This informative work explores the unique FTM ecosystem to find out what makes it so scalable. Learn how users can profit from this platform and its unique features.
Fantom is a next-generation Layer 1 blockchain platform with high performance smart contracts functionality. It features a virtual Fantom Opera machine that uses multi-layer scaling computational infrastructure. This guide focuses on why Fantom is a popular platform for dApp development.
What makes Fantom (FTM) special?
Fantom serves as a high-quality scaling solution for many people. The platform uses many helpful technologies, such as DAG and EVM compatibility through Proof-of-Stake. Understanding how the Fantom blockchain functions at a fundamental level helps us understand its creation.
Lachesis consensus algorithm
Lachesis stands out from the crowd as a public peer-to-peer network without a networking layer; it’s intended for creating P2P applications. This is because it uses an asynchronous design, which provides more freedom for users. There are no master nodes in its consensus; instead, the leaderless consensus follows an ideology called leaderarchy.
Lachesis can operate even under circumstances where some of its nodes start acting maliciously. Additionally, the algorithm is incredibly fast; it can process transactions in 1–2 seconds. Lachesis’s asynchronous design offers users greater freedom by eliminating the need to launch a networking layer. There are also no master nodes in its consensus; instead, all decisions are leaderless. Because of this, P2P app developers can create apps without any need for a master node.
EVM-compatible tools
The Fantom Opera mainnet makes it easy port Ethereum-based dApps to its ecosystem. This is because its creators included EVM toolkits in its software development kits. The native token of the Fantom network, FTM, is compatible with both the ERC-20 and BEP-20 token standards. This means that both regular users of Ethereum and users of the Binance exchange can use this token in their projects.
Directed Acyclic Graph (DAG)
A DAG is a blockchain structure that looks like a graph instead of a chain. It has vertices and edges, which are represented by the data contained in the blockchain. Fantom created a new DAG2.0 model in August 2022. This platform increased security and speed by stacking past event blocks.
