What is Fantom?
Fantom is a giant decentralized autonomous computer that anyone can use. 's smart contract platform Fantom DAG-based, high-performance, Fantom enables infinite scalability and compatibility with all types of blockchain.
Fantom takes advantage of new technology called protocols Lachesis, which promises a transaction speed of 300,000 transactions per second. Besides, Fantom also gives developers the opportunity to build DApp on its platform.
Fantom's goal is to be the first platform to disrupt the current payment and supply chain management industries. Fantom focuses on reducing costs, increasing system transparency and executing hundreds of thousands of transactions per second, shaping products in a multitude of different industries, including food technology, telecommunications, banking goods, electricity and real estate.
The main ingredients of Fantom
- OPERA Chain: Fantom's OPERA chain processes the list of events asynchronously with no permission to change/modify previously confirmed transactions. In the model blockchain This brand new consensus mechanism will be used, which is the consensus algorithm Lachesis (it is a kind of Byzantine Fault Tolerant consensus) to improve the security of the network.
- Lachesis Protocol: Transactions are confirmed with a DAG to maintain consensus in the decentralized FANTOM network. As mentioned, the new consensus algorithm will help block pre-block confirmation events asynchronously, without the need to be confirmed by every node in the network (like a traditional blockchain). So even with a high transaction load, the network will run smoothly and quickly.
- Story Data: Every transaction and smart contract function can store a piece of data to track previous information and manage the supply chain.
- Story Root is a hash that allows to trace back the information of previous transactions or related data from its origin (support Story Data).
- Fantom's smart contract language is a SCALA-like functional language for executing smart contracts on the Fantom virtual machine. It is a fairly new programming language but is still undergoing various criticisms for its true performance.
Lachesis consensus mechanism
Lachesis is Fantom's consensus mechanism. It is the most advanced, fast and secure consensus mechanism to date.
Lachesis is an open source software for developers who want to build peer-to-peer (P2P) applications, without having to implement their own P2P networking layer (networking layer) from scratch. Below the layer, it allows multiple computers to act as one; a technique known as state machine replication.
Lachesis is designed to easily plug into applications written in any programming language. Developers can focus on building the application logic and simply integrate with Lachesis to handle the replication aspect. Basically, Lachesis will connect to other Lachesis nodes and make sure that everyone processes the same commands in the same order. To do this, it uses a P2P network and the asynchronous Byzantine Fault Tolerant (aBFT) consensus algorithm.
Opponents of Project Fantom
Fantom is a platform advocating openness, transparency, and cross-project collaboration. However, for informational purposes, here is a list of related projects underway to achieve similar goals.
- Ethereum: This is the first major blockchain platform known to everyone but not easily scalable at the moment. They do sharding and side-chaining and it will take another 1–2 years to get the full functionality desired.
- Cosmos: The next generation blockchain ecosystem and a fascinating project. It is Fantom's most direct competitor. 's approach Cosmos, which is very similar to Fantom, with many interconnected blockchains. However, Tendermint, Cosmos' consensus mechanism, is not as advanced as Lachesis and does not work well with larger number of validators.
- Hedera Hashgraph: Similar project but it is a permissioned network — in other words, Hedera Hashgraph focused.
There are also some other big projects like Polkadot, Dfinity or Dexon.
Fantom . use cases
Fantom's use cases are limitless. These include:
- Payments and financial transactions
- Transfer digital assets
- Release stablecoins
- Digital identity
- Market prediction
- Decentralized Exchange
- Healthcare, medical records and medical research
- Smart city management
- Traffic management and data analysis
- Smart home
- Resource Management
- Food traceability
- Supply Chain
Project development team
- Dr. Ahn Byung Ik (founder): PhD in computer science from Yonsei University, President of Korea FoodTech Association, co-founder of food technology platform SikSin.
- David Richardson (director): Former CEO at Mid-Ocean Consulting Ltd., Chairman of Oceanic Bank and Trust.
- Andre Cronje (Technical Consultant): Former Head of Crypto Code Review at CryptoBriefing, Technology Analyst at Leminiscap, Blockchain Infrastructure Engineer at CryptoCurve.
- Fred Pucci (Legal Consultant): Partner at TCM Capital, Attorney at Grasshopper Capital, former Head of Global Compliance at ANZ.
- Michael Kong (Director and CIO): Former CTO at Digital Currency Holdings, Advisor to the Enosi Foundation and Developer at Block8.
- Michael Chen (CMO): Former advisor at Fusion Foundation, business developer at Origin X Capital and Marketing Stategist at BlockCloud Company.
- Ashton Hettiarachi (Head of Innovation): CEO of Blockchain Partners Holdings, co-founder of Innovate Society.
- David Freuden (Partnership): Founder of MonsterPlay – a business consulting firm, former consultant at Xinfin Hybrid Blockchain.
- Aleksander Kampa (Technical Consultant): Director at Sikoba – a blockchain IOU platform, Researcher at New Money Hub.
- Samuel Marks (Development Consultant): Ph.D. in biomedical engineering at the University of Sydney, Director of Offscale.io – a software consulting firm
- Bariq Sikandari (Senior Consultant): Director at SKCHAIN Advisors, Director of Partnerships at Fusion Foundation
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