Fantom will reward fair reviewers with FTM tokens. This will incentivize all participants to perform valuable actions on the platform and build a reliable ecosystem. The reward protocol will establish smart contracts on the reputation protocol based on the number of transactions, rewarding each transaction once conditions are met.
How the Project Works
Fantom is Modular
Lachesis represents a consensus layer in the blockchain technology stack that can be plugged into any distributed ledger.
Currently, two networks are utilizing Fantom’s consensus algorithm:
The Opera mainnet deployment, using the Ethereum Virtual Machine (EVM) and compatible with Ethereum;
And Xar Network, which is built using the Cosmos SDK on top of Fantom’s aBFT consensus.
A mature, proprietary open-source SDK named Fantom Virtual Machine is under development and was released in 2020.
Modularity makes Fantom exceptionally flexible. Developers can port their existing Ethereum-based dApps to the Fantom Opera mainnet in minutes, significantly boosting performance and reducing costs.
Fantom is Scalable
Each network built on Fantom operates independently. Their performance and stability are not affected by traffic or congestion.
First-generation blockchain platforms (like Ethereum) opened the door for smart contracts and conditional logic instructions, enabling applications to run on the blockchain.
However, as dApps become more complex or user numbers increase, the entire network slows down. This happens because all dApps use the same infrastructure. Its akin to running multiple applications on a computer: at some point, the computer will choke and start responding very slowly or even freeze.
Fantom addresses scalability issues by providing each application with its own blockchain, similar to running each application on different computers within the same network.
Each blockchain operates independently and can have custom tokens, token economics, and governance rules. However, all these blockchains are plugged into Fantom’s ultra-fast aBFT consensus Lachesis, allowing them to interact with each other and benefit from the underlying technology’s speed and security.
Each network can be fully customized according to specific uses.
If we consider Ethereum as a decentralized computer, Fantom is a network composed of an infinite number of decentralized computers. They all share the same logic but are completely independent of each other. However, they can communicate easily with one another.
Fantom is Secure and Environmentally Friendly
Fantom is protected by proof-of-stake. Unlike the proof-of-work used by Bitcoin and Ethereum, proof-of-stake prevents centralization and saves energy.
Lachesis can provide institutional-level security for distributed networks. Fantom offers absolute certainty, meaning transactions can never be reverted, unlike in networks with probabilistic certainty.
The consensus mechanism can scale to hundreds of nodes, increasing decentralization and thus enhancing security.
Lastly, Lachesis is leaderless. By removing leaders, security no longer relies on a small group of participants.
Use Cases
Smart Cities
The Fantom DAG platform will serve as the backbone of smart cities’ information technology infrastructure, capable of scalable solutions that enable diverse smart city service providers to collect vast amounts of high-speed data transmission. By 2020, it is estimated that smart cities will have 90 billion IoT devices sending data, requiring secure storage and accessibility to stakeholders to drive smart contract and decentralized application execution through smart city data.
Public Utilities
Public utilities include renewable energy, electricity, water, natural gas, telecommunications, and waste management. The future public utility market will be a bidirectional system comprised of billions of interconnected endpoints, IoT devices, and APIs, enabling consumers to gain direct access to data while facilitating easier personal utility management. Service providers and smart city governments will better manage resources and data-driven insights to foster smart city growth.
Smart Living
Smart living focuses on improving quality of life through connectivity, transparency, and managing information within our homes, cities, communities, and offices. Interoperability and participation among numerous IoT product and service providers will significantly increase the volume of collected data and innovation, enabling better control and management of resources and household quality of life through smart contracts and decentralized applications.
Healthcare
Service providers, relevant government agencies, and stakeholders collaborate to implement and manage secure, immutable electronic health record (EHR) systems. This enables all healthcare practitioners to access a concise, comprehensive summary of a patient’s recent health history, directly controlled by the patient. Healthcare can be significantly improved, for example, by pre-scheduling patient care based on predefined eligibility criteria (age, previous medical history, medications, etc.), including automatic payments and insurance claims through smart contracts.
