The crypto industry has seen a large expansion in the past few years. The decentralized and transparent blockchain technology has made peer-to-peer transactions a reality, eliminating the need for a mediator.
The immutable collection of transaction data and the use of distributed ledger technology secures the whole process.
But every system has its pros and cons and the scalability of the blockchain is a difficult task.
The Fantom Ecosystem surfaced in the crypto industry back in 2019. Analysts say the project aims to overcome limitations shown by the previous generation of blockchain. It will solve decentralization, scalability, and security issues.
Fantom Ecosystem
Fantom is a Directed Acyclic Graph (DAG) based smart contract platform. Its scalability is exacerbated and it has an open-source platform to build crypto DApps.
DAG technology facilitates the processing of transactions on the blockchain asynchronously, though the processing is like traditional blockchain ones. The only difference is, like a classic blockchain system, it does not need mandatory storage on every node that exists on the network.
Being a Distributed Ledger, this ecosystem works as a builder of stacks instead of blocks, making it different from blockchain technology.
It operates as a blockchain architect that supports open-source smart contracts. It delegates designers to create comprehensive, secure, and modular Decentralized applications(DApps). The platform also gives stakeholders access to smart contracts that drive smart city data.
This data-driven, EVM-compatible system will find uses in public utilities, healthcare, and smart home systems. Education, traffic and resource management and environmental sustainability projects will also enjoy the former.
The team of Fantom aims to use a Proof of Stake (PoS) mechanism to protect the network (security or decentralization is not compromised).
Opera Chain is Fantom’s main network. It promotes EVM support and staking services. The blockchain’s own token, FTM circulates through transactions and protects the network through staking. Opera is entirely open-source and doesn’t need a license. Besides, Ethereum’s programming language, Solidity supports smart contracts making safer transaction protocol.
Benefits of Fantom Blockchain:
One of Fantom’s strongest suits is it meets all three requirements of a successful blockchain, security, scalability, and decentralization, while Bitcoin forces security and decentralization at the expense of scalability. This makes Bitcoin unsuitable for daily transactions that are small and require high speed.
Fantom fits in this situation as it uses the Lachesis, an Asynchronous Byzantine Fault Tolerance(BFT) consensus mechanism. Based on a Directed Acyclic Graph (DAG), Fantom is a robust, secure, and scalable smart contract platform that processes over twenty thousand transactions each second.
Another positive is the platform’s compatibility with Ethereum Virtual Machine( EVM). This results in the quick transfer of apps from Ethereum to the FTM network.
This feature advantages the user as well as they get a seamless switch between Fantom and Ethereum from the same wallet seamlessly.