The Flow Blockchain validators are now running 68% of the network’s nodes as DApper Labs announced as we are reading more in our latest crypto news today.
Dapper Labs announced that the Flow community validators are now running 68% of the blockcahin network total nodes and as the network underwent a process of progressive decentralization. Dapper Labs’ Flow blockchain is one of the most prominent networks in the enhancing NFT market which powers NBA Top Shot to more than $750 million of secondary market trading volume up to date. As the company expands into new NFT projects and other directions, it has been working to further decentralize the network.
It has been a year of incredible growth #onFlow, so we wanted to reflect on the journey to becoming the world’s fastest growing blockchain 🌊
The mission to put a blockchain wallet in every pocket continues ⛓️
— Flow Blockchain (@flow_blockchain) October 15, 2021
Now, Dapper Labs representatives said that the flow blockchain validators are running 68% of the network’s nodes which essentially means that the network is open and controlled by the community, as the company only runs less than one-third of the active consensus nodes which maintain the proof of stake network. The company claims that 68% of the nodes are operated by external Flow validators. The proof of network like Flow operates differently from the proof of work approach used by BTC and ETH so rather than using an energy-intensive mining model, Flow relies on teh validators that staked a huge chunk of Flow Tokens and earn rewards in the process.
The decentralization is critical to teh security of the blockchain networks which are distributed across thousands of computers across the world so if one single entity controls the majority of the mining power or validator nodes, it can be possible to alter the transactions and to double-spend the coins. Dapper Labs is a very successful company that is closely intertwined with that of flow which operates 32% of the Flow current nodes. The product manager Layne LaFrance said:
“We’ve reduced the number of consensus nodes that Dapper Labs is running to less than a third. That’s enabling a lot more participation in the network for community members, and also is a really important security metric to showcase that the network is run by the community.”
Dapper created Flow after its initial NFT project crypto kitties which almost crashed the Ethereum blockchain in 2017 due to the overwhelming demand. Whether it is fully decentralized is a question that hovers around teh network since NBA Top shot launched. LaFrance said:
“Flow has been architected to be a completely permissionless, completely decentralized public blockchain. The bootstrapping process, though—when code is early in its development, security is always something that you’re testing. It’s been part of the security hardening process to add in more folks from the community.”
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