Dapper Labs announced that Flow Community Validators are currently operating 68% of the total nodes of the Blockcahin network and the network is being gradually decentralized. Dapper Labs’ flow blockchain is one of the best known in the expanded NFT market, supporting NBA Top Shot to date on over $ 750 million in secondary market trading volume. As the company expands into new NFT projects and other directions, it has worked to further decentralize the network.
https://twitter.com/flow_blockchain/status/1449046960065826816?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener
Now, a representative from Dapper Labs says that blockchain validators operate 68% of the network’s nodes, which essentially means the network is open and community controlled as the company operates fewer than a third of the active consensus nodes maintaining proof of participation network. The company claims that 68% of the nodes are operated by external stream validators. Proof-of-network like Flow works differently than BTC and ETH’s proof-of-work approach, so instead of using a power-hungry mining model, Flow relies on validators for deserved rewards in the process.
Decentralization is critical to the decades-long security of blockchain networks spread across thousands of computers around the world. So if a single unit controls most of the mining power or determines nodes, it is actually possible to change transactions and spend coins twice. Dapper Labs is a very successful company closely associated with the transportation company which operates 32% of Flow’s current nodes. Product Manager Layne LaFrance said:
“We have reduced the number of consensus nodes that Dapper Labs operates to less than a third. This allows community members to participate more in the network and is also a really important security metric to show that the network is run by the community. “
Dapper created Flow after his original NFT project, Crypto Cats, nearly crashed the Ethereum blockchain in 2017 due to overwhelming demand. Whether it will be fully decentralized is a question that has revolved around the dozen of networks since the launch of NBA Top Shot. LaFrance said:
“Flow was designed as a fully decentralized, permissionless public blockchain. The startup process – when new code is developed, security is always something you test. Part of the security process is adding more people from the community. “
DC Forecasts is a leader in many crypto news categories, always striving for the highest journalistic standards and adhering to strict editorial guidelines. If you would like to share your expertise or contribute to our news page, please contact us at [email protected]
Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page
.
Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) dominate the crypto market, but experts warn that…
Discover the future as the Dogecoin price aims for a $0.7 comeback and discover why…
Willemstad, Curaçao, 4th November 2024, Chainwire
London, UK, 4th November 2024, Chainwire
November is the perfect time for BlockDAG's huge presale. Use BDAG100 to double your purchase.…
OpenSea new version is scheduled to launch in December, with an improved user experience, improved…
This website uses cookies.