What is the technology behind Fantom?
The technology behind Fantom is a new consensus algorithm called the Lachesis Protocol.
This protocol is based on a Directed Acyclic Graph (DAG) structure, which allows for fast and secure transactions with near-instant finality. The Lachesis Protocol is designed to be scalable, energy efficient, and secure. The Lachesis Protocol is powered by a consensus mechanism called “Proof of Stake” (PoS).
This consensus mechanism allows for distributed decision making in the network and helps to ensure that all transactions are valid and secure. The PoS system also helps to prevent double spending and other malicious activities. Fantom also utilizes a unique smart contract platform called “Opera” which allows developers to create decentralized applications (dApps) on the Fantom network.
These dApps can be used for various purposes such as payments, supply chain management, identity management, asset tracking, and more. In addition to the PoS consensus mechanism and Opera platform, Fantom also utilizes a virtual machine called “Fantom Virtual Machine” (FVM). This virtual machine is designed to execute smart contracts quickly and securely while ensuring that all transactions are valid.
The FVM also helps to reduce transaction costs by allowing developers to create more efficient code for their dApps.
