FANTOM - The DeFi crypto Revolution
26FANTOM - The DeFi crypto Revolution
What Is Fantom?
Fantom is a decentralized, permissionless, open-source smart contract platform for decentralized applications (dApps) and digital assets — one of many blockchain networks built to provide an alternative to Ethereum. The Fantom blockchain mainnet went live in December 2019 and its network architecture intends to provide a viable solution to the blockchain trilemma by providing a steady balance of scalability, security, and decentralization.
Like other Ethereum alternatives, Fantom intends to provide more scalability and lower costs than the legacy first-mover smart contract platform is able to provide in its Ethereum 1.0 iteration. Fantom’s infrastructure is tied together through its Asynchronous Byzantine Fault Tolerant (aBFT) Proof-of-Stake (PoS) consensus mechanism, which maintains the operational efficiency of the entire network. The aBFT network structure is designed to preserve network security while maximizing speed.
Fantom Network Structure
Fantom operates atop a bespoke “leaderless” PoS consensus mechanism dubbed Lachesis that secures the Fantom network and ensures both transactional speed and security. Lachesis is an aBFT consensus mechanism, which means that network data can be processed at different times, and the network can tolerate up to one third of participants engaging in faulty or malicious behavior without causing undue harm to network processes.
Lachesis also boasts near-instant finality. This means that transactions are confirmed and finalized in an average of one second, without the need to wait for laborious block confirmation as experienced in Proof-of-Work (PoW) networks. By avoiding the relatively lengthy block confirmation process, this aBFT system is much faster and more scalable than many of its Byzantine Fault Tolerant (BFT) counterparts.
Diving deeper into how Fantom’s Lachesis functions, we see how each network node contains its own Directed Acyclic Graph (DAG), which records the chronology of “event blocks” and respective transactions, with each node achieving internal consensus independently. Confirmed batches of events blocks are then compiled into finalized blocks that are confirmed on the wider Fantom network. Finalized blocks, which form the base layer Fantom blockchain, are composed of confirmed event blocks from the independent nodes.
While independent Fantom nodes will occasionally communicate with one another about transactions and events, they do not confirm finalized blocks or the overall state of the network. This architecture results in a system that processes transactions quickly, and achieves finality within seconds. Fantom stresses that its PoS mechanism is leaderless, which means there are no block leaders and no participants have a special role in its operation. Anyone can join or leave the node network at any point, and all nodes hold equal weight in the consensus protocol.
discussion purposes only, and are not investing recommendations. Under no circumstances does this information represent a recommendation to buy or sell securities or digital assets.
.
.
.
BitBoy Crypto, Coin Bureau, Alt Coins Daily, Data Dash, Sheldon Evans, Morning Invest, Ivan on Tech, Real Vision Finance, Benjamin Cowen, Andreas Antonopoulos, EllioTrades Crypto, Anthony Pompliano, Digital Asset News,
Altcoin Buzz, Crypto Lark, Box Mining, Crypto Zombie, The Modern Investor, Hashoshi, TheChartGuys, ksi xcad, ksi, mrbeast, mrbeast xcad, xcad plugin, xcad, xcademy network, zilliqa, zil, invest in zilliqa, bitcoin, ethereum, cardano, ada, litecoin, binance, bnb, vechain, chanlink, crypto, cryptotalks, cryptocurrency, investing, investements, trading, solana, sol, moonlet, binance trading, pancakeswap, staking, yield farming, passive income, how to get passive income, doge, dogecoin, shiba, shibainu,
.
#fantom #crypto #cryptocurrency