In response to the notable limitations of the Ethereum network, many new blockchain projects are emerging, including Fantom, which aims to solve the scalability, security, and decentralisation dilemma within a blockchain.
It uses a single consensus mechanism to offer a few Dapp integrations. Additionally, it works as a highly scalable, secure, and EVM-compatible smart contract platform. The native token of the network, FTM coin, is used for governance, staking, and payment fees to distribute applications on the blockchain. In this article of Zatrun.com, you can learn more about the project.
What is Fantom and How Does It Work?
Fantom is a decentralised layer-1 blockchain that offers seamless distribution of smart contracts on its network. The platform uses an advanced DAG system that involves the seamless interaction of computer nodes in a network to provide fast and secure transactions. The DAG-based smart contract platform was specifically designed to overcome the problems of previous blockchain platforms. The ecosystem uses a special Proof-of-Stake mechanism for consensus called the “Lachesis Protocol.”
The Lachesis Protocol allows for integration into the EVM-compatible smart contract chain called the Fantom Opera chain. It also allows for the creation of Dapps on the Opera chain. This includes fast transactions and minimum transaction costs for all users while maintaining effective security. Thanks to this protocol, the network can perform over 4,500 transactions per second. This means that transactions are completed in 1-2 seconds. The project also allows for passive income through its DeFi products.
As previously stated, there are two technologies behind Fantom, DAG and Lachesis. DAG allows for the quick verification of transactions, while Lachesis ensures security across multiple chains distributed within the ecosystem. Lachesis also uses aBFT technology to achieve high-performance data storage, which maintains decentralisation across the network. This allows users to transact on a decentralised blockchain with the security of a centralised platform.
What is FTM Token? Is It a Good Investment?
FTM is the native cryptocurrency of the Fantom blockchain. This cryptocurrency was created on the Ethereum blockchain using an ERC-20 smart contract and is also available in the BEP-20 version on the BNB chain. With FTM coin, users can access various features on the platform, such as staking and pay gas fees on the network. Additionally, the cryptocurrency allows participation in off-chain governance, giving its owners a say in the platform’s management.
Fantom, which uses an innovative aBFT consensus mechanism called Lachesis, has managed to create a blockchain ecosystem. Many new products are still in the development stage. The project aims to create a more collaborative and efficient network that will improve the quality of life. Therefore, FTM coin is one of the promising cryptocurrencies of the future.