Fantom FTM

$0.0051
Market Cap $ 6.440 MM (#323)
24h Volume $ 591.948 K
Chg. 24h: 12.18%
Algo. score 3.3/5  (#303)
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Fantom project purpose and description

Fantom clarity of purpose

Fantom purpose and aspects

The FANTOM OPERA Chain is intended to solve the scalability limitations of existing blockchain with the Lachesis Protocol. This is intended to nbe achieved by adopting a method where a single event block verifies the previous transaction, and transactions are verified and processed asynchro- nously without being approved by the miners as in prior blockchains. Thus, increased transactional load will not lead to delayed approval or bottleneck effects. It intends to also manage historical information on its own without being assisted by external databases such as the Oracle Database. Event blocks that store information from transactions that arise include multiple data packages. A data package may include transactions, Smart Contracts, historical information, reputation management, and rewards. The FANTOM OPERA Chain intends to make the processing infrastructure in our society more transparent and reliable. With fast and safe process- ing methods based on DAG and independent management of historical information through “Story Data”, the Lachesis protocol is intended to be expanded into various industries along with Smart Contracts.

Fantom additional differentiation against competition

n/a

Fantom categories

PlatformBlockchain as a service

Short description

FANTOM is the world's first DAG based smart contract platform that solves the issue of scalability and confirmation time of the existing blockchain technology.

Abstract

Blockchain technology has provided a way to maintain consensus across all nodes with no central authority. However the technology faces fundamental issues like a lack of real-time transaction settlement and scalability. Despite improved consensus algorithms, Some blockchain implementations such Bitcoin or Ethereum synchronize one block at a time. This results in slow confirmation times, one of the biggest factors stopping blockchain technology from being widely used across many industries. Although Smart Contract platforms such as Cardano and EOS have started to emerge, public Distributed Ledgers are still not widely used. To address these persistent issues, a new model based on the Directed Acyclic Graph (DAG) was developed. FANTOM is a new DAG based Smart Contract platform that intends to solve the scalability issues of existing public distributed ledger technologies. The platform intends to distinguish itself from the traditional block ledger-based storage infrastructure by attempting to employ an improved version of existing DAG-based pro-tocols. The FANTOM platform adopts a new protocol known as the “Lachesis Protocol” to maintain consensus. This protocol is intended to be integrated into the Fantom OPERA Chain. The aim is to allow applications built on top of the FANTOM OPERA Chain to enjoy instant transactions and near zero transaction costs for all users. The mission of FANTOM is to provide compatibility between all transaction bodies around the world, and create an ecosystem which allows real-time transactions and data sharing with low cost.

Link to Roadmap: https://fantom.foundation/contents/data/2018/10/wp_fantom_v1.6.pdf
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