The main 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 per second. According to these indicators, the system bypasses Ethereum and many other blockchains. The chain of blocks consists of several levels: first, the core, which processes operations within the system; secondly, storage, which is necessary for the operation of smart contracts and other elements of the blockchain; thirdly, an ecosystem for launching DApps.
Lachesis is a consensus in the aBFT format developed by Fantom specialists. It ensures the operation of the blockchain. Classical BFT is understood as the ability of the blockchain to reach consensus and filter out blocks that contain incorrect data or have been hacked by hackers. The world's first cryptocurrency, Bitcoin, is based on PoW or Proof-of-Work consensus. To maintain the operation of the blockchain, it is necessary to perform complex mathematical calculations, that is, to mine crypto. However, a cryptocurrency running on this consensus is slow, and it takes a huge amount of energy to keep the blockchain running.
You 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 certain period (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 If no deadline is set, the coin can be withdrawn at any time.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 about 4% per year.
Inside the Fantom, NFTs are used. With the help of applications running in the ecosystem, it is possible to create new non-fungible tokens without paying a commission. This is done via the Artion service. There is also a PaintSwap marketplace where you can sell and buy tokens (including NFTs).
Fast Transactions and Low Costs
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 adapted to make small payments between participants.
The system processes more than one thousand operations per second, and also works with decentralized applications that require the allocation of 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. 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.
Fantom is fully compatible with the virtual machine of the Ethereum network.Therefore, applications developed for Ethereum can function inside Fantom.
Fantom is not just a virtual coin, but a decentralized environment for executing smart contracts. The creators represent it as an alternative to Ethereum 1.0, which is characterized by a low speed of operations, as well as a high commission for transactions. Fantom cryptocurrency is fundamentally different from the currently popular projects thanks to the Lachesis consensus, which is why it is of interest to investors.
Fantom is a productive and high-speed open source system with the ability to work with smart contracts. This combination of properties allows it to be used for solving various problems:
Combining different platforms and blockchains into a single infrastructure, creating and operating applications for fast real-time data exchange.
Creation of secure and functional applications that solve various problems in the telecommunications sector, the production of electric vehicles, the financial sector, and cargo transportation.
The ability to create coins and tokenized assets that will function on the basis of the Fantom. Various decentralized applications have already been launched and successfully operate in the project network:
A consensus in the aBFT format, developed by Fantom specialists, ensures the operation of the blockchain. Asynchronous BFT (aBFT) is an advanced verification algorithm that solves the main problems of Bitcoin and Ethereum. aBFT consensus is based on a local acyclic graph (DAG). The system fixes the connection between events, which allows you to restore the order of transactions. Therefore, nodes in the blockchain only synchronize events. This approach also has its drawbacks, but at the moment it shows great efficiency.