What is Fantom blockchain

Fantom is a blockchain platform designed to provide fast, scalable, and secure decentralized applications (dApps) and smart contracts. It aims to address some of the key limitations of existing blockchain platforms such as slow transaction speeds and high fees. Opera Chain is the main blockchain layer of Fantom, which utilizes a directed acyclic graph (DAG) consensus mechanism known as Lachesis. This consensus mechanism allows for high throughput and fast confirmation times.Fantom supports the execution of smart contracts, enabling developers to build decentralized applications (dApps) on the platform.Fantom is compatible with the Ethereum Virtual Machine (EVM), which means that developers can deploy existing Ethereum smart contracts on the Fantom platform with minimal modifications.

Fantom uses a DPoS consensus mechanism to secure the network and achieve consensus. DPoS relies on a system of elected delegates to validate transactions and produce blocks.FTM is the native cryptocurrency of the Fantom platform. It is used for various purposes such as paying for transaction fees, participating in network governance, and incentivizing validators.Fantom has been gaining traction in the DeFi space, with projects building decentralized exchanges (DEXs), lending platforms, and other financial applications on the platform.Overall, Fantom aims to provide a scalable and efficient infrastructure for decentralized applications and foster innovation in the blockchain space.

Fantom is a highly scalable blockchain platform that stands out for its advanced technology and diverse use cases. Asynchronous Byzantine Fault Tolerant (aBFT) Consensus: Fantom uses a unique consensus algorithm called Lachesis, which allows for near-instant transaction finality. The network can handle approximately 2,000 transactions per second with a finality time of around 1 second. Transactions on Fantom cost less than $0.01 on average. Fantom Sonic is an upcoming mainnet upgrade that promises to bring unprecedented scalability and storage options for developers, as well as a swift user experience.