Benefits of the Flow Blockchain
- On Flow, users (like me and you) actually store NFTs in their own accounts, and thus own their data. This is very different from Blockchains like Ethereum where the smart contract actually stores your NFTs.
- Flow Blockchain has cheaper transaction fees when minting, selling or transferring NFTs and other digital assets (less than $0.01 on average) compared to Ethereum Blockchain (around $12 on average).
- Flow Blockchain uses Proof-Of-Stake (PoS) consensus mechanism which consumes less energy, making it more environmentally friendly. But, the Ethereum Blockchain uses Proof-Of-Work (PoW) consensus mechanism which consumes more energy with huge environmental concerns. Check out this tool to see the difference.
- Cadence separates the smart contract layer from transactions and scripts, making the contracts much easier to read than other languages like Solidity, and thus a lot safer.