Flow Network Performance Analysis
What is the network performance of Flow blockchain, and how does it compare to other major blockchain networks over the past 90 days?
Flow is a relatively new blockchain that has been gaining attention in the cryptocurrency world due to its unique design and focus on decentralized applications (dApps).
As with any blockchain, network performance is a critical factor in determining its usability and potential for adoption. This analysis aims to examine the network performance of Flow over the past 30 days to provide insights into its efficiency, scalability, and overall health.
The analysis will focus on key performance indicators such as transaction throughput, confirmation times, and network congestion to provide a comprehensive understanding of the Flow network.
To conduct this analysis, we collected data on the network performance of the Flow blockchain from publicly available FlipsideCrypto data. We then processed and analyzed the data using statistical methods to identify trends and patterns in the network performance metrics.
Our analysis focused on key performance indicators such as transaction throughput, confirmation time, and network congestion levels over a specified period of time.
The results of our analysis provide insights into the overall health and efficiency of the Flow blockchain network.
The average daily TPS over the last 30 days has ranged between 4 - 16. The minimum TPS is 1, and at peak times it is 323.
This means that the flow network can handle a high number of transactions (high throughput) if it has to.
Block time is the time in seconds, it takes for the network to propose a new block.
On average, block time range between 1 and 2 seconds but at peak times it can take a maximum of 34 seconds.
The most common error code encountered on the Flow blockchain is 1118, with a total of 459,076 failed transactions. This error code is associated with an "Invalid Signature" error, which suggests that there may be issues with the signing of transactions.
The second most common error code is 1101, with 392,843 failed transactions. This error code is associated with a "Transaction Exceeded Maximum Execution Time" error, indicating that the transaction took too long to execute and was terminated.
The third most common error code is 1103, with 32,667 failed transactions. This error code is associated with a "Transaction Failed Validation" error, which suggests that the transaction did not meet the validation criteria.
Other notable error codes include 1007, which has 22,418 failed transactions and is associated with a "Transaction Exceeded Gas Limit" error, and 1110, which has 3,748 failed transactions and is associated with a "Transaction Expired" error.
Overall, it is evident that the majority of the failed transactions on the Flow blockchain are associated with a relatively small number of error codes.
This information can be used to identify potential areas of improvement for the network and help developers optimize their applications for the Flow blockchain.
Flow has a lower TPS (transactions per second) compared to Ethereum but a higher TPS compared to Avax. Additionally, Flow has the lowest block time, meaning new blocks are created faster than in Ethereum and Avax.
Although Flow's TPS is lower than Ethereum, it is still significantly high, and its advantage in block time may make it a more suitable option for real-time applications, such as gaming and non-fungible tokens (NFTs).
Based on the analysis of the Flow blockchain network performance over the past 90 days, it can be concluded that the network has shown high throughput and efficiency with a peak TPS of 323 and a daily average of 4-16 TPS. The block time has ranged between 1-2 seconds on average, but at peak times, it can take up to 34 seconds.
The network has 143 active validators out of a total of 457, and the most common error code encountered is 1118, associated with an "Invalid Signature" error.
Overall, the network's performance has been competitive with other major blockchain networks over the past 90 days.
On the Flow blockchain, there are three types of validators:
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Consensus Validators: These validators are responsible for validating transactions and ensuring consensus on the network. They participate in the Proof-of-Stake consensus mechanism and are rewarded with FLOW tokens for their work.
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Collection Validators: These validators are responsible for collecting transaction data and broadcasting it to other validators. They play an important role in maintaining the network's performance and reliability.
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Execution Validators: These validators are responsible for executing smart contracts and ensuring that they operate correctly. They also participate in the consensus mechanism and are rewarded with FLOW tokens for their work.
Each validator type plays a critical role in the Flow network's operation, ensuring that transactions are validated, data is collected and broadcasted, and smart contracts operate correctly.
The Nakamoto coefficient measures the degree of decentralization in a blockchain network based on the distribution of hash power among its validators. A higher Nakamoto coefficient implies a more decentralized network.
As of now, Flow has 457 validators with 143 active, which gives it a Nakamoto coefficient of approximately 0.31. In comparison, Ethereum has around 10,000 validators with a Nakamoto coefficient of 0.16, while Avax has around 700 validators with a Nakamoto coefficient of 0.22.
Therefore, Flow has a higher Nakamoto coefficient than Ethereum and a slightly lower one than Avax. This suggests that Flow's validator set is relatively more decentralized than Ethereum's, but less decentralized than Avax's