Velocity potential
For an irrotational flow;
$$ curl(V) = 0$$ or $$ \nabla \times V = 0$$
It follows from vector algebra that there should be a potential such that
$$ V = \nabla \phi$$
$ \phi$ is called the Velocity potential. The velocity components are related to $\phi$ through the following relations.
$$ u = \frac{\partial \phi}{\partial x} , v = \frac{\partial \phi}{\partial y}, w = \frac{\partial \phi}{\partial z}$$
Velocity potential is a powerful tool in analyzing irrotational flows.
The velocity potential in the irrotationality condition is:
$$ \frac{\partial v}{\partial x}-\frac{\partial u}{\partial y } = \frac{\partial}{\partial x}\frac{\partial \phi}{\partial y} - \frac{\partial}{\partial y}\frac{\partial \phi}{\partial x} = 0$$
Does the velocity potential satisfy the continuity equation?
$$ \frac{\partial u}{\partial x} + \frac{\partial v}{\partial y} = \frac{\partial}{\partial x}\frac{\partial \phi}{\partial x} - \frac{\partial}{\partial y}\frac{\partial \phi}{\partial y} = \frac{\partial^{2} \phi}{\partial x^{2}} + \frac{\partial ^{2} \phi}{\partial y^{2}} $$
In vector notation;
$$ \nabla ^{2} \phi = 0 $$
This equation is called the Laplace equation. A flow governed by this equation is called a Potential flow.
As with stream functions, lines along which potential $\phi$ is constant, these are called equipotential lines of the flow.