Collection and Execution Nodes, which are much more demanding, requiring dedicated server hardware in a professional data center. And finally there are Observation Nodes that can keep an eye on the network without the need to keep up with the load of traffic flowing through the network. Node operators earn rewards coming from a portion of the transaction fees.

You can find more and deeper technical details, including the whitepaper, on the website.

Flow blockchain has major supporters

Dapper Labs has received a 11.2 million dollar investment to work on their blockchain. Among the investors are companies like Warner Music, Ubisoft and Animoca Brands. Where Warner Music sees Flow as a way to increase fan participation, Animoca Brands will be launching games on the blockchain.

It seems without question that Ubisoft will also launch a game on the Flow blockchain. However, its impact remains to be seen. The French gaming company owns major brands, but it's not likely that franchises like Assassin's Creed and Rainbow Six will make the jump to Flow. The upcoming next generation blockchain should launch in 2020.

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Posted from my blog: https://www.nederob.nl/2019/09/13/flow-blockchain-using-proof-of-stake-mechanism/

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