Thursday, June 1, 2023

Fantom Solves Trilemma

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While decentralized banking is advancing faster than traditional banking, it is not without faults.

Popular assets like Bitcoin, for example, must pick between scalability, security, and decentralization.

The Blockchain Trilemma

Vitalik Buterin used it to argue that decentralized technologies (at least at layer one) cannot equally balance all three features.

While Proof of Work provides solid security and a purer representation of decentralization, it slows down Bitcoin transactions.

Nonetheless, a fledgling cluster of platforms, such as Fantom, is working to solve this trilemma.

Lachesis, Fantom’s high-speed Proof of Stake consensus mechanism, accomplishes this. It scales without sacrificing security or decentralization.

Thanks to its customized leaderless PoS protocol, Fantom also allows developers to fully design blockchains and change digital asset properties for specific use cases.

About Fantom

Fantom (FTM) is a decentralized app (dApp) smart contract system with built-in DeFi information and resources for decentralized apps (dApps), digital assets, and software. It builds as an Ethereum alternative.

The Fantom Foundation was founded in 2018 and their mainnet (OPERA) was launched in December 2019.

This global team of talented blockchain developers, engineers, scientists, researchers, designers, and entrepreneurs has developed from Dr. Ahn Byung lk, a South Korean computer scientist, to current CEO Michael Kong.

The Fantom Foundation works to make new technologies more accessible and usable.

In their remote working environment and company setup, it exemplifies the basic concept of a distributed platform.

According to Crunchbase, the Fantom Foundation has raised $40 million in two project finance rounds from 12 investors.

Signum Capital, Obsidian Capital, 8 Decimal Capital, and DHVC are among their investor partners.

Asynchronous Byzantine Fault Tolerant Proof-of-Stake (PoS) consensus uses to preserve Fantom’s infrastructure and efficiency (aBFT).

The aBFT network, which launched in 2019, primarily aims to help maintain network security while accelerating transaction processing.

Payments over the Fantom network presently take roughly 1 second and cost $0.0000001 because of its high throughput and speed.

Because its ecosystem is decentralized and permissionless, any token holder can use on-chain governance to make decisions, propose modifications, and vote on improvement proposals. Voter influence and power determines by FTM.

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Miguel Garcia
Miguel Garciahttps://www.cryptoconstellation.com/
Miguel Garcia is a writer for Cryptoconstellation. Miguel has always been fascinated with Crypto. He has experience in Business and finance. Miguel loves sport cars and football.
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