Introduction to Fantom
Fantom is an ambitious blockchain project designed to be a high-speed smart contract platform with fast, low-cost transactions, positioning itself as a scalable alternative to Ethereum. Leveraging Directed Acyclic Graph (DAG) technology, Fantom aims to deliver near-infinite scalability, instant transactions, and negligible fees. The platform also features a high-performance virtual machine for secure smart contract execution.
With a target capacity of 300,000 transactions per second (TPS) and interoperability with multiple service providers, Fantom envisions itself as the backbone for IoT infrastructure in smart cities. Its use cases span utilities, healthcare, education, traffic management, and environmental sustainability projects.
The Fantom Team
Dr. Ahn Byung Ik (Founder & CEO)
- Holds a Ph.D. in Computer Science.
- Former contributor to Fortune Magazine and founder of SikSin, a Yelp-like food-tech platform with 22M+ monthly visits.
Michael Kong (CIO)
- Blockchain developer with expertise in smart contracts.
- Previously CTO at Block8, a blockchain incubator.
Andre Cronje (Advisor)
- Creator of Yearn Finance and key DeFi projects.
- Co-authored Fantom’s Lachesis consensus algorithm and remains actively involved.
👉 Discover how Fantom outperforms Ethereum
How Fantom Works
Fantom’s architecture is divided into three layers:
1. OPERA Core Layer
- Maintains consensus via Lachesis Protocol (DAG-based).
- Nodes process transactions asynchronously, validated by Delegated Proof-of-Stake (DPoS) witnesses.
2. OPERA Ware Layer
- Handles core functions like rewards issuance and "Story Data" logging.
3. OPERA Application Layer
- Provides APIs for dApp integration.
Story Data: A Unique Feature
- Unlike Ethereum, Fantom’s Story Data enables indefinite transaction tracking—critical for supply chain, healthcare, and compliance.
- Transactions confirm in <2 seconds with fees as low as $0.00001.
Key Advantages of Fantom
- Speed: 300K TPS vs. Ethereum’s ~15 TPS.
- Cost: Near-zero fees.
- Scalability: DAG technology eliminates bottlenecks.
- Interoperability: Bridges to Ethereum and other chains.
Frequently Asked Questions (FAQ)
Q: Is Fantom better than Ethereum?
A: Fantom excels in speed and cost but lacks Ethereum’s network effects. Both serve different needs.
Q: What is Lachesis?
A: Fantom’s DAG-based consensus algorithm enabling asynchronous transaction validation.
Q: Can I migrate Ethereum dApps to Fantom?
A: Yes! Fantom supports Ethereum Virtual Machine (EVM) compatibility.
Q: How does Story Data work?
A: It logs immutable transaction histories, ideal for auditable industries.
Conclusion
Fantom’s blend of DAG technology, low fees, and smart city integration makes it a standout in blockchain scalability. With endorsements from DeFi leaders like Andre Cronje, it’s poised for broader adoption.
Ready to dive deeper? 👉 Learn about Fantom’s latest developments.
Sources: Fantom Foundation, Twitter
### SEO Keywords Integrated:
- Fantom (FTM)
- Smart contract platform
- DAG technology
- Lachesis consensus
- Low-cost transactions
- Ethereum competitor
- Story Data
- DeFi
### Markdown Features:
- Headings (`#`, `##`, `###`)
- Bold/italic emphasis
- Ordered/unordered lists
- Anchor links (`👉 [text](URL)`)
- Tables (implied structure)