At 19:00 on Mar 16th, DeFi 7 O’Clock Community welcomed its 51st guest, Annie, growth manager of APAC.
7 O’Clock Community is one of the largest DeFi Communities in the world. It is initiated originally by 7 O’Clock Capital founding members, blockchain industry experts and enthusiasts to share knowledge of DeFi, and accelerate the implementation of blockchain technology in the real world. The community now enjoys 1,000+ subgroups, and covers 20k + active members, with the spread and report of 150 blockchain industry media.
Q1:Could you briefly introduce the Flow project and its team background?
Flow is a fast, decentralized, developer-friendly blockchain launched to solve blockchain scalability problems and is designed to serve as the foundation for a new generation of games, applications, and the digital assets that power them. It is based on a unique multi-role architecture with massive improvements in speed and throughput, while retaining a developer-friendly, ACID-compliant environment.
The development team behind Flow Chain — Dapper Labs, founded in February 2018 with a mission to introduce consumers to the value of blockchain technology through fun games that make the world more open and trustworthy. It is also the team that developed CryptoKitties, the blockchain cat raising and trading game that gained global popularity in 2017. The team is also the team behind NBA Topshot, which set a crypto NFT trading record this year with over $32 million in daily trading volume.
Q2:As the leading NFT project, can you introduce the highlights and advantages of the Flow project?
Smart contracts on Flow can be assembled like Lego blocks to power applications that serve billions of people. Flow has four major advantages that make it unique among existing blockchains.
(1) Multi-role architecture: The Flow chain is uniquely designed to allow the network to scale to serve billions of users without fragmentation and without reducing consensus decentralization.
(2) Resource-oriented programming: Smart contracts on the Flow chain are written in Cadence, a more convenient and secure programming language for crypto assets and applications.
(3) Developer Ergonomics: From scalable smart contracts to built-in logging support to Flow simulators, Flow’s network design is results-driven.
(4) Consumer Getting Started: The Flow chain is designed for mainstream consumers, and its payment Onramps provide a secure, low-friction platform for fiat currency exchange for tokens.
Q3:How does Flow work?
Flow is unique among crypto networks in that it achieves a significant increase in speed and throughput by splitting the work of a cryptocurrency miner or validator into four distinct roles, each with its own characteristics. This means that anyone with a reliable Internet connection is able to participate as a verifier for Flow at various computational and financial levels.
Validators can join Flow in one of the following four roles.
-Collection node enables efficiency
-Execution nodes enable speed and scale
-Verifier nodes ensure correctness
-Consensus nodes ensure decentralization
Q4:Flow has already partnered with several well-known companies and organizations, including the NBA, Animoca Brands, UFC, Samsung, Warner Music Group, etc. So how has Flow’s business ecosystem been so successful and how has Flow fully applied blockchain technology to the arts and fan economy?
Warner Music is always looking for new opportunities for artists and is committed to exploring emerging technologies. When we met with Warner Music, we immediately understood their vision, so we solidified the partnership through a strategic investment.
In addition to the Warner Music investment, Dapper Labs has announced partnerships with leading entertainment publishers to ensure Flow is ready for enterprise use cases.
Animoca Brands, a leading game developer and publisher of several encrypted games including F1® Delta Time and The Sandbox, is one of the first Flow-based game companies.
To support the anticipated scale of the games and adoption by mainstream consumers, Animoca Brands needed a robust platform and, given the needs of developers and the appeal of decentralized entertainment, chose to partner with Dapper Labs to build a fun experience on Flow.
Q5:Can you tell us briefly about the economic model of the Flow token and the latest developments of Flow?
The Flow public chain, developed by the Dapper Labs, is a user and developer friendly, modular, future-proof blockchain that has been redesigned from the ground up.
FLOW is a native pass for apps, games and smart contracts built on the Flow blockchain, and therefore a pass that developers and users can use for on-chain transactions.
Developers can easily integrate FLOW passes into their applications, use them for P2P payments, pay for services or reward consumers for value creation. Users can also hold FLOW passes, transfer money or trade with each other.
Q6:Is it possible for NFT and DeFi to combine in the future? What are the results of their combination?
Whether it’s staked NFT as a portal for DeFi lending, or a Lego model as an integrated portocal for DeFi and NFT, I think it’s all one way or another. Let’s use our imagination, Flow is not just a chain for NFT. All kinds of Dapps can be developed on it.
Q7:How does Flow empower the development and community governance of DeFi projects?
The distribution of native passes is critical to the decentralization and long-term success of the network. Developers on the chain need native passes to deploy smart contracts, pay transaction fees (gas) and cover storage fees and account deposits, and the centralization of pass supply limits their access to native passes.
To realize the full potential of the Flow chain, the development team has designed a secure and sustainable distribution strategy to ensure that FLOW is in the right hands.
In addition, FLOW will promote all types of new communities to engage with blockchain and decentralized applications, developing real-world usage scenarios and benefiting from them, rather than engaging in speculation. A well-designed user experience will make holding and using FLOW a seamless experience.
Ultimately, FLOW will bring together the various communities in the network to create and share value together.