Fantom is a next-generation, open-source distributed ledger technology (DLT) platform that provides businesses and developers easy access to blockchain-based applications. It enables fast, low-cost, highly secure transactions across the world.
At its core, the Fantom network provides a decentralized, trustless infrastructure that can support multiple application layers on top of it. With this, businesses can quickly develop and integrate their custom applications into the Fantom network. Furthermore, the architecture of Fantom allows developers to build these applications in various programming languages, such as Python, JavaScript, and Java.
How the Fantom network operates
Modular architecture
Fantom’s aBFT consensus protocol, called Lachesis, provides a permissionless and open environment that can scale globally with hundreds of nodes. It differs from Delegated Proof of Stake or any other master node-related concepts. As one layer in the blockchain technology stack, Lachesis works with any distributed ledger, making it highly modular.
The modularity also includes running the Ethereum Virtual Machine (EVM) on the Fantom Opera mainnet!
For developers looking to upgrade their performance and cut costs, porting existing Ethereum-based dApps to the Opera mainnet only takes minutes for easy deployment. Fantom’s flexibility makes it an attractive alternative for projects of all scales.
Security
The advanced, secure consensus mechanism of Lachesis secures Fantom. It relies on a revolutionary form of consensus called Proof-of-Stake, which stands apart from Bitcoin and Ethereum’s Proof-of-Work system. Not only does this new consensus help keep the network decentralized and secure, but it also takes advantage of energy savings.
The finality of transactions is absolute, meaning these steps may never be reverted like when using networks with probabilistic finality. Furthermore, the mechanism can scale up to hundreds of nodes, making it even more decentralized and secure. Finally, no centralization is involved in the process – eliminating any single point of failure.
Open Source
Fantom’s Opera chain is accessible to all, regardless of experience or token holdings. Its permissionless nature means anyone can quickly run a node and begin validating transactions across the network; one simply needs to keep 1,000,000 FTM at stake. Those with lower amounts of digital assets also have an opportunity to take part; they can merely delegate a minimum of 1 FTM to a validator node and reap the rewards.
By lowering barriers to entry, Fantom encourages users from all walks of life to become involved in its innovative decentralized network, democratizing access and making it possible for all members of the wider community to succeed on the protocol.
How Fantom addresses the blockchain trilemma
The blockchain trilemma – scalability, security, decentralization – is a concept that implies that it’s impossible to achieve all three at once.
Fantom addresses the trilemma by implementing asynchronous Byzantine Fault Tolerance (aBFT). This engineering advancement allows transactions to be processed significantly faster than synchronous BFT ledgers like Ethereum or Bitcoin. In addition, it speeds up the time it completes transactions, meaning all network participants benefit from faster response times and higher throughputs.
Rather than using central leaders to coordinate the network and ensure its secure functioning, Fantom’s consensus protocol uses a permissionless leaderless design wherein anyone can join or leave the network, and all nodes are considered equal.
aBFT (asynchronous Byzantine Fault Tolerance) consensus
aBFT consensus is a type of consensus protocol that enables distributed systems to process transactions more quickly while at the same time withstanding malicious attacks more efficiently. In this system, multiple nodes in a particular blockchain can agree on the order of events without relying on timing assumptions. The result is faster confirmations, greater security, and better decentralization since each transaction is considered final and irreversible. On top of that, even if some messages between nodes become lost, aBFT can still achieve agreement adding an extra layer of resilience.
Blockchain networks such as Ethereum and Bitcoin rely on the longest-chain rule. As a result, they require multiple confirmations, as transactions in earlier blocks are more likely to be included. The process takes time compared to consensus algorithms such as aBFT. Therefore, individuals and organizations engaging in high-value blockchain transactions must wait for several confirmations before proceeding.
Fantom utility
Fantom enables businesses to quickly develop their applications on top of the Fantom network, knowing they will remain secure and reliable regardless of load or size. With its technology stack tailored towards many different programming languages, developers need not worry about compatibility issues or transaction fees when utilizing blockchain-based solutions. Furthermore, its Lachesis consensus protocol stands out as one of the most energy-efficient protocols available today – delivering highly secure, fast, and low-cost transactions across the globe. All this makes Fantom an ideal platform for businesses looking to deploy blockchain-based applications quickly and efficiently.
With these features combined into a single package, it is easy to see why Fantom is quickly becoming the go-to platform for developers looking to take advantage of blockchain technology. Its technology stack provides an accessible and comprehensive solution to those new to blockchain development. At the same time, its robust security measures ensure that users’ data will remain safe from malicious actors or attackers. With its low transaction fees, efficient consensus protocol
FTM Token
Fantom’s FTM token has utility in various forms across various popular blockchain networks, but you cannot use the ERC20 version of the token directly on the Opera mainnet.
Fantom has created two types of FTM tokens – the original version that operates on its mainnet and an ERC20 version that can be stored and exchanged on Ethereum wallets.
Fantom also offers a BEP2 token designed mainly for users of the Binance Chain. As such, three different FTM tokens are circulating, each associated with their respective blockchain platforms.
Utility of the FTM token
Securing the network – FTM tokens are used to secure the Fantom network and ensure its stability. They also provide incentives for users to participate in consensus, as they can earn rewards by helping process transactions on the network.
Transaction fees – The FTM token acts as transaction fees on the Fantom platform. As a result, users don’t have to pay exorbitant fees to use the services offered on the platform.
Governance – The FTM token also acts as a governance tool, allowing users to have a say in the future development and direction of the network. It helps foster a strong community among users and encourages collaboration between developers and users on the platform.
Popular dAPPS deployed on Fantom
Decentralized Exchanges – ParaSwap, Solidly, Sushi, KyberSwap, OpenOcean, Matcha, Orion Terminal, SoulSwap, Firebird, WigoSwap, JetSwap, ProtoFi, Mummy, Hector Equalizer, PaintSwap, HyperJump, Dark Knight, and Morpheus Swap.
Cross-chain bridges – Multichain, SpookySwap, SpiritSwap, REN, cBridge, Socket, Xpollinate, Orion Terminal, ChainPort, O3 swap, EverBridge, Elk Finance, iSwap, Mosaic, and Umbria.
Lending and borrowing dAPPS- Geist, Alchemix, Homora V2, Tarot, Qidao, Abracadabra, 88mph, Scream, Hector Bank, Alpaca Finance, C.R.E.A.M., Aquarius, and Trava.finance.
Yield optimizers – Beefy, Yearn, Reaper.Farm, Tomb Finance, LiquidDriver, Robo Vault, 0xDAO, Solidex, Matrix.Farm, One Ring, Autofarm, GTON Capital, StakeSteak, Grim, Meso, and Pod Compy.
NFT platforms – PaintSwap, NFTKEY, Artion, Opera House, and ZooCoin.
GameFi – 8BIT Metaverse, Tankwars Zone, Station Zero X, Warp, Stumble Upon Rumble, Crime Cash Gold, Fantom Survivor, Raiders, Bobble Heads, PocketPals, Metaland, and Fantomon.
Tools- Defillama, Debank, Nansen, Zerion, Zapper, GeckoTerminal, APY Vision, 0x, Fantom projects, FTMscan, Fantom explorer, Cryptokek, CoinStats, Ape Board, Disperse, Multisender, Yield Monitor, Dextools, Gelato, Etherspot, Optical, BlockVision, AirdropMe, Pod Wallet, and DePocket.
Wallets – fWallet, Metamask, Coinbase Wallet, Ledger, Trust Wallet, MathWallet, Coin 98 Wallet, Edge Wallet, Exodus, OKEx Wallet, O3 Wallet, D’Cent, Token Pocket, Huobi Wallet, EDO Wallet, XDEFI Wallet, and FoxWallet.
Oracles – Chainlink, API3, DIA, Kenshi, Redstone, and Tellor.
Conclusion
The Fantom network offers a wide range of services and features powered by the FTM token. These include decentralized exchanges and cross-chain bridges to yield optimizers, NFT platforms, games, tools, wallets, and oracles.
The FTM token design provides network security while allowing users to participate in governance decisions. With its diverse applications and uses, it’s no wonder why Fantom has become one of the most popular blockchain networks.
Fantom offers businesses a robust, secure, and efficient way to access blockchain technology through its open-source distributed ledger platform. With its advanced consensus algorithms, fast transaction speeds, and development tools that facilitate quick application building, Fantom is revolutionizing how businesses experience the blockchain.
