What Is Fantom?
Fantom is an EVM-compatible Layer 1 blockchain network that supports decentralized applications, smart contracts, and peer-to-peer payment solutions. It provides a high speed of approximately 10,000 transactions per second and 1-2 seconds block time. The network charges an average of $0.06 for routine transactions.
Background
Dr Ahn Byung and Mathew Hur founded Fantom in 2018. Fantom was developed to create an efficient and secure platform for executing financial transactions between peers and building decentralized applications.
How It Works
Fantom operates as a distributed ledger network using a Proof-of-Stake consensus algorithm. Participants stake a certain amount of FTM to create a node on the network, enabling them to validate new blocks before they are added to the chain.
Fantom’s Lachesis Consensus Mechanism, a DAG-based, leaderless, scalable, and asynchronous version of the practical Byzantine Fault Tolerant consensus algorithm, allows it to reach transaction finality in 1-2 seconds. It improves upon the pBFT consensus algorithm by eliminating the need for a ‘leader’ node and allowing an unlimited number of nodes to be added to the network, offering speed, agility, and communal authority while ensuring robust security.
Key Takeaways
- Fantom is a Layer 1 blockchain network compatible with Ethereum Virtual Machine that supports decentralized applications, smart contracts, and peer-to-peer payment solutions.
- It offers a high speed of approximately 10,000 transactions per second and 1-2 seconds block time.
- The network was founded by Dr Ahn Byung and Mathew Hur in 2018 to offer an efficient and secure platform for financial transactions and decentralized applications.
- Fantom operates on a Proof-of-Stake consensus algorithm, with participants staking FTM to create a node on the network and validate new blocks.
- The network’s Lachesis Consensus Mechanism allows it to reach transaction finality in 1-2 seconds, and it improves upon the pBFT consensus algorithm by eliminating the need for a ‘leader’ node and allowing unlimited nodes to be added to the network.
