What is Fantom Network?
Phantom Network is a high-performance platform for smart contracts. Its purpose proposal is to be home to decentralized applications (dApps) and tokens, just like Ethereum, but with greater scalability and without losing security. Fantom uses its own consensus mechanism, called Lachesis, to achieve approximately 20,000 transactions per second (tps) ( while Bitcoin takes almost 10 minutes to process its transactions, and Ethereum, between 12 and 14 seconds). In addition to speed, Fantom is also versatile and can be integrated with other blockchains, including Ethereum itself. In short, Fantom, as a platform, manages to be both versatile and fast – something that older blockchains still struggle to achieve.
What makes it unique?
Fantom Network uses a technology called DAG (Direct Acyclic Graph) instead of the tradicional blockchain. So, technically, it is not a blockchain, for its chain is not made of blocks with the history of transactions of the entire chain. Instead, the transactions themselves are linked back and forth to other transactions, making it faster to execute them, but also more fault tolerant;
Fantom mainnet, called Opera, is EMV-compatible, which means that projects that run on top of Ethereum can also be executed on Fantom Network plainly, with just a few changes. Which makes it easier for developers to create and host their projects on top of Fantom;
Fantom has its own consensus mechanism, called Lachesis. In short, Lechesis substitutes the old method of achieving consensus with synchronicity by a proof-of-stake-based asynchronous method. Now, instead of nodes needing to be online at the same time to validate transactions, they can do it independently and at their own time. This keeps the security and decentralization of the blockchain, but adds a lot in scalability.
Fantom is a network but it is also a DeFI itself. In other words, it is, indeed, a blockchain where developers go to host and run their own projects for dApps and other DeFi services. But Fantom also serves the end user with the Fantom DeFi with the possibility to mint fUSD (a stablecoin provided by the protocol), lend and borrow FTM (thus, earn yields or take borrowings collateralized by FTM), or trade synthetic assets (there are more than 170 synthetic assets available to be traded on Fantom without slippage).