+40% for Instagram's future cryptocurrency: the FLOW explodes

+40% for Instagram’s future cryptocurrency: the FLOW explodes

NFTs take over Instagram – Marc Zuckerberg and his teams have been eyeing the crypto ecosystem for several years now. After trying to create a currency for Facebook and its other apps, Zuckerberg is now tackling NFT. Good news for Flow, which has just been integrated into Instagram.

Instagram and NFTs: a budding love affair

Since 2018, Marc Zuckerberg, the boss of Facebook, instagram or WhatsAppclosely monitors the crypto ecosystem.

Thus, he first tried to join the ecosystem by embarking on the monetary creation. The stablecoin project Libra then emerged. This stablecoin will become diembefore the project is abandoned at the start of 2022.

Finally, Meta will have yielded to the song of the NFTs, whose enthusiasm has continued to grow during the year 2021.

Thus, in parallel with the announcement of the end of Diem, Meta gradually leaked information suggesting that the NFT would be integrated into Instagram.

Finally, on May 9, Meta launched a pilot program allowing a Handpicked Instagram User Testing NFTs.

Now, Mark Zuckerberg wants to move up a gear by unveiling the deployment of the feature in a hundred countries around the world. He also takes the opportunity to announce “new integrations with Coinbase and Dapper”.

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A mention of Dapper by Instagram and the FLOW flies away

It only took a mention of Dapper Labs for the course of the cryptocurrency to FLOW explodes from 40%passing $1.86 over $2.6.

Thus, in addition to NFT ofEthereum or of Solana, Flow’s NFTs will also be available on Instagram. An integration that had already been announced during the pilot launched in May and which will now be available to network users across 100 countries.

Indeed, Dapper Labs is the company behind one of the first NFT phenomena to be talked about on Ethereum: the Cryptokitties. As a reminder, these collectible cats invaded Ethereum at the end of 2017, causing significant congestion on the network.

Faced with this major scalability problem, the Dapper Labs teams decided to look into creating their own blockchain. This is how the Blockchain Flowcreated especially for NFTs.

Flow the blockchain by and for the creators of NFT

As we have just seen, Flow was created by Dapper Labs following the frustration encountered during the launch of CryptoKitties.

In practice, the Flow blockchain ensures its consensus thanks to the Proof of Stake. Where most PoS blockchains have two different nodes, namely validator nodes and full nodes, Flow has revisited this model by offering 4 different types of nodes, allowing increased adaptation to NFTs:

  • 1. Collection nodes: aim to improve network connectivity and data access for decentralized applications, including NFT-related data;
  • 2. Consensus nodes: which will prioritize the order of transactions;
  • 3. Execution nodes: who are responsible for executing the transactions;
  • 4. Verification nodes: which verify the transactions performed by the execution nodes.
Types of nodes and their interactions.
Types of nodes and their interactions.

Additionally, block rewards are not restricted to validator nodes. Therefore, each of the four node types allows FLOW tokens to be generated.

This blockchain had notably found itself in the spotlight after hosting the NFT project “NBA Top Shot”. A colorful project that has generated more than a billion dollars in volume since its launch.

More recently, the project announced improve its decentralization by reducing the number of validator nodes owned by the Dapper Labs company. Now, the project teams only own 32% of the nodes.

The crypto investment race is on! Even though Meta has taken a good head start, it is still possible to catch up. To do this, Register quickly on the PrimeXBT platform (commercial link).

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