Fantom is an open-source blockchain platform with its main network called Opera. Opera is an open-source, permissionless smart contract blockchain that is compatible with Ethereum Virtual Machine (EVM). Smart contracts on the Opera network are written in Ethereum's native language, Solidity, allowing for easy deployment of ETH decentralized applications (dApps) to the Fantom environment. Designed to be secure and capable of processing a large number of transactions, Fantom is a layer-2 (L2) cryptocurrency that utilizes a Directed Acyclic Graph (DAG) data structure for fast, reliable, and secure transactions. This high transaction processing speed is enabled by the "Lachesis Protocol" consensus algorithm, which is Byzantine fault-tolerant (BFT).
Components of the Fantom Ecosystem
The Fantom ecosystem consists of several components, including:
- Fantom Opera Chain: This is the main blockchain platform of Fantom, on which other components are built. It is a layer-2 blockchain designed for high-speed and security.
- Fantom Store: This is a decentralized data storage system that provides secure storage for dApps and other applications on the Fantom platform.
- Fantom Algorithms: These are algorithms used to ensure the security and scalability of the Fantom platform.
- Fantom Token (FTM): This is the native token of the Fantom platform, used to power the ecosystem and incentivize developers and users.
- Fantom Virtual Machine: This is a virtual machine used to execute smart contracts on the Fantom platform.
- Fantom Foundation: This is the organization responsible for the development and management of the Fantom platform. Its headquarters are unknown.
- Fantom Network: This is a supporting network protocol that enables communication between different nodes on the Fantom platform.
Benefits of Fantom
Security: The Fantom platform is secured by the "Lachesis Protocol," which is a BFT consensus algorithm. This ensures the security of the network and the reliability of transactions.
Scalability: Fantom is designed to be highly scalable and can process thousands of transactions per second, making it suitable for large applications. Currently, Fantom is said to handle up to 20,000 transactions per second.
Decentralization: Fantom falls into the category of moderately decentralized cryptocurrencies, mainly those that use Proof of Stake (PoS). However, a problem with this cryptocurrency is its Nakamoto coefficient. This value reaches 3, which is very low and indicates how many of the largest nodes are needed to "control the network" for either slowing down or completely stopping its operation. However, these nodes would have to take joint action for any potential attack. There are definitely projects in the world that are significantly more decentralized, such as Bitcoin Avalanche.
Low costs: Fantom is designed to be efficient and allows users to perform transactions at low costs.
Origin of Fantom Cryptocurrency
Fantom is a cryptocurrency created with the aim of offering a solution to the shortcomings of existing blockchains. Founded in 2018 by a team of blockchain and finance experts, led by Dr. Ahn Byung, Fantom aims to provide a better alternative.
Useful links:
- Transaction explorer
https://explorer.fantom.network/ - Wallet for Fantom
https://wallet.fantom.network/ - Fantom Twitter account
https://twitter.com/FantomFDN