Fantom (FTM) is a blockchain platform that aims to provide fast, secure, and scalable infrastructure for decentralized applications and smart contracts. It uses a novel consensus mechanism called “Lachesis, ” designed to enable high-throughput and low-latency transactions. The platform also features a modular architecture that allows for easy upgrades and the implementation of new features. FTM is the native crypto of the Fantom network and is used to pay for transactions and other network activities.
Who Are the Founders of Fantom?
Fantom was founded by Dr. Ahn Byung Ik and Dr. James Fry. Dr. Ahn Byung Ik is the current CEO of the company and is an experienced entrepreneur and blockchain expert. He has a background in computer science and has been involved in the development and implementation of various blockchain projects. Dr. James Fry is the current CTO of the company and is a blockchain expert and researcher with a PhD in computer science. He has published several papers on blockchain technology and has been involved in the development and implementation of various blockchain projects. Dr. Ahn and Dr. Fry have a wealth of experience in the blockchain and distributed systems field and have been working together on various projects since 2018. They founded Fantom foundation in 2018 and later the company Fantom in 2019.
Why is Fantom valuable?
Fantom is valuable for several reasons:
- High-throughput and low-latency: The Lachesis consensus mechanism allows for high-throughput and low-latency transactions, making it suitable for use in high-demand applications such as decentralized finance (DeFi) and gaming.
- Scalability: The DAG-based architecture of the Fantom network allows for a large number of transactions to be processed simultaneously, which increases the overall scalability of the network.
- Modularity: The use of Opera and EVM-compatible smart contracts allows for easy upgrades and the implementation of new features, which increases the overall flexibility of the network.
- Security: The Lachesis consensus mechanism is designed to provide a high degree of security by allowing nodes to vote on the validity of other nodes’ proposals.
- Decentralization: Fantom is a decentralized platform, meaning that there is no central point of control or failure. This makes it resistant to censorship and tampering.
- Use cases: Fantom’s high-speed and low-cost transactions make it a suitable choice for various use cases such as supply chain management, digital identity, gaming, and DeFi.
- Adoption: The Fantom project has partnerships with major players in different industries such as ChainGuard, ChainGuard, and others which could drive the adoption of the platform.
All of these factors contribute to the value of Fantom and the potential for it to be widely adopted in the future.
How Does Fantom Work?
Fantom is a blockchain platform that uses a novel consensus mechanism called “Lachesis” which is a form of directed acyclic graph (DAG) based consensus. DAG is a topological ordering of the vertices in a directed graph, where each vertex is a block and there is a directed edge from an earlier vertex to a later vertex. In Lachesis, each node in the network maintains a local copy of the DAG and participates in its growth by proposing new blocks and voting on the validity of other nodes’ proposals. This allows for high-throughput and low-latency transactions, as well as a high degree of decentralization.
Fantom also features a modular architecture that allows for easy upgrades and the implementation of new features. This is achieved through the use of “Opera” and “Ethereum Virtual Machine” (EVM) compatible intelligent contracts, which can be used to create decentralized applications (dApps) and other services on the Fantom network. FTM is the native cryptocurrency of the Fantom network, and is used to pay for transactions and other network activities. Transactions on the network are processed in a matter of seconds, and the network can handle thousands of transactions per second.
How Is the Fantom Network Secured?
The Fantom network is secured through a combination of several mechanisms:
- Lachesis consensus: The Lachesis consensus mechanism is a form of directed acyclic graph (DAG) based consensus, which allows for high-throughput and low-latency transactions while providing a high degree of security. Each node in the network maintains a local copy of the DAG and participates in its growth by proposing new blocks and voting on the validity of other nodes’ proposals.
- Proof of Stake (PoS): The Lachesis consensus mechanism is based on PoS, which means that nodes are required to hold a certain amount of FTM in order to participate in the network and validate transactions. This helps to ensure that the network is decentralized and that the validators have a stake in the network’s success.
- Byzantine Fault Tolerance (BFT): The Lachesis consensus mechanism is BFT, which means that it can tolerate a certain number of faulty nodes without compromising the overall security of the network.
- Secure communication: The nodes in the network communicate with each other using secure protocols such as Transport Layer Security (TLS) to ensure that their communication is protected from eavesdropping and tampering.
- Encryption: All transactions on the Fantom network are encrypted, which ensures that only the intended parties have access to the transaction details.
Overall, the Lachesis consensus mechanism, the PoS, BFT, secure communication, and encryption all work together to provide a high level of security for the Fantom network.