What is Fantom? The Fast Blockchain Taking on Ethereum

Fantom is a layer-1 blockchain that aims to provide users with an alternative to the high costs and slow speeds that are frequently cited as a source of frustration by Ethereum users.

The blockchain that powers Fantom is a directed acyclic graph, not unlike the one that powers Hedera Hashgraph. It is a fast and secure blockchain, but unlike most other blockchains, it does not have or require any consensus mechanism for its transactions among nodes in the network. Instead, the transactions are directly set into the chain by users and only ever confirmed by miners.

The Fantom Blockchain is an Ethereum fork with key changes designed to address the concerns around Ethereum. For example, transaction fees will be paid in Fantom tokens (FTM), and there is no mining of blocks on the platform.

Rather, the transactions set into the blockchain are confirmed by participating nodes through voting.

A key selling point for Fantom is its ability to handle public and private transactions between nodes. The team claims that it can do 2,000-10,000 transactions per second (fps), partly because each node processes every transaction individually.

This means that Fantom can compete with other platforms in speed and security — transactions are not dependent on any consensus mechanism.

Suppose you use an Ethereum protocol on an extremely busy day. In that case, you will almost certainly be put off by the fees, which can quickly outweigh the value of the trade you are making if, for example, you are exchanging cryptocurrencies that are worth no more than the money in your pocket.

There is assistance available in the form of different layer-1 blockchains, such as Solana, Avalanche, and Fantom, which will be the focus of the talk today.

Fantom is a blockchain platform that supports smart contracts and is powered by its native FTM coin. In December 2019, Fantom launched its mainnet after successfully raising $40 million in funding.

Its blockchain was demonstrated to be capable of supporting its decentralized finance (DeFi) business in 2021, and it is both quick and inexpensive. Fantom is referred to as “a high-performance, extensible, and secure smart-contract platform” by the Fantom Foundation.

The system incorporates a variety of individual parts and pieces. The blockchain technology used by Fantom Opera will serve as the basis for this. It is a decentralized, open-source, directed acyclic diagram network that is interoperable with the Ethereum Virtual Machine.

This allows it to execute already written smart contracts and construct new contracts that can communicate with smart contracts previously written on Ethereum.

Lachesis is a decentralized Proof of Stake system that uses a specialized synchronous byzantine fault-tolerant consensus process to validate Fantom transactions.

Compared to validations that build consensus using Proof of Work or more traditional Proof of Stake systems, ABFT validations are significantly faster and cost significantly less. Transactions can be completed in a matter of seconds rather than minutes with ABFT technologies.

Each decentralized application built using Fantom operates on its blockchain network. These blockchains can have unique tokens, economies, and laws for governance.

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They can all take advantage of the Lachesis consensus process, and they can communicate with decentralized applications that are operating on various Fantom blockchain networks. As a result, Fantom will occasionally refer to its platform as a network of networks.

Opera blockchains are equipped with an EVM-compatible virtual machine, which enables them to execute Ethereum smart contracts and interface with Ethereum-based decentralized applications (dApps).

The Fantom utility token, often known as FTM, is used for various purposes, including the payment of network fees, the execution of financial transactions, the protection of governance rights, and the reward of validators. Major cryptocurrency exchanges, such as Kriptomat, now support the FTM token.

How does Fantom work?

The blockchain is a directed acyclic graph, not unlike the one that powers Hedera Hashgraph. It is a fast and secure blockchain, but unlike most other blockchains, it does not have or require any consensus mechanism for its transactions among nodes in the network. Instead, the transactions are directly set into the chain by users and only ever confirmed by miners.

The modules that developers of decentralized applications can connect makeup Fantom’s components. Every single component of the platform has its unique usefulness, in addition to integration linkages that make it possible for those components to be quickly and cheaply combined into applications on the Fantom smart contract platform.

The Fantom platform can be considered a full-service ledger for decentralized applications (dApps), which is one approach to comprehending it. Every decentralized application (dApp) features a user interface, a database of some kind, and individualized programming to carry out a variety of calculations and other tasks.

In addition, every decentralized application (dApp) can reap the benefits of having a trustworthy, distributed, and decentralized ledger for verifying and recording transactions.

Fantom offers the ledger, but not with a straightforward blockchain and an application programming interface (API), but rather with a comprehensive suite of utilities and tools that deliver an intuitive user interface that software developers can employ when implementing decentralized applications (dApps).

The blockchain trilemma forces developers working with traditional blockchains to strike a compromise between transaction speed, security, and decentralization.

This challenge is faced by developers who use conventional blockchains. Ledgers built on Bitcoin, Ethereum, and other commonly used platforms may be able to maximize one or two of these factors, but they cannot optimize all three.

Fantom claims that the ABFT consensus system offers complete safety and decentralization, enabling significantly faster transactions at significantly cheaper fees. Simple FTM transactions are completed in around one second and cost only $0.00000001.

What Makes Fantom Unique?

EVM compatibility, which enables the execution of Turing complete smart contracts on the blockchain, and smart contracts can interface with Ethereum dApps, web apps, and traditional business systems as well.

Fast transactions at low fees are possible due to a synchronous byzantine fault-tolerant consensus mechanism.

Decentralized, so the platform’s nodes are not under the control of any one organization or group.

How Does Fantom Blockchain Work?

The default blockchain used by every dApp that is deployed to the Fantom platform can fork off to create another blockchain whenever users wish. For a fork to occur, most of all, dApp developers must decide they want a new blockchain.

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Fantom has a unique place in the world of cryptocurrencies, particularly for developers, since its sole mission is to support the development of decentralized applications. Although the FTM utility coin does have value, its primary purpose is to reward validators and ensure that transactions proceed without hiccups.

Fantom’s most distinguishing feature is its extensive ecosystem of modular tools, all capable of sharing information and accelerating the development process. The Fantom platform was created with the goals of decentralization and interoperability front and center from the beginning.

Additionally, Fantom is dedicated to maintaining an open culture. For instance, the source code for the platform can be downloaded from GitHub under an open-source license. Using Fantom code and APIs, virtually anyone may construct their building pieces.

Fantom encourages open engagement throughout its operations. On the Opera blockchain, anyone can operate a node. This requires a stake of 3.175 million FTM, although your participation will not be restricted due to this requirement. If you delegate one or more FTMs to a validator node, you will immediately become eligible to receive rewards.

There is an ERC-20 token associated with Fantom; however, it cannot be utilized on the Opera blockchain in any way. If an ERC-20 token is received in your Fantom wallet, it will immediately be converted to an Opera FTM token. On the Ethereum network, ERC-20 tokens issued by Fantom are put to use. Additionally, Fantom is compatible with BEP-2 currencies operated on the Binance blockchain.

All transactions are completed at a very cheap cost thanks to Fantom’s one-of-a-kind ABFT consensus algorithm.

Fantom has a large number of features, one of its most prominent being the ability to process transactions through the use of its sidechains. Sidechains are fully interoperable with one another, as well as with any application that’s built on Ethereum.

As with all other blockchains, Fantom blocks are immutable. This means that once a transaction is confirmed into a block, it can never be erased or rescinded.

Fantom Token Supply

An important part of the Fantom ecosystem is its FTM utility coin, which is a source of monetary rewards for validators who play an integral role in maintaining the blockchain. In addition to validator rewards, FTM can also be used for peer-to-peer payments and purchasing any applications or services on the Fantom platform.

The total supply of FTM will be 10 billion coins. Roughly half have been allocated to miners who participate in the mining process. The other half was allocated to the Fantom Foundation, which is responsible for growing the utility of FTM.

Although Fantom may be one of the most interesting projects in the world of cryptocurrency, it’s only for some. This project needs to be simplified and involves too many moving parts. As a result, it’s difficult for investors to determine what price they should pay for FTM tokens.

The future of FTM

Fantom is a relatively new project, and more information about its use cases and future partnerships must be provided. Moreover, there are no current statements about whether or not FTM plans to launch an ICO.

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However, since Fantom has developed its blockchain, its FTM coins may soon be listed on different exchanges. It may be worth investing in Fantom if you believe this platform represents the future of dApp development.

The winner of the L1 wars will significantly impact the direction FTM takes in the future. At the moment, Ethereum is falling further and further behind its emerging Layer 1 blockchain space competitors, such as Solana, Fantom, and Avalanche.

If the cryptocurrency business evolves into a winner-takes-all market where a single blockchain reigns supreme, or if the cryptocurrency industry will instead engage in a multi-chain era where blockchains become application-specific, only time will tell which scenario will prevail.

It has excellent potential for growth because an established company with a long history of success in the IT industry backs it.

The Fantom platform can process hundreds of thousands of transactions per second. This makes it more efficient and faster than many other platforms on the market.

Fantom Proof of Stake

Fantom is a Proof of Stake (PoS) blockchain. This means it utilizes a combination of miners and validators to validate transactions, which helps keep the network secure. Validators are users who validate transactions and maintain network integrity.

Each validator on the Fantom blockchain stores some FTM tokens in their wallets as proof that they are not colluding with others on the network. An improved Proof-of-Stake (PoS) system lies at the heart of the Lachesis ABFT consensus mechanism.

Anyone can become a validator by placing a stake of 3.175 million FTM. Users can participate in the validation process and earn incentives by staking one or more FTM to established validators.

The payout for staking tokens to validation for 365 days equals a yield of 13% annually. Earning a 4% annual percentage yield through delegation without making a long-term commitment.

Staked FTM cannot be used for transactions; however, Fantom users can use it as collateral to mint sFTM, which can then be used in Fantom’s DeFi application. Staked FTM can also be used to purchase FTM. In the realm of Fantom’s DeFi, there is no cost associated with minting or repaying FTM.

FANTOM is a project that aims to be the ultimate universal platform for decentralized applications. Fantom’s goal is to have all developers using their platform within the next three years, which will allow them to become the most widely used blockchain in the world. Their focus on anonymity and speed make this a platform worth keeping an eye on.

Overall, Fantom is a worthy competitor to Ethereum, as it offers similar benefits and much more. The team has demonstrated in the past that they can execute and deliver. This gives them a strong chance of significantly impacting the market.

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Puneet Kantiwal

Puneet Kantiwal is an experienced professional in the field of blockchain and cryptocurrency technology. With a strong background in computer science and programming, Puneet Kantiwal has been involved in the crypto space since its early days. He has worked on various projects related to blockchain technology, including the development of smart contracts, decentralized applications, and blockchain-based platforms.

Learn More →

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