What is Fantom (FTM)?
Fantom is a blockchain platform for decentralized applications (dApps
), DeFi and enterprise applications. With its unique consensus mechanism, they aim to be a fast and scalable platform. Thanks to its various tools, developers can easily create their own dApps, as well as integrate existing dApps on other blockchains. This while enjoying the security of Opera, the mainnet. The open source smart contract platform aims to provide a scalable, affordable and fast network. Does this make Fantom the true Ethereum killer?
Opera is the mainnet of Fantom. The mainnet fully supports smart contracts via Solidity, Ethereum's
programming language. This makes it compatible with the Ethereum Virtual Machine (EVM). This allows developers to easily develop and deploy their own dApps. In combination with the unique consensus mechanism, Fantom ensures minimal risk of high gas fees and/or network congestion.
Users can also create their own independent network. Each dApp built on Fantom then operates on its own blockchain. Because of the unique structure, all dApps still benefit from the security and speed of Opera, the mainnet.
dApps built on Fantom are designed to be interoperable by default with other platforms built on Ethereum. Thanks to the support of Solidity, Ethereum's programming language, and the integration of the Ethereum Virtual Machine (EVM). This while keeping the efficiency of fast and cheaper transactions at the forefront. Each decentralized application can thus be fully adapted to the needs and wishes of its users. Think tokenomics, governance and structure.
Lachesis consensus mechanism
All independent dApps do remain part of Lachesis Proof-of-Stake
consensus mechanism. The advantage? Not only do they enjoy the speed and security of the mainnet, but with it, they are also interoperable with each other.
Lachesis is an aBFT consensus mechanism. This means that all network data can be processed at different times and only one-third of the participants can be guilty of violation, without unnecessarily damaging the blockchain and the network. With this consensus algorithm, they are making an attempt to solve the blockchain trilemma. Fantom is dedicated to bring security together with scalability and decentralization.
Looking at the individual nodes, we do not see a regular blockchain structure, but a DAG structure: Directed Acyclic Graph. Data is not brought together linearly, but all follow their own data structure, after which they are bundled together. As a result, the network processes transactions faster and is also more scalable as a result.
Fantom's ecosystem has now launched more than 200 different dApps. Because of its wide range, Fantom is also seen as an all-in-one package for DeFi applications, for both developers and users. Some of these dApps include:
Decentralized Exchanges (DEX)
Lending & Borrowing
All of these dApps are important for the further development of DeFi. With their cross-chain bridge, Fantom is focusing on interoperability. Fantom also has its own stablecoin called fUSD.
Fantom's utility token FTM drives the entire ecosystem. Not only do users pay transaction fees in FTM tokens, but it also gives them governance. It allows them to help decide the future of the protocol.
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