Fantom also uses a novel Proof of Stake consensus mechanism, Lachesis, to secure its network. The system is leaderless, meaning no one holds a privileged position.
Fantom has a unique network design that allows every dapp to run independently of the others and avoids congestion. It does this by assigning each dapp its own personalized blockchain.
The network is built with a DAG-based asynchronous Byzantine fault tolerance (aBFT) consensus algorithm, called Lachesis, that outperforms both the Classical and Nakamoto models of consensus. Its asynchronous nature eliminates the need for nodes to wait for others to act on commands, which helps speed up the entire process and improve performance in transactions.
The platform’s native token, FTM, is used for governance, staking, fees and transactions. Its supply is 3.175 billion coins, with 2.5 billion in circulation as of March 2021.
Fantom uses a DAG-based (Directed Acyclic Graph) smart contract platform to achieve scalability and speed. This technology aims to address the problems that plague many blockchain projects, including high fees and lengthy confirmation times.
Fantom is a layer-1 protocol designed to deliver an alternative to Ethereum for users who want to access decentralized finance (DeFi) applications without suffering from high fees and slow speeds. It combines a unique aBFT consensus mechanism called Lachesis and a nuanced system of staking rewards to secure its network.
The Lachesis ABFT consensus mechanism secures the Fantom network and ensures both transactional speed and security. It also enables validators and delegators to stake their FTM tokens, receiving epoch rewards for doing so.
Fantom is a smart contract-enabled blockchain platform that offers a range of decentralized applications. Its bespoke asynchronous Byzantine fault tolerance (aBFT) consensus mechanism, Lachesis, ensures speed and security for the network.
The network also features a nuanced system of staking rewards and tools to help dApp developers. In addition, the platform has recently launched a decentralized vaults product to fund projects and applications building on its blockchain.
The Fantom blockchain has a number of decentralized applications built on top of it, including SpookySwap, Solidly, and Yearn Finance. It has also released a decentralized vaults product called Ecosystem Vault that aims to fund projects and applications building on its blockchain using 10% of the platform’s transaction fees.
Fantom is an independent blockchain network that offers fast transaction speeds and low fees. Its asynchronous Byzantine Fault Tolerance (ABFT) consensus protocol called Lachesis ensures both security and transaction speed.
Unlike other Proof-of-Stake (PoS) coins like Ethereum and BTC, Fantom uses a gas price to calculate transaction fees. Its gas price is based on the amount of processing power consumed by validators, and it changes over time.
This makes it easier for validators to use their power without consuming too much of it, and it also keeps fees lower. This is in part because each block of transactions requires a fixed amount of gas, and the gas price reflects that amount.
Wallets like MetaMask automatically suggest Gas prices based on previous blocks, so you can adjust fees whenever necessary. You can also manually adjust fees by clicking “Market” and selecting a Gas option.
Fantom uses a directed acyclic graph (DAG) rather than a blockchain as its distributed ledger technology. This makes it faster and cheaper to process transactions.
Fantom’s network also features a novel Proof of Stake consensus mechanism called Lachesis, which solves the scalability problems of traditional blockchains. It takes only a few seconds to finalize a transaction and doesn’t require the arduous block confirmations of other PoS protocols.
Its fees are low enough to keep attackers away, by making entry into the system expensive for malevolent actors. They also make it difficult for malicious users to cause speed issues or clog the ledger with meaningless data.