Fantom's Network

Fantom's network is a high-performance, scalable and secure smart contract platform, The founder and CEO is Dr. Ahn Byung Ik, doctor of computer science and president of the Korean Food Technology Association. Dr. Ahn was also the founder of the food technology platform SikSin, which has millions of monthly visits and whose mobile application has been downloaded more than 3.5 million times.

Fantom focuses on everything that has to do with dApps. It is an ecosystem of technologies and tools that support the inclusion of smart contracts to applications. Fantom's platform is optimized to operate smart contracts quickly and without costs, so dApps can reach their true potential.

The Fantom architecture has the protocol divided into three layers, each of which is responsible for different responsibilities. These are the Opera core layer, the Opera Ware layer and the application layer.

This layer has the responsibility of maintaining consensus across nodes in the Lachesis Protocol. He is also responsible for creating events. It uses the Directed Acyclic Graph (DAG) technology to confirm transactions, and nodes are able to process them asynchronously thanks to the use of this technology.

Each processed transaction is saved on each node of the network, similar to how a blockchain saves transactions. The difference is that with DAG technology there is no need for data to be saved on each node. Instead, the network uses a second type of node called a witness node to validate transactions. These witness nodes are responsible for verifying the validity of the data held by the nodes of the network. Witness nodes rely on a Delegated Proof of Stake consensus method to choose validator nodes.

The OPERA Ware layer is located at the center of the protocol and is designed to execute functions on the platform such as issuing rewards and payments and writing “Story Data”.

At the top is the OPERA application layer, which contains the publicly available APIs that developers will use to allow their dApps to interact with the OPERA Ware layer.
Story Data is Fantom's method to allow tracking of all past transactions, unlike Ethereum, where tracking of past transactions is limited. In Fantom, each transaction and smart contract execution stores a small piece of data, the Story Data, which is used in functions to track transactions. This is an incredibly valuable function in certain sectors where indefinite data recording is essential, such as in supply chain management or in the healthcare field.

Thanks to that, Fantom confirms transactions in less than 2 seconds, and they cost about $0.00001.

Each Fantom-based DApp operates on its own blockchain network. These blockchains can have custom tokens, economies and governance rules. All of them benefit from the Lachesis consensus mechanism and can interact with dApps operating on different Fantom blockchain networks. This is why Fantom is sometimes described as a network of networks.

One way to understand the platform is to think that it works as a ledger full of services for dApps. Each DApp has its own user interface, some kind of database and custom code for performing calculations and other functions. And each DApp benefits from a reliable, distributed and decentralized ledger to validate and record transactions. Fantom provides the ledger, not only with a simple blockchain and API, but with a complete set of utilities and tools that provide an easy-to-use interface for developers to implement dApps.

Fantom's utility token, FTM, is used to reward validators, execute financial transactions, protect governance rights, and pay network fees. FTM is available on the largest exchanges, including Kriptomat.

Fantom has an ERC-20 token, but it cannot be used directly on the Opera blockchain. The ERC-20 tokens that arrive at your Fantom wallet are automatically converted into Opera FTM. Fantom's ERC-20 tokens are used on the Ethereum network. Fantom also supports BEP-2 tokens that work on the Binance blockchain.

FTM coins and other Fantom assets can be stored in conventional wallets. Its compatibility with Ethereum ensures that the keys will be protected online, offline and in physical wallets.

Fantom offers a free wallet as part of the Fantom project, the user interface of this wallet provides optimized access to all parts of the ecosystem, the wallet performs automatic conversion of ERC-20 and BEP-2 tokens that work on the Ethereum and Binance networks.

Concluding, Fantom is a well-thought-out platform for the development and implementation of dApps based on digital assets and smart contracts. With tools and component speed that provide ease to create dApps that work safely, quickly and economically.

The FTM currency is mainly attractive for the role it plays within the Fantom ecosystem, but it can also be traded and can be used to generate passive profits when staking within the Fantom PdP network.