Fantom Blockchain: A Comprehensive Guide

by ImmuneBytes
Fantom Blockchain A beginner Guide

Introduction

Blockchain technology is revolutionizing the entire world, from education to healthcare and logistics to real estate. The importance of the blockchain cannot be undermined in any sector today. 

This technology is so relevant for businesses that even large companies like Google, Facebook, and Amazon are investing in it. The blockchain is a decentralized ledger that helps businesses operate more efficiently and securely.

It offers trust without intermediaries, verification without third parties, and accountability without auditors. It automates transaction management, contract execution, and asset ownership rights management by storing records on an accessible database rather than a single computer or centralized network. 

Reducing trust between parties while increasing transparency is not easy and needs the perseverance to achieve this goal. You may have heard about the ‘Fantom’ Blockchain as one of the most promising projects in this field. 

In this article, you will learn everything about Fantom Blockchain. 

What is Fantom Blockchain?

Fantom is a decentralized blockchain network offering scalable, secure, and auditable services. It has an open-source code and offers a unique hybrid consensus algorithm, the best of both worlds between Proof of Work and Proof of Stake. 

Fantom’s blockchain platform is compatible with the most widely used programming languages, including Java, C++, and Go. 

It can be used for distributed, peer-to-peer applications, digital tokens, and smart contracts for various industries, including manufacturing, supply chain, healthcare, real estate, education, and transportation. 

Why Fantom Blockchain?

Fantom’s consensus mechanism is based on the Practical Byzantine Fault Tolerance (PBFT) algorithm, which is widely considered to be the most robust and proven consensus mechanism for distributed systems. 

This has been confirmed by recent research, which has concluded that PBFT is the “only known protocol to have no known flaws.” 

But we have gone further, introducing several key improvements that improve performance, network resiliency, and security.

Speed

Fantom’s consensus protocol delivers an average confirmation time of just a few seconds. While this is an average, it could be even faster, with confirmation times as low as a few milliseconds during periods of low network traffic. While there are many blockchain solutions that promise fast transactions, their claims rarely match the reality of their performance. 

Fantom’s speed advantage is based on two key factors: 

  • Network topology  

Fantom’s network topology ensures that messages are propagated quickly across the network. In contrast, many blockchain solutions have a network topology that is inefficient, which means that messages take longer to propagate across the network. 

  • Message delivery type 

Most blockchain solutions use an asynchronous message delivery type, which means that messages can be delivered at any time. This can cause significant delays, since the recipient has no way of knowing when a message will arrive. Fantom uses a synchronous message delivery type, which means that messages are delivered at specific times.

Security

With all the benefits of a blockchain network, it is important to consider the security risks. This is particularly important for businesses that are considering adopting blockchain solutions for mission-critical applications. 

Fantom’s consensus mechanism is based on the Practical Byzantine Fault Tolerance (PBFT) algorithm, which is widely considered to be the most robust and proven consensus mechanism for distributed systems. 

This has been confirmed by recent research, which has concluded that PBFT is the “only known protocol to have no known flaws.” And there are additional security features that are specific to Fantom, including a new type of cryptographic hashing and an adaptive network that responds to attacks.

Scalability

There is currently a race between blockchain solutions to see which one will be the first to scale to the point where it can handle all the transactions in the world. Most solutions have a long way to go, but Fantom has a significant advantage because it uses a naturally scalable network architecture. 

These distributed systems have a network of nodes that work together to provide a service that is greater than the sum of its parts. As the network grows, the systems can be scaled using the appropriate mechanisms. 

These systems can handle any amount of traffic because they are distributed across many nodes and are therefore not constrained by a single node’s capabilities.

How Does Fantom Blockchain Work?

Fantom is built on a graph database that can be run either on the blockchain or off the blockchain. The key to Fantom’s versatility is its ability to connect to other data sources.

Let’s say a company has an existing database that contains product information and customer orders. If a developer wants to build an app that pulls data from these resources, they’ll need a tool to translate the queries and create an API. 

In many cases, the existing database could be an SQL database, which is an existing standard. But when a business wants to move to blockchain, it may need to completely change the way those data sources and applications work. 

While the existing database may work well in an off-chain setting, it may not work after being translated to run on the blockchain. 

So its functionality can be understood around these 4 core key pillars:

  • Modularity
  • Scalability
  • Security
  • Open-source

Modularity

Fantom is designed with modularity in mind. This means that developers can use the Fantom blockchain as part of a larger system. They can connect multiple blockchain modules for a specific application. This modularity gives developers the flexibility to use the blockchain in the best way for their needs.

For example, a company could use Fantom to log financial transactions and a separate blockchain to verify that a product is authentic. 

Modularity also makes it easier to integrate data and APIs from existing databases and applications. External data sources don’t need to be completely rewritten to work on a blockchain.

Scalability

Fantom’s design makes it easy for companies to scale the blockchain module or modules. Businesses don’t have to rewrite their code or jump through any hoops to add scalability. They simply deploy more nodes, distribute the workload, and add more capacity. 

If a business wants to scale up, it can simply deploy another node and add it to the existing blockchain. If there is a sudden increase in demand, the business can add new nodes and distribute the workload. 

Fantom’s scalability also makes it easier for companies to plan for the future. If a company knows it will need to add more nodes, it can do so in advance. There is no need to scale up in response to a sudden surge in demand.

Security

Fantom uses a delegated proof-of-stake (DPOS) consensus algorithm to validate transactions. This means that token holders elect trusted members to validate blocks. This removes the possibility of mining attacks and makes it easier to launch the blockchain. 

Because the entire blockchain is run by trusted nodes, it can be more centralized than other blockchains. The blockchain is also more scalable, since there are fewer validators to process transactions. 

Fantom’s DPOS implementation is based on the Graphene technology that has been proven in the real world. Graphene technology has been used successfully by Steemit, one of the largest blockchain-based social media apps in the world.

Open-source

Fantom is an open-source blockchain solution. This means that everyone can access the code and verify that the system really works. The open-source code also makes it easier for developers to build applications on top of the blockchain. 

They can read the code, make changes if necessary, and deploy their applications without any barriers. Open-source code also makes it easier for companies to audit their IT systems and blockchain deployments. 

They can perform verifications to ensure that the blockchain is operating properly. They can also hire third-party auditors to verify the systems and provide recommendations for improvements.

What’s Unique in Fantom Blockchain?

The most important thing about fantom blockchain is its ability to process millions of transactions per second. Fantom Blockchain is designed to scale up to 10 million transactions per second thanks to its integrated consensus algorithms. 

It can be used for distributed applications for various industries such as manufacturing, supply chain, healthcare, real estate, education, and transportation. Fantom is built for the internet of things (IoT) era. 

IoT is the network of physical devices connected to the internet. This network is expanding rapidly as more devices are connected to the internet. Fantom can be used to power the next-gen IoT applications and can also ensure the privacy and security of connected devices. 

Fantom is an interoperable blockchain network. It works across all industries and provides a single-source solution to all businesses. It has a unique modular architecture that supports custom domain-specific applications and smart contracts that can be easily developed. 

What is Fantom Blockchain used for?

Fantom Blockchain has been designed from the ground up to be a multi-purpose blockchain. Some specific use cases are highlighted as being particularly useful with Fantom. Fantom is a good solution for businesses with complex supply chains. 

Payments

As a new blockchain technology, Fantom is well-suited to supporting distributed payments. It works with a variety of different payment methods, including cash and credit cards. That means that it can be used in a wide range of business models. 

Additionally, because of its high performance and security, Fantom is well suited to supporting high-volume payments. This is important because it means that businesses won’t have to worry about slowing down their processes due to network congestion.

Governance

Blockchain governance has become a very interesting topic over the last few years. It’s a way to help organizations make decisions about their blockchain and integrate with third-party applications. 

Fantom makes it easier to create a governance scheme that makes sense for your organization. It uses delegated Proof-of-Stake consensus and allows organizations to delegate voting rights based on their holdings.

Staking

One problem that many blockchain organizations face is how to ensure that token holders are legitimate. It’s also important to ensure that token holders don’t abuse their power by voting for themselves or having multiple accounts. 

Staking is a great way to address both of these issues. Fantom token holders can stake their tokens in order to become delegates. There are some benefits to doing this. For one, staking can help to stabilize the network and make it more efficient. Staking also allows token holders to earn Fantom tokens in return.

Network fees

Fantom is a new blockchain technology, which means that it doesn’t have a network that people can use to transfer value. The first step in building a network is to enable users to send tokens back and forth. This is also a good time to charge a fee. 

Fees can help to cover the costs associated with operating a blockchain. That means that they are important to cover costs, but they also have an impact on adoption. If a blockchain has no fees, it is useless, because no one wants to use a network that doesn’t let them do anything useful. 

But if a blockchain has fees, it doesn’t make sense to let everyone use it, because users will have to pay fees. Fantom can be used to build a fee-based network. This makes it easier for organizations that use the blockchain to make money.

Network security

Network security is one of the most important aspects of any blockchain. Making sure that the blockchain is secure is good for the organization, but it’s also important to keep customers safe. 

Making sure that a blockchain is secure is a continuous process. It requires building a network that is easy to maintain and working to identify vulnerabilities before attackers do.

Where to Buy Fantom Tokens

You can buy Fantom tokens by visiting their ICO website or their exchange partners after the ICO is over. The exchange partners include BinanceHitBTC, LATOKEN, Gate.io, and others. 

You can also buy the tokens by visiting their website and clicking on the ‘Buy Tokens’ tab. You can also buy tokens from an ICO platform that is verified and regulated, such as CoinSwitch. This way, you will rest assured that you are buying tokens from a genuine source. 

Where to buy Fantom Tokens

The Future of Fantom

This blockchain project has been around since 2016 and has stuck to its roadmap. It has successfully raised funds and partnered with many big companies. It is widely used across many industries and has a large development community. 

Fantom has a real-time verified Proof of Authority consensus algorithm, an integrated smart contract engine, an interoperable blockchain network, and a modular architecture that supports custom domain-specific applications and smart contracts. 

These are some of the reasons why businesses are opting for Fantom. It is expected that this blockchain will rise in popularity in the future and may even become the blockchain of choice for many industries. 

Conclusion

Blockchain technology has been around for a while but has only recently started gaining traction. Blockchain technology is a decentralized ledger that helps businesses operate more efficiently and securely. 

It offers trust without intermediaries, verification without third parties, and accountability without auditors. It automates process transaction management, contract execution, and asset ownership rights management by storing records on an accessible database rather than a single computer or centralized network.

The blockchain is slowly gaining popularity, and companies realize the importance of integrating this technology into their business processes. A majority of businesses that are currently exploring blockchain technology are choosing to use either Ethereum or Hyperledger.

Meanwhile, many businesses are also looking for blockchain solutions that can scale efficiently. This is where the Fantom blockchain comes into the picture. It is a decentralized blockchain network that offers scalable, secure, and auditable blockchain services.

About ImmuneBytes

We at ImmuneBytes offer enterprises and startups comprehensive smart contract auditing solutions for their applications to have a secure commencement. Our journey begins with an aim to foster security in the upcoming blockchain world, improving the performance of large-scale systems.  

ImmuneBytes administers stern smart contract audits, employing static and dynamic analysis and examining a contract’s code and gas optimization, leaving no escape route for bugs.

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