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Fantom is a cryptocurrency platform and blockchain network designed to provide fast, scalable, and secure decentralized applications (dApps) and smart contracts. It aims to address the limitations of existing blockchain technologies, such as slow transaction speeds and high fees, by utilizing a unique consensus mechanism called Lachesis. Fantom's native cryptocurrency, known as FTM, serves as the fuel for the network and is used for transactions and network operations.
Fantom operates on a Directed Acyclic Graph (DAG) architecture, which allows for parallel processing and eliminates the need for miners. This structure enables faster transactions and higher scalability compared to traditional blockchain networks. The Lachesis consensus protocol, which Fantom employs, uses an aBFT (asynchronous Byzantine Fault Tolerant) consensus mechanism. It allows for near-instant finality and ensures the security and integrity of the network. In the Fantom network, nodes known as Validators validate and order transactions. These Validators are chosen through a reputation-based mechanism, ensuring that only trustworthy participants maintain the network's consensus. The network also introduces a feature called "Opera Chain," which allows for the creation of customizable subnets or chains. This feature enables developers to build their own dApps and customize their consensus mechanisms, governance structures, and economic models while still benefiting from Fantom's security and scalability. One of the standout features of Fantom is its low transaction fees, making it an attractive platform for developers and users. With its high throughput and low-latency design, Fantom can handle thousands of transactions per second, making it suitable for various applications, including decentralized finance (DeFi), supply chain management, and Internet of Things (IoT) solutions. Fantom's ecosystem also includes a virtual machine known as "Fantom Virtual Machine" (FVM), which is compatible with the Ethereum Virtual Machine (EVM). This compatibility allows developers to easily migrate existing Ethereum-based dApps to the Fantom platform. Additionally, Fantom has its decentralized exchange (DEX) called "SpookySwap," which facilitates the trading of digital assets on the Fantom network.
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Read more Finst is an Amsterdam-based cryptocurrency exchange led by a team of investment professionals who have previously helped build one of the largest retail investment platforms in Europe. Finst offers the lowest transaction fees in Europe for a wide range of cryptocurrencies through a unique and highly secure platform.
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