CoinMarketCap takes a look at a promising layer-1 blockchain. Grab a blanket if you’re scared of ghosts and spooky stories because we’re focusing on Fantom today!
Fantom is a decentralized, permissionless, open-source layer-1 blockchain for dApps and one of the biggest Ethereum’s rival. It has been live since December 2019 and attempts to resolve the blockchain trilemma through its innovative architecture, which combines scalability, security, and decentralization.
Its architecture is based on a single consensus layer integrating several execution chains. This consensus layer – Lachesis – has been developed by the Fantom Foundation as the base layer for its Lachesis Protocol, Fantom’s version of the Ethereum Virtual Machine. It uses DAG (Directed Acylic Graph) technology to improve the slow transaction finality and high transaction fees of traditional Proof-of-Work blockchains like Ethereum.
The first layer on top of Lachesis is an EVM-compatible smart contract platform called Opera. In contrast to Ethereum, where gas wars can lead to exorbitant transaction fees or long waiting times for transaction settlement, a smart contract interaction on Fantom has a transaction finality of one second and costs a fraction of a cent.
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Fantom is a decentralized, permissionless, open-source layer-1 blockchain for dApps and one of the biggest Ethereum’s rival. It has been live since December 2019 and attempts to resolve the blockchain trilemma through its innovative architecture, which combines scalability, security, and decentralization.
Its architecture is based on a single consensus layer integrating several execution chains. This consensus layer – Lachesis – has been developed by the Fantom Foundation as the base layer for its Lachesis Protocol, Fantom’s version of the Ethereum Virtual Machine. It uses DAG (Directed Acylic Graph) technology to improve the slow transaction finality and high transaction fees of traditional Proof-of-Work blockchains like Ethereum.
The first layer on top of Lachesis is an EVM-compatible smart contract platform called Opera. In contrast to Ethereum, where gas wars can lead to exorbitant transaction fees or long waiting times for transaction settlement, a smart contract interaction on Fantom has a transaction finality of one second and costs a fraction of a cent.
🔔 From crypto news, to market moves, and to educational how to videos. If you want something more than just hype and to actually learn about crypto, make sure to hit the subscribe button right now and turn on notifications to not miss out on new videos!
🔵 Coin Market Cap is the world's most-referenced price-tracking website for cryptoassets in the rapidly growing cryptocurrency space. Its mission is to make crypto accessible all around the world through data and content.
📲 Download our app!
IOS : https://apple.co/3dOkokH
Android : https://bit.ly/3gHyJkS
🤝 Join CoinMarketCap!
https://bit.ly/3dVaEoS
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Francisco Gimeno - BC Analyst Lots of information and ideas in this Fantom's presentation from CoinMarketCap. In fact, we had to watch it twice to better understand if Fantom is really a project which, like Solana, can compete with the all powerful Ethereum blockchain. Fantom has a diverse ecosystem which by now may present an alternative blockchain to Ethereum and if all the information is true it should have a good future. We have to check it ourselves, of course, before using it. We could also advice CoinMarketCap anyway to present interesting projects like this in a more didactic way.