With the development of blockchain technologies, new platforms, applications, and languages are constantly emerging. The latest advancements in blockchain technologies apply to the measurement, representation, and trading of artwork and collectibles through non-fungible tokens (NFTs).
The Ethereum ecosystem is currently home to many NFTs. In any case, Flow blockchain also makes a good case for being a reliable platform for NFTs.
So which one is better?
As a decentralized open-source blockchain platform with smart contract features, Ethereum is widely regarded as a significant force in the Blockchain landscape. Ethereum’s creators wanted to create a blockchain network with applications for many different use cases.
One important difference between Ethereum and Flow Blockchain is the programming language it uses.
For implementing smart contracts, Ethereum uses Solidity, a reliable object-oriented advanced programming language.
Even though Bitcoin was the first successful Blockchain application, it served only as a peer-to-peer currency exchange. In contrast, Ethereum makes it easier for anything of value to be digitized and moved efficiently, other than just cryptocurrencies. Ethereum also has the advantage of Solidity as its programming language.
Flow Blockchain explained
Specifically, it is a decentralized, fast blockchain platform that can enable the development of complete ecosystems of applications, including NFTs. In the comparison of Flow vs Ethereum, Flow blockchain’s multi-node architecture stands out as a key advantage. Apps with security and composability could be created on the new blockchain platform, which could appeal to billions of users.
The network uses the flow currency as its reserve asset. Furthermore, it can be used to facilitate governance, the payment of transaction fees, and staking. The developers of the Flow blockchain also created a new language known as Cadence. Additionally, the programming language of the Flow blockchain makes it more competitive with Ethereum.
With Cadence, you get the functionality of a resource-oriented programming language with smart contract capabilities. Cadence offers exclusive features such as pre and post conditions for functions and transactions, capability-based security, and an effective static type system.
So which platform is more suitable for NFTs?
Obviously, Flow is currently the most popular framework for NFTs. However, we cannot ignore Ethereum’s role in raising the popularity of NFTs. The majority of NFTs that circulate today are created using Ethereum.
Thus, it is imperative to examine the differences between Flow Blockchain and Ethereum to identify the best alternative.
ScalabilityIn the Flow versus Ethereum comparison, the Flow blockchain comes out on top in terms of scalability. It ensures optimal decentralization and distribution of node operators through the use of four distinct types of nodes.
- Transaction fees
Users of Ethereum must pay gas as transaction fees to ensure that smart contracts are executed successfully. A lot depends on the complexity of the smart contract and the load on the Ethereum network when it comes to transaction fees. Gas fees are paid in Ether, Ethereum’s own cryptocurrency.
Flow’s creators weren’t happy with the high transaction costs they incurred.
Have these high transaction costs been resolved with Flow?
Two distinct transaction fees provide a clear answer to this question. For Flow Blockchain, the first fee is the cost of creating an account, estimated at 0.001 FLOW. The second fee is a transaction fee that starts at almost 0.000001 FLOW.
- Account Model
Smart contracts on Ethereum can also be deployed to individual accounts, thus illustrating the difference between Flow blockchain and Ethereum. Furthermore, Ethereum does not offer private keys for individual accounts. Additionally, Flow blockchain enables the simultaneous deployment of multiple smart contracts.
Flow blockchain and Ethereum account models differ primarily through the ability to track smart contracts and tokens. The Ethereum logs allow an account to see all tokens and contracts with which it has interacted. On the other hand, Ethereum does not offer a single account to hold smart contract assets. With Flow blockchain, you can track interactions between your resources and smart contracts through a resource-oriented programming model.
- Consensus mechanism
Ethereum currently depends on the POW consensus mechanism, which involves miners competing to create new blocks.
While Ethereum is considering introducing PoS (Proof of Stake), the Flow blockchain already employs the consensus algorithm. Flow Blockchain’s consensus algorithm versus Ethereum’s shows the difference in how participants can make money. The PoS algorithm encourages participants to make money when the currency’s value rises.
On the other hand, PoW encourages participants to increase their commissions. In Ethereum, PoW is also one of the common causes of scalability problems. Thus, Flow Blockchain is a clear winner, especially for creators waiting to launch NFT projects and capitalize on the presented opportunities.
- Smart Contracts
The comparison between Flow and Ethereum includes smart contracts as well. Smart contracts are directly associated with Ethereum. For smart contracts, it is the preferred platform. The blockchain records any smart contract transaction and makes it irreversible.
Some developers, however, perceive the need for smart contract modifications after deployment when any issues are identified. Smart contracts can be released in a ‘beta state’ on Flow’s main net. This enabled the original author of the smart contract to update the code in a step-by-step manner.
In contrast, users could choose to use the code just as it is at a specific instance. Before putting their trust in the code, the users could also wait for the code’s completion. Accordingly, Flow Blockchain offers more flexibility in terms of smart contract optimization.
You can get a brief overview of the difference between Flow Blockchain.
It is clear from the discussion on the Flow vs Ethereum debate that both have the capacity for a wide range of applications, and both have advantages and disadvantages, especially when it comes to NFT development.
Flow blockchain offers scalability effortlessly with a multi-node architecture, while Ethereum is working on improving the scalability. Additionally, Ethereum brings high transaction fees and doesn’t enable modification in the smart contracts, with Flow, on the other hand, is quite the opposite.
Although Flow offers many advantages in some aspects, the ultimate decision for the preferred NFT platform falls to the user.