FANTOM BLOCKCHAIN

Fantom Blockchain is a contract-aware smart contract blockchain powered by its native FTM token. This blockchain is fast and cheap and has proven that it can support a decentralized finance industry (DeFi) of its own.

Fantom is a layer- 1 blockchain that aims to provide an alternative to the high cost and slow speed that Ethereum users often complain about. 

Fantom runs on a directed acyclic graph blockchain, similar to the Hedera Hashgraph. 

 HOW FANTOM WORKS

The Fantom blockchain gains speed partially through a directed acyclic graph (DAG), where the display of blockchain transaction history is as "Hashgraph", a graph of hash functions blockchain.

The leaderless consensus mechanism of Fantom is Lachesis. This mechanism is a variation of Proof of Stake, called Asynchronous Byzantine Fault Tolerance (aBFT). The advantage is that it can work smoothly even if the third party of the transaction data is fraud.

ADVANTAGES OF FANTOM

Speed "‹"‹and scalability are two benefits when using the aBFT consensus algorithm. The community governance is through a transparent on-chain voting mechanism. Also, support for ERC-20 tokens and Ethereum virtual machines for Smart contract is record-keeping and management. Network Security Guarantee with TxFlow – aBFT middleware protocol designed to improve responsiveness and overall performance. The platform does not sacrifice speed to prioritize security but improves both. However, some drawbacks need attention.

DISADVANTAGES OF FANTOM

The FTM has an ERC-20 token but is not compatible with other wallets. It works on mobile and desktop, but FTM can only be in Fantom's official PWA wallet. The wallet is compatible with other ERC-20 tokens that will be automatically exchanged for Opera FTM. You cannot use FTM on other exchanges such as Binance. You can use FTM only on the platform. 

CONCLUSION

The project is still under development, but it currently provides a stable foundation for users who want to build their network with the speed, scalability, and excellent performance.

Fantom protocol brings several benefits to the DeFi environment with an FVM system. In this way, the functionality of blockchain technology and its overall performance will improve. The platform offers DeFi multiple benefits to users with its aBFT consensus protocol, which addresses issues like delay, confirmation time, speed, and scalability.