Fantom is an open-source, secure, scalable, high-performance, decentralized and fully customizable smart-contract platform that is designed to overcome the limitations of blockchain technology.Get Wallet
What is fantom?
Fantom is an open-source, secure, scalable, high-performance, decentralized and fully customizable smart-contract platform that is designed to overcome the limitations of blockchain technology. For the first time, DAG (Directed Acyclic Graph) technology is used in cryptocurrencies and can be a useful tool for building dApps. The aim of DAG is to build a full-fledged IT infrastructure for smart cities. DAG has a slight difference from the traditional blockchains. A blockchain gathers a lot of transactions in one block, and then adds all of them to the chain. DAG picks up every transaction and immediately adds it to the chain. Thanks to Fantom, multiple different service providers can be linked to a “smart” network, offering consumers flexible solutions and high-speed data transfer. A total of approximately 90 billion IoT devices will be installed in major cities around the world by the end of 2020, each device sends data and must store it as safely and conveniently as possible using dApps and smart contracts. FTM token is a native token of the entire ecosystem.
How does it work?
In the future, Fantom blockchain will process thousands of transactions per second, and reduce transaction fees. Programming is performed in Scala 's built-in language. Fantom is a modular platform. Lachesis represents a single consensus layer of the blockchain technology stack, which can be connected to any distributed ledger. Two networks use the Fantom’s consensus algorithm:
the Opera mainnet, that uses the Ethereum Virtual Machine (EVM) and is fully compatible with the Ethereum network;
Xar Network, based on the Cosmos SDK on top of Fantom’s aBFT consensus. The own mechanism, called the Fantom Virtual Machine, which represents a fully-fledged, open-source SDK will be launched in 2020. The Fantom's modularity function makes it scalable and flexible. Developers can rapidly import their dApps based on Ethereum to the Fantom Opera mainnet, upgrade the performance and lower the costs.
Lachesis, with its aBFT consensus mechanism, allows Fantom to be fast, scalable, cheap and secure. Anyone can set up their own independent networks. Developers can use Lachesis to build dApps without creating their own networking layer. All participants in the network have the opportunity to process commands at different times. All members are equal and no one has special rights or plays a “special” role. The main feature of Lachesis is that there is no need to wait for block confirmations, all transactions are validated within 1-2 seconds. The Fantom's advantages provide bank-grade stability and security, its modular architecture enables the full customization of blockchains for digital assets. High level of security is achieved by the use of a leaderless Proof-of-Stake protocol to protect the network.
The Opera is an open-source, fast and limitless environment for creating dApps. Driven by aBFT consensus algorithm, there is no risk of congestion or long confirmation times. The Fantom Opera mainnet is fully compatible with the Ethereum Virtual Machine (EVM) and offers complete support for smart contracts via Solidity language. It allows developers to save compatibility with Ethereum for smooth dApp portability. They can write, deploy, and execute smart contracts on top of a faster consensus mechanism. Opera consists of 3 layers: The 1st layer is responsible for generating events and maintaining a consensus on all nodes via the Lachesis protocol. Transactions are confirmed through the use of DAG technology, which allows nodes to process transactions asynchronously. All transactions are stored on each node of the network, but data is not required to be saved across all nodes. The second type of so-called witness-node is used to validate transactions. The 2nd layer is called OPERA Ware Layer. It acts to perform functions such as charging payments, rewarding, and writing a “Data History”. Layer 3 for applications provides public APIs for dApps. Opera is completely leaderless, the validators do not determine which blocks are valid and this feature additionally increases network security.
It is used for several purposes, for example, to secure the network and for sending and receiving payments on the network. The next purpose is on-chain governance, anyone can become a staker by simply keeping FTM in their wallet. All stakers can propose and vote for the network changes and improvements using native token. Finally, it is used for transaction fees and fees to the deployment of smart contracts or the creation of new networks.
Anyone can take part in staking process, it doesn't require any specific hardware or devices. The only thing that you need is a smartphone or a PC. Staking is the process of securing the network through the validation of transactions, in the Proof-of-Stake system. When the user stakes FTM, the tokens are locked up. They’re still in the user's wallet but it can’t be utilized for any other purposeы until they unstake them. In return users get rewards. The reward is variable: the higher the total staked amount, the lower the reward percentage each staker receives. Anyone can stake in Opera with a minimum of 1 FTM. Anyone who has at least 3,175,000 FTM may become a validator which runs a full-node and participates in consensus to increase security and to generate new blocks.
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