We see support here and the market is attempting a rebound. Could this be FANTOM's time to shine again? Possibly!
Many first and second-generation blockchains like Bitcoin and Ethereum were not designed for scalability. They only prioritized security and decentralization. This resulted in slower transaction speeds in the network, especially when new nodes were introduced. For instance, a transaction on the Bitcoin blockchain network could take up to 15 minutes, whereas transactions in the Fantom network takes only a few seconds.
Fantom addressed the 'blockchain trilemma' of balancing speed, security, and decentralization using the unique Lachesis consensus.
The PoS process of Lachesis allows validators to create new blocks by staking their FTM, like any other PoS blockchain. But the critical feature of the Lachesis consensus is that the aBFT protocol allows nodes to create blocks independently.
The Byzantine Fault Tolerance algorithm allows for consensus even if there are faulty or malicious nodes in the network. Theoretically, it could handle up to one-third of faulty or malicious nodes without negatively affecting the network.
Therefore, nodes can reach consensus alone through a two-stage block confirmation process as long as they reach a two-thirds supermajority. This means there are no leader nodes responsible for creating blocks, which results in faster transactions while maintaining high levels of security.
The fantom network is more decentralized as the blocks in the network are independent. Every decentralized application runs on an independent blockchain structure that is connected to the Lachesis consensus.
The Fantom Opera mainnet utilises the Fantom Virtual Machine. This is Fantom’s software development kit that provides the framework to develop and deploy decentralized finance applications on the network.
In addition, Opera is also compatible with the Ethereum Virtual Machine (EVM). It allows developers to move their Ethereum based decentralized applications onto the Fantom network seamlessly and provides interoperability with the world's biggest smart contract-based platform.
Can Fantom dethrone Ethereum?
While Fantom is relatively young, it has a lot going for it, especially as a contender to Ethereum. It is more decentralized due to its independent blocks, and it takes 1-2 seconds to complete a transaction on the network. It is also slowly becoming a hub for DeFi projects. According to data from Defi Llama, in January, Fantom became the third-largest decentralized finance (DeFi) ecosystem in terms of total value locked in.
Let's see if FANTOM can get back on the right path now.
One Love,
the FXPROFESSOR
Many first and second-generation blockchains like Bitcoin and Ethereum were not designed for scalability. They only prioritized security and decentralization. This resulted in slower transaction speeds in the network, especially when new nodes were introduced. For instance, a transaction on the Bitcoin blockchain network could take up to 15 minutes, whereas transactions in the Fantom network takes only a few seconds.
Fantom addressed the 'blockchain trilemma' of balancing speed, security, and decentralization using the unique Lachesis consensus.
The PoS process of Lachesis allows validators to create new blocks by staking their FTM, like any other PoS blockchain. But the critical feature of the Lachesis consensus is that the aBFT protocol allows nodes to create blocks independently.
The Byzantine Fault Tolerance algorithm allows for consensus even if there are faulty or malicious nodes in the network. Theoretically, it could handle up to one-third of faulty or malicious nodes without negatively affecting the network.
Therefore, nodes can reach consensus alone through a two-stage block confirmation process as long as they reach a two-thirds supermajority. This means there are no leader nodes responsible for creating blocks, which results in faster transactions while maintaining high levels of security.
The fantom network is more decentralized as the blocks in the network are independent. Every decentralized application runs on an independent blockchain structure that is connected to the Lachesis consensus.
The Fantom Opera mainnet utilises the Fantom Virtual Machine. This is Fantom’s software development kit that provides the framework to develop and deploy decentralized finance applications on the network.
In addition, Opera is also compatible with the Ethereum Virtual Machine (EVM). It allows developers to move their Ethereum based decentralized applications onto the Fantom network seamlessly and provides interoperability with the world's biggest smart contract-based platform.
Can Fantom dethrone Ethereum?
While Fantom is relatively young, it has a lot going for it, especially as a contender to Ethereum. It is more decentralized due to its independent blocks, and it takes 1-2 seconds to complete a transaction on the network. It is also slowly becoming a hub for DeFi projects. According to data from Defi Llama, in January, Fantom became the third-largest decentralized finance (DeFi) ecosystem in terms of total value locked in.
Let's see if FANTOM can get back on the right path now.
One Love,
the FXPROFESSOR
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🌐FOREX SPECIAL: fxprofessor.com/forex-special 💡💙💬 Public Telegram: www.t.me/fxprofessor88 💎
