Decentralized layer-1 blockchain for decentralized apps (dApps), Fantom crypto is open-source and permissionless. The platform is a competitor to Ethereum that touts higher scalability and inexpensive transactions.
A Comprehensive Review of Fantom Crypto – 2023
The decentralization, security, and scalability concerns that many blockchains confront are addressed by Fantom, a smart contract-enabled blockchain platform. The “blockchain trilemma” refers to these three components, which means that focusing on two of them frequently means sacrificing the other.
With its ground-breaking proof-of-stake (PoS) consensus system, Lachesis, Fantom seeks to resolve these tradeoffs and enhance all three. In the Fantom network, FTM is the native token. Voting on important issues, making payments, and defraying transaction costs are all done using it. It is also used for staking.
What is Lachesis?
With its lightning-fast Lachesis consensus engine, Fantom addresses the scalability issues that plague many conventional blockchains. With Lachesis, the chain may scale without sacrificing security since it lacks a leader, delivers finality, and has Asynchronous Byzantine Fault Tolerance.
Additionally, Lachesis enhances transaction settlement, by sending FTM on the network clearing in just one second and costing pennies to execute. Additionally, developers can use Fantom to run smart contracts and create dApps.
Working on Fantom Crypto
Asynchronous Byzantine Fault Tolerance (aBFT), a consensus technique used by Fantom, enables it to achieve high throughput and cheap costs while retaining scalability and security. Nodes can process transactions asynchronously without a defined leader in Fantom’s aBFT consensus method.
The Lachesis Protocol features a one-third fault tolerance, which means that 67% of nodes must validate a transaction before it can be settled. Fantom can operate more quickly and flexibly thanks to its near-instant finality of one second, which contrasts with the proof-of-work blockchains’ block confirmation times.
The settlement layer, or Lachesis, serves as the foundation for subsequent layers. The first, called Opera, employs the Lachesis validator set for proof-of-stake (PoS) blockchain and is EVM-compatible. Decentralized financial (DeFi) applications that are native to Fantom as well as those that have migrated from Ethereum to Fantom, such as SushiSwap, Curve, and Yearn financial, can be found on Opera.
Modularity
The modular nature of Fantom makes it very customizable. For instance, users can easily relocate decentralized applications (dApps) built on Ethereum to the Fantom mainnet, which is supported by Opera, the open-source blockchain developed by Fantom to power its network.
Scalability
Because Fantom-based applications are independent of one another, network traffic on a larger scale has no impact on the functionality and stability of a given application.
Open source
The Fantom protocol’s source code is openly available on GitHub and can be modified by anybody running a node.
Security
The Fantom team claims that the Lachesis consensus process is faster, more secure, and more scalable than the Classical and Nakamoto consensus methods, and it secures the Fantom platform.
Token Utility
The network uses the FTM token for a wide range of purposes, including:
- Staking: Fantom uses a proof-of-stake algorithm, so for the network to function, users must lock up their FTM tokens in order to become validators. Owners can use this method to stake their tokens and gain incentives paid in FTM.
- Governance: Because Fantom is a decentralized platform, those who own and stake FTM tokens have the ability to cast a vote on significant issues affecting the network’s future.
- Payments: Compared to other blockchain networks, the Fantom network allows users to send FTM more swiftly and cheaply.
- Fees: On the Fantom blockchain, network costs for exchanging tokens and implementing smart contracts can be paid with FTM tokens.
Thus, users can utilize the FTM token for multiple functions on the platform.
Tokenomics
Token allocation was as follows:
- 40% to investors in both public and private sales
- 15% of advisors receive
- 10% goes to the founding group
- 3.6% for the tactical reserve
- 31.4% is set aside for stake awards
In addition, at the time of writing, the FTM token is trading at $0.2032, according to CoinMarketCap data. The token has increased by 0.18% in the last 24 hours.
Leave a comment