What is FANTOM?
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, current blockchain implementations use nodes that 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 third-generation Smart Contract platforms such as Cardano and EOS have emerged, scalability issues have not been resolved.
To address these persistent issues, a new model based on the Directed Acyclic Graph (DAG) was developed. Newer platforms such as IOTA, Byteball, Nano, and Hashgraph improve on current blockchain scalability. This new technology does guarantee real-time transactions because nodes process transactions asynchronously, while ensuring infinite scalability and potentially achieving hundreds of thousands of transactions per second as more nodes participate in the network. However, these platforms lack the Smart Contract dApp infrastructure provided by platforms like Ethereum.
FANTOM is the world’s first DAG based Smart Contract platform that solves the scalability issues of existing public distributed ledger technologies. The platform distinguishes itself from the traditional block ledger-based storage infrastructure by employing an improved version of existing DAG-based protocols. The FANTOM platform adopts a new protocol known as the “Lachesis Protocol” to maintain consensus. Applications built on top of the FANTOM OPERA Chain 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.