Flow Blockchain Vs. Ethereum. Which Is Best For NFT Development?

Introduction to Flow blockchain :

Flow is a kind of blockchain that is designed for scaling and eliminating the use of techniques and even provides fast. Flow blockchain is basically a decentralized, fast, and developer-centric blockchain platform that is made for encouraging the growth of a completely new segment of apps, games, and digital assets. Flow blockchain comes under blockchain software development company which utilizes a distinct architecture that focuses on the inherent benefit of scaling and doesn’t use sharding and promotes low-cost transactions.

Introduction to Ethereum :

Ethereum is a platform that is powered by blockchain technology and it is best known for providing native cryptocurrency. The distributed nature of the blockchain technology platform is what makes the Ethereum platform so reliable and secure, and that security enables Ethereum to accrue to its own value. Ethereum helps in the smooth conduct of smart contracts and decentralized applications which can be built and run without taking much time. There is no involvement of fraud, control, or interference of third parties. 

Comparison of Flow Blockchain and Ethereum :

1) On the basis of Scalability :

ETHEREUM:

The network provided by Ethereum comes to only 12-14 transactions per second, which makes it time-consuming and even insufficient so that a large section of people can use it. NFT Development platforms do a great job. While Ethereum comes to sharing as a way and on a comparison level at scalability, it scales it horizontally.

FLOW:

Whereas, when it comes to Flow, the main goal of the developer here was to solve scalability issues while keeping in mind provides here as it provides vertical scalability. The architecture of the nodes is designed in a way that the work which needs to be done is pre-divided between them.

When it comes to terms of transactions, back in 2018, the Flow type was able to execute about 1,000 transactions per second which were great work even at that time. And,  now the target is about to reach 10,000 transactions per second. So, it has grown a lot over the past few years in a positive manner. 

2) On the basis of Transactions :

ETHEREUM:

In order to perform a transaction, NFT Development platforms successfully and execute a smart contract, the Ethereum platform users have to pay. It’s a kind of special transactional fee that depends on the complexity of the contract and the intensity of the network. The fee is paid in terms of Gas which is a special kind of fee. Gas fees are often paid in terms of ETH and this ETH is  Ethereum’s own cryptocurrency, and the average price of the gas amounts to over 20$.

FLOW:

whereas The developers from the Flow platform were not satisfied with the idea and even the transactional cost of gas. But they managed to reduce the transaction fees on their own platform and they have succeeded in this quest. Here in this platform, basically, there are two fees that are applied to transactions: one is for creating an account which amounts to approx 0.03$, and the other is a transaction fee which narrows down to a low amount at 0.00001 FLOW.

3) On the basis of Mechanism :

ETHEREUM:

Ethereum currently uses protocols that are the guidelines. The PoW (proof-of-work) consensus protocol is used as a protocol on the Ethereum platform. Due to this, miners go into fights. This means that they compete to create new blocks every time. The crypto battle will be won by the person who is able to solve the math problem faster than others and it also creates a cryptographic connection between all the prepositioned blocks. The person who is the winner shares the new block with the rest of the network and even earns an ETH. 

Ethereum developers are also planning to move to the proof-of-stake protocol. The process here will involve validators. These validators are people who will place ETH which is needed to participate in the verification of transactions. The validator is chosen at random to create new blocks, share them with the network and even receive rewards. This kind of change will potentially reduce energy consumption and even gas fees.

FLOW:

When it comes to Flow blockchain, for its part, it runs on a POS consensus model. It is powered by the HotStuff consensus algorithm which was originally developed by VMware Research.

The key difference between both of these is the ability of them to know how the key players make their profits. In PoS the players benefit from boosting the value of the currency, whereas in PoW, the players keep themselves interested in increasing the commission.

PoW somewhere causes Ethereum’s scalability issues. 

Ethereum is still in the process of moving to the better protocol which is PoS, Flow has proved to be a great alternative for creators who can’t wait to launch and capitalize on the projects made on NFT’S.

4) On the basis of Accounts :

ETHEREUM:

An Ethereum account is created on the basis of a private key. This private key is a 64 (256 bits / 32 bytes) digit hexadecimal number.

FLOW: 

When it comes to Flow, accounts are automatically created. And these accounts are created by the blockchain and can even support multiple public keys. Every account on Flow can have 1 public key associated with it. For each public key, there is a private key that is in the direct possession of the account holder.

Conclusion : 

Both these platforms are not competitors and they coexist and solve different types of problems. So, an average user checks all the benefits and drawbacks of Ethereum and flow and does the best comparison before coming to a conclusion. 

We at Monkhub Innovations assist you in developing blockchains and provide NFT development services.

For more details feel free to reach us at https://www.monkhub.com/ or contact us at +91 9090080015.