Fantom is a highly scalable DAG project, currently the main application area is DeFi, fast transaction and almost zero commission. The Fantom platform plans to differentiate itself from the traditional block-based distributed ledger storage infrastructure by using an improved version of the existing DAG protocol. This offers developers and users some significant upgrades in terms of functionality and usability compared to the market leading Ethereum. The developers at Fantom are passionate about creating reliable, secure and fast transaction networks. The ultimate goal of the project is to one day become the "nervous system of smart cities." The developers envision that these metropolises will use Fantom's core protocols to keep in touch and conduct day-to-day business.
Fantom aims to solve many of the problems faced by ethereum users and developers today, with the main focus of the network being to create a secure and scalable decentralized network. To this extent, the development team succeeded. Fantom can offer nearly unlimited scalability and instant transactions at almost zero cost.
It uses a new protocol called "Lachesis Protocol" to maintain consensus, which will be integrated into the Fantom OPERA chain. The purpose is to allow a batch of applications to be built on top of the Fantom OPERA chain, allowing all users to enjoy instant transactions at almost zero cost. Fantom aims to make all the world's trading institutions compatible with each other. It also wants to create an ecosystem that enables real-time trading and data sharing at low cost.
In addition to its infrastructure goals, Fantom aims to be the highest performing DeFi (decentralized finance) platform on the market. The network offers a variety of popular features, such as collateral and peer-to-peer lending services.
Fantom team's innovative solutions are supported by many investment institutions, Such as Block VC, BlockCrafters, JRR Crypto, CryptoBazzar, Connect Capital, Zorax Capital, Transference Fund, Node Capital, Nirvana Capital, DFund Fund, Danhua Capital, back to the blockchain fund, etc.
Fantom chain optimization points:
Reduce energy consumption: Fantom has eliminated the power-consuming Proof of Work (PoW) consensus mechanism used by earlier cryptocurrencies such as Bitcoin and Ethereum. This strategy allows the network to use less energy to verify its state. Finally, this approach makes Fantom more sustainable and environmentally friendly.
Reduce high cost: One of the biggest advantages Fantom brings to the market is its low cost structure. Users can send transactions for a fraction of what they currently use Ethereum. This micro-fee strategy also benefits developers because they can provide services at a lower cost.
Highly scalable: In terms of scalability, Fantom is the highest performance network. The platform offers near-instant trading. Currently, users enjoy about one second of completion time (TTF). As the network matures, developers have set an ultimate goal of 300,000 transactions per second (TPS). This will put Fantom well ahead of some of the world's top payment processors, such as VISA and PayPal. For example, the VISA speed test gives the network a maximum speed of 36,000 TPS. Fantom aims to provide 10 times the speed. Fantom combines the best aspects of Ethereum smart contracts and adds more features. For example, Fantom smart contracts can monitor the accuracy of transactions, generate evidence based on behavior, and effectively execute pre-programmed instructions.
High flexibility: Fantom's scalability and efficiency make it applicable to multiple industries. Currently, utility, smart home systems, healthcare, education, transportation management, resource management and environmental sustainability use cases are being pursued.How does Fantom (FTM) work?
Fantom is a multilayer proof of Entrusted Interest (DPoS) blockchain. The architecture of a network can be divided into three distinct layers. These layers can communicate data and enjoy full compatibility with all transactions and trading tools.
Opera core Layer: Opera core layer is the first protocol in the Fantom process. This is the layer responsible for maintaining consensus. To accomplish this task, the network uses a proprietary DPoS consensus protocol. This structure makes use of both the Validator and Witness nodes to maintain validity.
Opera Ware layer: The Opera Ware layer performs functions on the network. This is also the layer that handles the awarding of rewards and payments. Notably, Opera Ware is responsible for writing web story data. Story data is the way that Fantom allows tracking of all past transactions. This capability is critical when discussing logistics use cases or other situations where the network must provide unlimited data access.
Application layer: The application layer is how developers interact with other layers in the network. Users can find the public API here. These apis provide a secure and reliable network connection that can be used for Dapps and so on.
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FTM is the main tool for networking, DeFi and managing tokens. Users can bet on FTM and receive rewards. You can also use this flexible coin to make payments or send values around the world in seconds. In addition, you need FTM to access the platform's community governance mechanisms.