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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