As blockchain technology continues to evolve, developers face many challenges when choosing the right platform. As an emerging blockchain ecosystem, Flow is providing new opportunities for developers with its unique multi-role architecture and full support for the Ethereum Virtual Machine (EVM). This article will take an in-depth look at the Flow token and its power to supercharge EVM applications, helping you better understand the benefits of this innovative platform.
Crescendo: Connecting two blockchain ecosystems
Flow went live on Testnet on August 14, 2023, and officially launched on Mainnet on September 4, marking the arrival of Crescendo. This upgrade not only introduces EVM support to Flow, but also provides developers with the possibility to seamlessly import any Solidity-based application into Flow. With Crescendo, developers can enjoy the best of both worlds and create richer and more diverse applications.
Compatibility and interoperability: One of the highlights of Flow is its full compatibility with ERC-20 and ERC-721 tokens. This means that all applications built on Flow, whether using Solidity, Cadence or a hybrid of the two, will interoperate perfectly with the wider Web3 ecosystem. This compatibility not only enhances application functionality, but also provides developers with greater flexibility to create open and composable consumer applications across Web3.
Flow’s transaction model: beyond the limitations of Ethereum
Launching an existing EVM application on Flow is as easy as continuing development on Ethereum, with developers using the same code and tools. However, Flow’s unique trading model provides it with significant advantages. Each transaction consists of three independent roles: authorizer, payer, and proposer, a design that not only improves security but also enhances flexibility.
Roles of Authorizer, Payer, and Proposer: Authorizer: The authorizer is responsible for signing the transaction before it is transacted, bringing a higher level of complexity to the transaction. Developers can designate one or more authorizers across multiple accounts, allowing transactions to operate on-chain in multiple ways.
Payer: The payer is responsible for paying the gas fee for the transaction. Users can designate an address to pay these fees, so users do not need to incur additional fees when making simple transactions.
Proposer: Proposer creates and submits transactions. Flow accounts can hold multiple keys, and users can submit multiple transactions at the same time. Flow will process these transactions without slowing down, providing a smooth user experience.
Dynamic trading model
With its dynamic transaction model, Flow can quickly scale based on application usage, maintaining performance and user experience optimization even during peak periods. This feature allows developers to respond flexibly to meet user needs in an ever-changing market.
Scriptable interactions without smart contracts: After importing an EVM application, developers will find that Flow transactions support scriptable interactions. By setting pre- and post-condition checks, developers can create custom logic based on network status before execution without deploying smart contracts.
Application of pre- and post-conditions
For example, in a grocery store app, a developer could use preconditions to check inventory to ensure that the required items are available, and postconditions to ensure that certain items are purchased together or not. This flexibility provides developers with more possibilities to implement more complex logic in terms of transactions.
Advantages of the journal model: As EVM code runs smoothly on Flow, developers will enjoy the benefits of reliable and complex transaction structures. This architecture scales as the application grows, while users experience a secure and streamlined experience with Flow account setup and management.
Security and key management
Flow accounts integrate Secure Element technology for key management through Android's Keystore and Apple's Secure Enclave, making modern mobile devices effective cold storage devices. This design not only improves security, but also allows accounts to support multiple types of encryption methods, including quantum-resistant encryption methods.
Cadence Owned Accounts (COA): Crescendo has also introduced Cadence Owned Accounts (COA) as NFT and full EVM accounts capable of holding assets and calling smart contracts. COA can be traded, sold, exchanged or used as collateral for lending in Flow. This innovation provides developers with more flexibility and options, allowing them to better manage and utilize their assets.
in conclusion
The launch of the Flow token provides unprecedented opportunities for the development of EVM applications. With Crescendo's support, developers can easily migrate existing EVM applications to Flow and leverage its unique transaction model and security mechanisms to create more complex and efficient applications. As the Flow ecosystem continues to grow, we expect to see more innovative decentralized applications and operations emerge.
Join us to experience the power of Flow, and let’s drive the future of blockchain technology together!