Cardano is a blockchain platform with unique features, including the ability to execute smart contracts and decentralized applications. Cardano also uses a proof-of-stake algorithm called Ouroboros, which allows users to stake their tokens to receive rewards.
In such a context, the Flowr project has emerged on the market panorama. This initiative designed a competitive ecosystem allowing Cardano investors to stake their ADA coins in a new way.
Today’s review will look into Flowr, from its purpose to its architecture. This post aims to provide our readers with detailed information on the platform.
What Is Flowr?
Flowr is a stake pool looking for people to delegate their ADA to it. It is one of many pools but has some features worth considering. The hardware it uses is new and specially selected for reliability and safety.
The system is redundant, meaning that if something goes wrong with one part of it, other parts can take over. This crypto staking service is available 24/7 to let the crypto community earn rewards.
Understanding the Way Flowr Works
You can stake cryptocurrencies on the Cardano blockchain with Flowr. First, you need to have some ADA in your wallet. Then, you can go to the Flowr website and choose how much ADA you want to stake.
Once you’ve decided, click on the “Stake” button and follow the instructions. After your transaction’s confirmation, your ADA staking will begin, and you’ll start earning rewards.
ADA coin holders who stake their coins on the Flowr platform will earn rewards. These rewards include a share of the block rewards and transaction fees generated by the Flowr network.
The more ADA coins staked on Flowr, the greater the rewards. In addition to earning rewards, staking ADA on Flowr also increases the network’s security.
By staking your coins on Flowr, you are helping to secure the network and making it more resistant to attacks. Finally, staking ADA on Flowr is an appealing way to support the development of the Flowr platform.
You can stake your ADA coins on Flowr through two different wallets: Daedalus and Yoroi. Both wallets are generally secure and offer rewards for staking coins on the Flowr network. As you keep reading our review, we will share an example to start delegating ADA coins through the Daedalus wallet.
The Project’s Hardware Structure
Flowr has used dedicated servers for its crypto staking services on Cardano. Three servers are available in different data centers, one of which is acting as the block producer node.
These servers are more powerful than desktop computers or Raspberry Pis and have several state-of-the-art features. Specifically, we can mention:
- CPU AMD Ryzen Hexa-Core “Matisse” (Zen2 – 12 Cores): This powerful CPU will allow the servers to handle the network’s speed and keep up with the entire ledger. The CPU is also hexa-core, meaning it has six cores, further increasing its processing power.
- RAM 64 GB DDR4: This amount of RAM will ensure that the servers can run smoothly and handle any required tasks. DDR4 is a modern generation of RAM, and so the servers will be using cutting-edge technology.
- NVMe SSD 2 x 512 GB: The NVMe SSDs provide the storage space necessary for the servers to maintain a full copy of the Cardano ledger. The use of SSDs is essential as they are much faster than traditional HDDs. Consequently, the servers will be able to access the data they need quickly.
- Guaranteed bandwidth: The servers will have a guaranteed bandwidth of 1 Gbit/s, ensuring that they can keep up with network demand. This bandwidth will also allow for future expansion if necessary.
- DDoS protection and Firewalls: The platform protected its servers from DDoS attacks and other potential threats with firewalls and other security measures. Firewalls will ensure that only authorized traffic can access the servers.
- 24/7 monitoring: The project monitors its servers 24/7 to ensure they run smoothly. This monitoring will allow for any issues to be detected and resolved quickly.
The Project’s Figures
Staking is the process of committing funds to a blockchain project to receive rewards based on the number of stakes. In the Flowr network, stakers collect ADA as a reward for locking up their funds and helping secure the network.
The Flowr network is relatively new, and there is not yet a lot of data available on staking statistics. However, the available information tells us the network has a relatively low amount of stake compared to other networks.
Additionally, we can see that the first epoch had a very low amount of staking (340 ADA). This fact suggests that the network is still in its early stages of development.
Looking at the lifetime rewards and fees, we can see that stakers have earned 12.7k ADA in rewards. At the same time, the network has collected 305.5m ADA in fees. This shows that there may be potential for growth in the rewards stakers can earn as the network evolves.
A Guide to Delegate ADA Coins on Flowr
When you want to delegate your ADA, you first need to go to the official website of the Daedalus Wallet. The website will let you download the latest version of this software, which is compatible with Flowr.
Once you have it, open the file and start the installation process. If a user control message pops up, select yes so you can continue with the installation. At this point, open up the software and scroll down to accept the terms and conditions. Then, in the right corner, you can see if the wallet starts synchronizing.
In order to create a new wallet, click on “Create.” Give your wallet a name, and then enter a strong password. You will need this password if you want to send ADA or delegate your ADA to a stake pool.
Write down the recovery phrases in the proper order and keep them saved (preferably store them safely offline). Verify the recovery phrases in the right order to be sure that you have noted them correctly.
The wallet is now live and synchronized with the network. This operation will take a while the first time, but on the receive tab, you will find the wallet addresses. Here you can send your ADA. If you’re unsure about this process, send a low amount the first time.
When the wallet is fully synchronized, the ADA will be visible. Now you can delegate the ADA to a stake pool by clicking on the second button on the left side. Open the stake pool tab and search for your favorite stake pool.
If you don’t have a stake pool yet, maybe the Flowr pool is something for you. Click “Delegate to this pool” and select the wallet that you have created. Enter your spending password and confirm.
Because the Flowr network is still in its infancy, there is limited information on staking statistics. We can observe from the available information that the network has a relatively modest stake compared to other networks.
Overall, it appears like Flowr has the potential to be a viable alternative for crypto staking. It’s too early to say whether or not the network will continue to expand and draw in new members.
You may visit the project’s website and follow it on social media if you are interested in this initiative.