What is FLOW coin? What can FLOW coins do? How to store FLOW coins?

Flow coins are the native currency of the Flow blockchain, which enables the creation and trading of NFTs, powering dApps, and supporting DeFi applications.

Oct 23, 2024 at 10:59 pm

What is Flow Coin?

1. Definition: Flow (FLOW) is a Proof-of-Stake (PoS) blockchain platform specifically designed for decentralized applications (dApps) and non-fungible tokens (NFTs).
2. Creator: Flow was created by Dapper Labs, the company behind the popular NFT game CryptoKitties and the Flow blockchain.
3. Purpose: Flow aims to address scalability and performance issues faced by other blockchains, particularly in the context of dApp and NFT use cases.

What Can Flow Coins Do?

1. Powering dApps: FLOW coins are the native currency of the Flow blockchain and are used to pay transaction fees and provide rewards to validators who maintain the network.
2. NFT Creation and Trading: Flow enables the creation and trading of NFTs, representing unique digital assets such as artwork, collectibles, and virtual items.
3. Decentralized Finance (DeFi): Flow supports DeFi applications, including decentralized exchanges (DEXs), lending protocols, and stablecoin issuance.
4. Governance: FLOW coin holders have governance rights and can participate in the decision-making process for the Flow blockchain.

How to Store Flow Coins?

1. Flow Wallet: The official Flow wallet, available as a web extension or mobile app, provides secure storage for FLOW coins.
2. Hardware Wallets: Hardware wallets such as Ledger Nano X and Trezor Model T offer offline storage for FLOW coins, providing enhanced security.
3. Exchange Wallets: Crypto exchanges that list FLOW, such as OKX and Coinbase, provide custodial wallets for storing FLOW coins.
4. Other Software Wallets: Third-party software wallets such as MetaMask and MyEtherWallet support FLOW coin storage.