What Is the Fantom Blockchain?

by admin

Fantom is an Ethereum-compatible blockchain that is designed for the deployment of smart contracts. Its architecture enables low transaction costs while maintaining decentralization. Applications include blockchain gaming, music streaming, and smart contracts for micropayments. The Fantom network is scalable and self-contained. As a result, it can host an infinite number of decentralized systems. Its network operates independently in zones, allowing for a high degree of security and scalability.

Fantom has several advantages over its competitor Ethereum. The staking reward system, which rewards users who stake their tokens, is a particularly innovative feature. It also supports highly scalable smart contract functionality that can be used for supply chain management, payments, and smart city programs. In addition, its permissionless nature opens up new use cases beyond what is currently expected.

The Fantom blockchain is compatible with the Ethereum virtual machine (EVM). As such, it is easy to port existing Ethereum applications to Fantom. It also supports the ERC-20 token standard. This means that it’s a great choice for those who want to create decentralized applications. However, you should only invest with money that you’re willing to lose.

While Ethereum and Bitcoin are proof-of-work networks, Fantom is more secure because it uses a consensus mechanism called Lachesis. Lachesis can process data on the network asynchronously, which helps transactions occur at a faster speed. As a result, Fantom’s transactions can be completed in seconds rather than minutes. Its architecture includes three distinct layers, with each layer containing a unique set of protocols.

You may also like

Leave a Comment