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Cryptocurrency News Articles
Fantom (FTM): What It Is and What Its FTM Coin Is All About
Sep 26, 2024 at 01:03 am
Fantom is a high-performance Layer-1 blockchain platform built on a Directed Acyclic Graph (DAG) architecture designed to provide fast and low-cost solutions
As one of the original Layer-1 blockchains to grace the crypto space, Fantom has certainly had its fair share of highs and lows since its introduction in 2018. Despite nagging adoption concerns, co-founder Andre Cronje and the non-profit Fantom Foundation have seemingly managed to raise Fantom from the ashes thanks to the hype surrounding Sonic. With its Sonic rebranding, Fantom has managed to position itself as a major contender in the blockchain world thanks to its improved scalability.
Will this Fantom-to-Sonic migration be the catalyst needed to ignite widespread adoption? From covering the basics of the Fantom blockchain to highlighting the potential improvements that come with the Sonic network upgrade, here's everything you'll need to know when grasping the topic of what Fantom is and what its FTM coin is all about.
TL;DR
- Fantom is a high-performance Layer-1 blockchain designed for fast, low-cost transactions that operates on the Opera mainnet with its unique Lachesis consensus mechanism, offering high-throughput, fast transaction finality, and low fees.
- The Lachesis consensus mechanism combines asynchronous Byzantine Fault Tolerance with Direct Acyclic Graph architecture to offer high scalability, fast transaction finality, and enhanced security.
- Developers can easily port existing Ethereum projects to Fantom thanks to its Ethereum Virtual Machine compatibility. This opens doors to faster speeds and lower costs without rewriting code.
- The upcoming Sonic migration promises to boost scalability with the Fantom Virtual Machine (FVM), increasing the transaction throughput to 2,000 TPS while maintaining decentralization and security.
- While FTM remains central for staking, governance, and fees, the 'S' token will be Sonic's native token, providing optimized cross-chain capabilities and faster, more cost-effective transaction processing once the Sonic mainnet goes live.
What is Fantom?
Pegged as a high-performance Layer-1 blockchain, Fantom was built on a Directed Acyclic Graph (DAG) architecture, designed to provide fast and low-cost solutions for decentralized apps (DApps) and digital assets. Out of the various Layer-1s, Fantom stands out from the crowd with its unique Lachesis consensus mechanism that provides near-instant transaction finality and low fees. Currently, Fantom runs on the Opera mainnet, which acts as the foundational blockchain network that powers the Fantom ecosystem. Recently, the hotly anticipated Sonic migration has contributed to much of the recent discussion around Fantom as traders and DeFi users are excited for what's to come.
Understanding Layer-1 blockchains
Now, let's quickly break down what a Layer-1 blockchain is all about. Essentially, it’s a standalone blockchain that processes transactions and data on its own network. Unlike Layer-2 solutions, which sit on top of existing blockchains like Ethereum, Layer-1 blockchains aim to resolve issues such as high fees and slow transaction speeds by offering their own base infrastructure. In the world of Layer-1 blockchains, competitors like Solana and Sui are vying for attention. What sets Fantom apart is its focus on providing high throughput and scalability without the high costs typically associated with decentralized networks.
The history and evolution of Fantom
Launched in 2018, Fantom set out with a clear mission: to overcome the issues of scalability, speed, and security that plague many existing blockchains. It’s the brainchild of South Korean computer scientist Dr. Ahn Byung Ik, whose goal was to create a blockchain that could achieve high performance without sacrificing decentralization or security. In 2019, Ahn left Fantom's future in the hands of the Fantom Foundation and its leaders, Michael Kong and Andre Cronje. Over the years, Fantom has gained recognition thanks to the numerous technological advancements introduced by the Opera mainnet. Of these achievements, its Lachesis consensus mechanism stands out and sits at the core of its architecture.
How does Fantom work? Explaining the Lachesis consensus mechanism
As previously mentioned, Fantom was originally created to solve the blockchain trilemma of balancing scalability, security, and decentralization. According to Fantom, it claims to achieve this balance through its unique Lachesis consensus mechanism, which allows it to confirm transactions in mere seconds with a high degree of security.
To break down how Fantom's Opera mainnet works, we'll explain its various components and how they all come together to form the scalability powerhouse that is the Fantom blockchain. In short, Lachesis combines asynchronous Byzantine Fault Tolerance (aBFT) with its DAG architecture. To fully grasp Lachesis, let's first break down its core components.
- Directed Acyclic Graph: Unlike traditional blockchains that use a linear chain of blocks, a network with a DAG architecture creates a data modeling environment that allows for multiple blocks to be added to the network simultaneously. This enables faster transaction processing and
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- SEC Settles With TrueUSD Issuer TrueCoin and Lending Protocol Operator TrustToken Over Alleged Fraudulent Sale of Unregistered Investment Contracts
- Sep 27, 2024 at 04:25 am
- Federal securities regulators have reached an agreement with TrueUSD (TUSD) issuer TrueCoin and lending protocol operator TrustToken to settle charges for the alleged
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- Hamster Kombat ($HMSTR): A Comprehensive Guide to the Viral Telegram-Based Tap-to-Earn Project
- Sep 27, 2024 at 04:25 am
- Amid much controversy around its airdrop allocation, Hamster Kombat ($HMSTR), a viral Telegram-based tap-to-earn project has finally opened for trading
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- South Korea Fines Worldcoin $830,000 for Misuse of Personal Data
- Sep 27, 2024 at 04:25 am
- The South Korean Personal Information Protection Commission (PIPC) has imposed a penalty of 1.1 billion won ($830,000) on Worldcoin and its sister organization
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- SEI Network (SEI) Saw an Applaudable Price Jump, With the SEI Token's Market Cap Cruising Above $1.6B
- Sep 27, 2024 at 04:25 am
- On September 24, the SEI team announced new ecosystem integrations through a post on X. Two yield-generating Liquid Staking Tokens (LSTs), Seiyan ETH and Super Seiyan ETH, developed by Nucleus and Dinero, have successfully entered the SEI ecosystem.
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- Mawari Network Raises $10.8M to Scale Spatial Computing and XR Experiences
- Sep 27, 2024 at 04:25 am
- Mawari co-founder and CEO Luis Oscar Ramirez told The Block that the fundraising was structured as a simple agreement for future equity (SAFE) with token warrants.
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- Nervos Network (CKB), Sui (SUI), and Cutoshi (CUTO) – The Altcoins That Are Outperforming The Market
- Sep 27, 2024 at 04:25 am
- Large-cap cryptocurrencies are struggling and facing overall bearish sentiment, but at this time, a few promising altcoins are overperforming the markets, beating all the competition. These altcoins protect investors against drawdowns and give hope to survive in disappointing market conditions.
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- ORDI Airdrop: Check Eligibility for $ORDI Full guide
- Sep 27, 2024 at 04:25 am
- Obtaining your blockchain $ORDI tokens is painless! Just go through these quick steps and start using your tokens instantly.
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- Ethena Labs Releases New Fiat-Backed Stablecoin UStb Backed by BlackRock and Powered by Securitize
- Sep 27, 2024 at 04:25 am
- Ethena Labs, operating in the decentralized finance industry, has recently released its latest product. The fiat-backed stable coin is known as the UStb.
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- Crypto Analyst Bluntz Leans Bullish on Under-the-Radar Altcoin SAGA, Predicts Major Move for Memecoins WIF and POPCAT
- Sep 27, 2024 at 04:25 am
- The widely followed cryptocurrency analyst and trader known as Bluntz is leaning bullish on one under-the-radar altcoin while offering his insight on two memecoins.