Outstanding points of Fantom

Modified on Sat, 18 Feb 2023 at 07:53 PM

Fantom is not a blockchain, but a DAG (Directed Acyclic Graph). DAG differs from blockchain in the way that DAG connects each block in the network in a cobweb; while, blockchain will be a linear connection. It has to wait for the previous block to be confirmed before the next block can be executed. The DAG can process and verify individual blocks of data in parallel, which makes Fantom have a higher transaction confirmation speed than the other common block networks. 


Fantom uses a Consensus Algorithm based on aBFT (Asynchronous Byzantine Fault Tolerance) called Lachesis.


In the case that you are wondering what Byzantine Fault Tolerance is, it is easy to explain that BFT is a system that enables networks to reach consensus. When some nodes in the network behave suspiciously, BFT takes quite a bit of time. It must wait for all nodes to respond, while Asynchronous Byzantine Fault Tolerance does not need to wait for every node to respond to reach an agreement. This allows the network to process and verify transactions faster. 


For its method of selecting nodes to process and verify transactions, Fantom uses a system similar to Proof-of-Stake. A person who locks a coin (Stake) in the network can become a validator to help the network process and verify transactions, in order to win FTM coins and make the network more secure.


However, to become a reviewer on Fantom, you need to lock at least 500,000 FTM coins, which is a very high value. For those who don't have enough coins, they can participate in the audit through the selection of agents (Delegate) that can be trusted instead. This method uses a minimum of 1 FTM coin. The selection of agents has to lock the coin as well. Individuals can choose the lock duration from 1 day to 1 year. The reward will be increased according to the lock duration.


The Fantom network also supports EVM (Ethereum Virtual Machine), the code used for writing smart contracts to build applications on Ethereum, making it easy for Ethereum developers to move in and build apps on Fantom.


Along with the fact that Ethereum being one of the most developer-rich blockchain networks to date, Fantom's support for EVM will further drive the network's rapid growth.


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