Fantom is a layer 1 distributed ledger that offers seamless deployment of smart contracts on its network. The platform uses an advanced DAG — Directed Acyclic Graph, which involves seamless interaction of computer nodes in a network to ensure fast and secure transactions. (DAG) smart contract platform was designed to outstrip the problems of the previous wave of blockchain platforms.
Fantom uses a distinct Proof-of-Stake (PoS) model, which is an independent layer called the “Lachesis Protocol” to achieve consensus. The goal of this protocol is to be integrated into the EVM-compatible smart contract chain called the Fantom Opera chain. Essentially, it allows several projects to be built on the Fantom Opera chain to enjoy the basic functionalities of Fantom. This includes swift transactions and minimal transaction costs for all users while maintaining effective security.
Lachesis works like the regular PoS platform, but this technology is faster and much more cost-effective. It combines different time periods and executes them on a single vote. This method facilitates the high transaction process by processing 4500 transactions per second, including basic transactions and smart contracts.
Fantom is posing to be a reliable alternative to Bitcoin, whose transactions process can take up to an hour, and Ethereum, which can take up to 10 minutes. Fantom network only takes about 1–2 seconds to process while aiming for 300,000 transactions per second.
The project’s long-term goal is to offer compatibility within wider transaction bodies across the globe using fast DAG technology that can be integrated at a larger scale in the real world. Also, it is looking to design a new sustainable infrastructure with permits for real-time transactions and data transfer.
What is so unique about Fantom?
Traditional blockchain systems, such as the Bitcoin blockchain, aren't designed for scalability; rather, they prioritize security and decentralization. A transaction on the Bitcoin network, for example, can take anywhere from 10 to 15 minutes. This makes scaling the network in terms of transactions difficult.
The Fantom team aims to fill this gap by utilizing a leaderless proof-of-stake (PoS) protocol that is used to protect the network (i.e., the blockchain does not compromise security or decentralization). Moreover, a transaction on the FTM network takes 1–2 seconds to complete. Also, the transaction costs are far lower than those of Bitcoin.
The Fantom Opera mainnet is Ethereum Virtual Machine (EVM)-compatible and supports full smart contract functionality via Solidity. Fantom's network is unique in that it is self-contained, meaning that the performance of one area's traffic congestion has no bearing on other areas of the network. So, is Fantom its own blockchain?
Every application gets its own personalized (independent) blockchain with specific tokens, governance rules and tokenomics, thanks to Fantom's high level of scalability. The infinite number of decentralized systems that make up Fantom interact with one another while working independently in their own zones.