In the rapidly evolving world of blockchain technology, #Fantom Network has emerged as a game-changing platform that offers scalability, decentralization, and secure smart contract capabilities.
Founded in 2018 by the Fantom Foundation, this innovative protocol utilizes the Proof-of-Stake ( #PoS ) model to protect its network.
With its proprietary Lachesis consensus mechanism at its core, Fantom supports multiple blockchain layers, building the way for a new era of scalable, safe, and decentralized infrastructure.
The recent bear market has taken a toll on many cryptocurrencies, but a handful of projects have managed to thrive despite the challenging market conditions.
One such project is Fantom Network, a #Layer 1 blockchain that has continued to fight, build and expand its ecosystem even in the face of new competitors entering the market.
Powered by its unique consensus mechanism called Lachesis, Fantom has positioned itself as a force to be reckoned with in the blockchain industry.
In this article, we will go into the various aspects of the Fantom Network, analyze its #on-chain metrics, and explore some of its top decentralized applications (dApps) to assess whether Fantom has the potential to outperform other Layer 1 blockchains in 2023.
What is Fantom Network?
Fantom Network is a scalable and decentralized smart contract platform that aims to provide a robust infrastructure for decentralized applications (dApps) and blockchain-based solutions.
Founded in 2018 by the Fantom Foundation, the network operates on its own consensus mechanism called Lachesis, which enables high throughput and fast confirmation times.
At its core, Fantom Network utilizes a proof-of-stake (PoS) model to secure the network and validate transactions.
This means that participants can stake their tokens and earn rewards for supporting the network’s operations.
The native currency of the Fantom Network is $FTM, which is used for various purposes within the ecosystem, such as paying transaction fees and participating in on-chain governance.
One of the standout features of Fantom Network is its compatibility with the Ethereum Virtual Machine (EVM), allowing developers to seamlessly port their existing Ethereum-based dApps to the Fantom platform.
This interoperability opens up a wide range of possibilities for developers and promotes the growth of the Fantom ecosystem.
With its scalable infrastructure and efficient consensus mechanism, Fantom Network aims to overcome the limitations of traditional blockchains, such as slow transaction speeds and high fees.
By providing a secure and scalable platform for dApps, Fantom Network aims to drive innovation and foster the adoption of decentralized technologies across various industries.
FTM, an ERC20 token serving as the native currency of the platform, plays a crucial role in securing the network through a proof-of-stake system.
As with many cryptocurrencies, $FTM faced challenges during recent turbulent times.
Read more: https://perseuscrypto.com/layer1/fantom-network-scalable-and-decentralized-smart-contract-platform/