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Fantom is a decentralized environment, executing the smart contracts for digital assets and dApps.
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Fantom is a layer-1 decentralized blockchain that uses a Directed Acyclic Graph (DAG) consensus algorithm to create multiple executions for achieving high scalability and transaction throughput. As such, Fantom has gained popularity among developers who want to build decentralized applications (dApps) and smart contracts on a fast and reliable blockchain. The network's independent consensus layer is called Lachesis, featuring a novel consensus mechanism developed by the Fantom Foundation dubbed the "Lachesis Protocol." Lachesis can provide security to many other layers, the first of which is Fantom's EVM-compatible smart contract chain called Opera. The project's goal is to host an ecosystem of execution layers while enabling them to feature fast and cost-efficient transactions due to the benefits provided by the Lachesis Protocol.
The key element of the platform is the decentralized Opera network. The main difference from existing projects is the very high speed of command execution, as well as the processing of a large number of requests in one second. According to these indicators, this system avoids Ethereum and many other blockchains.
Lachesis is a consensus developed by Fantom specialists. It ensures the operation of the blockchain. Classical BFT is the ability of the blockchain to reach consensus and filter out blocks that contain incorrect data or have been hacked by hackers.
One can get it by staking, that is, storing it in your wallet and ensuring transaction validation. But unlike other options, this coin can be staked by placing an existing asset for a period of 12 months. In return, the system pays a reward of up to 13%. If no deadline is set, the coin can be withdrawn at any time. But the profit will be nearly 4% per year.
Inside the Fantom, NFTs are used. With the help of apps running in the ecosystem, it is possible to create new non-fungible tokens without paying a commission fee. This is done via the Artion service.
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It takes up to one second to carry out operations within the system. At the same time, you do not need to pay a high commission for making a payment. Therefore, the network can be used to make small payments between participants.
Fantom is fully compatible with the virtual machine of the Ethereum network. Therefore, applications developed for Ethereum can function inside it.
The system processes more than one thousand operations per second, and also works with decentralized applications with a large amount of resources. Up to 1000 nodes can be connected to the network.
The blockchain operates on a specialized consensus, which differs from the classic PoW mechanism. All participants in the chain are equal and play roles in its functioning. There are no central nodes that violate the principle of resource allocation.
With Fantom's "most significant network upgrade to date," Go-Opera has an improved network functionality and reliability. The upgrade reduced the average TTF to a revolutionary one second, something that blockchain space has lacked in earlier times. Since its launch into space, Fantom has been quite successful in speeding up the transaction processing of past competitors, and with this upgrade, they have been able to overtake their only competitor, which was their previous speed. Furthermore, events on Fantom have become much more efficient through this upgrade, regardless of network status. Claiming rewards is very simple and there are no restrictions on when users are allowed to claim rewards. All of these small upgrades are key to creating the user and thus, the developer experience as seamless as possible on the platform.
A consensus algorithm is a mechanism to reach an agreement among nodes in distributed networks. It removes the need for a central authority and allows the whole network to agree on data and the ordering of events in a trustless way.
Fantom has an ERC20 token, but it can’t be used directly on the Opera mainnet. When you send your ERC-20 to the Fantom Wallet, it will automatically be swapped to Opera FTM.
You can’t stake FTM on exchanges.
You can store Opera FTM on its official PWA wallet for mobile and desktop.
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