MMS has been providing computing infrastructure for the Flow Blockchain since 2021. With more than 18 million user accounts and a low transaction fee of 0.001 cents on average, the Flow Blockchain has a pioneer position within the NFT sector, which can be regarded as a particularly green blockchain, especially due to the energy-efficient proof-of-stake consensus mechanism.
|Projects||NBA Top Shot, Doodles 2, NFL ALL DAY|
When selecting a blockchain for building a project, the factors of scalability, speed, and initial and ongoing costs play a crucial role. „NFT-driven dApps such as Opensea, Rarible or Axie Infinity have gained great popularity in the past. The popularity of such applications has led to severe congestion on the Ethereum network, as it is not scalable enough for such applications. The launch of CryptoKitties in 2017 has also led to Ethereum overload. With transaction fees of several hundred dollars or even completely overpriced NFT prices, this release has proven that a scalable solution is needed.
The approach of Flow
The Flow Blockchain was developed for Web 3.0 applications such as NFT and blockchain-driven games or metaverse projects.
The solution to the scalability problem is a multi-role infrastructure that divides the network nodes into different categories based on their role and thus divides the work (validation of transactions) efficiently in the network.
In the meantime, Flow has a broad network of partnerships. The biggest success was achieved through the sale of NBA Top Shot digital trading cards. With now more than 1 billion trading volume through primary and secondary trading venues, this sale has led to great awareness of the Flow ecosystem. Doodles, the successful media franchise also announced the launch of Doodles 2 on the Flow blockchain in early January and aims to monetize limited edition clothing, hairstyles, avatars and accessories thanks to blockchain.
- Passive source of income in the form of token rewards
- Support and participation in decentralized networks
- Securing the consensus mechanism
- Slashing risk, i.e. deletion of tokens as a consequence of incorrect behavior of a validator. Slashing is part of the blockchain network and serves as a security mechanism to prevent wrongful behavior or invalid transactions of validators – therefore, care should be taken to choose a trustworthy validator partner
- As soon as you cancel the staking process, you have a lockout period of 7 to 14 days, during which you have no access to your flow tokens
Staking Step by Step Guide Flow Port (onflow.org)
Disclaimer: This guide is a technical guide for a possible approach to the staking process and is not financial investment advice. Telekom MMS is not liable for any losses that may occur through staking via the flow protocol or any other staking process.
In order to stack your flow tokens, you first need a software wallet such as Port Onflow or the Dapper Wallet. If you want to use a hardware wallet, you can use Ledger.
For the demonstration of this Staking Guide we have chosen the Flow Port Wallet „Blocto“.
An account can be created via the „SignUp“ button.
Now select the wallet „Blocto“ and insert the desired email address for the account.
After logging in, the dashboard is visible.
The address can be taken from the „Your Address“ field. The previously purchased flow tokens are sent to this address.
Once the tokens have been sent to your flow wallet, you can view the balance under Balances. When the tokens have successfully arrived in the new wallet, navigate to „Stake & Delegate“.
Here it is necessary to activate the account again. Click on „Upgrade“ and then on „Continue“.
With successful activation of the account, the „Delegate“ button becomes available.
Here you can enter the preferred node to delegate to .
Any node ID can be entered here, our ID is for example: 2b396b7fab0102f104a2af7e095b145cc14da28f863564802e158afc3e07e638
Then enter the amount of tokens that should be delegated.
Note: To be able to perform further transactions, at least one flow token should remain available.
Select „Submit“ in the next window.
And confirm the transaction with „Continue“ in the last step.
The tokens are now successfully delegated and are in staking.
In the overview „Stake & Delegate“ you can see when the delegation becomes effective and under „Available Rewards“ you will be able to see the generated rewards.
Caution: If the stake is to be dissolved, an „unbonding period“ of between 7 and 14 days must be expected. After this period, the tokens be available again.
Disclaimer: This guide represents a technical instruction for a possible procedure for the staking process and is not financial investment advice. Telekom MMS is not liable for any losses that may occur through staking via the flow protocol or any other staking processes.
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