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Fantom (smart contract platform)
Topic: Software
From HandWiki - Reading time: 4 min
| Fantom | |
|---|---|
 | |
| Denominations | |
| Symbol | FTM |
| Development | |
| White paper | https://arxiv.org/pdf/2108.01900.pdf |
| Code repository | https://github.com/Fantom-Foundation |
| Development status | Active |
| Developer(s) | Fantom Foundation |
| Source model | Open source |
| Website | https://fantom.foundation/ |
| Ledger | |
| Ledger start | December 27, 2019 |
| Timestamping scheme | Lachesis |
| Block explorer | https://ftmscan.com/ |
| Supply limit | 3,175,000,000 FTM |
Fantom is a decentralized, open-source, smart contract platform that aims to provide fast, secure, and scalable infrastructure for decentralized applications (dApps).[1]
Its focus on improving the performance of the underlying distributed ledger is Fantom's key differentiating factor from other smart contract platforms, meaning no segmentation between different networks, thereby not trading security for performance.
History
Founding
Fantom was under development by the Fantom Foundation from late 2018 through 2019 as a chain aimed to address the blockchain trilemma, a trade-off between decentralization, security, and scalability that affects many blockchains.
Technology
Lachesis is Fantom's proof-of-stake, DAG-based, aBFT consensus mechanism. In Lachesis, every validator, or node, stores a local block DAG and batches incoming transactions into event blocks, which are batches of transactions they add to their DAGs as vertices.[2]
To create a new event block, a validator first needs to validate all transactions in its current event block and part of the event blocks it has received from other validators. The new event block then is communicated with other validators through asynchronous communication. During this process, validators share their own event blocks, and the ones they have received from others, with other validators that incorporate them in their own local DAGs. Consequently, this spreads information throughout the entire network. The process is asynchronous as the event blocks shared between validators are not required to be sequential similar to how blocks are in a blockchain.
Unlike a blockchain, the DAG-based approach used by Lachesis does not force validators to work on validating the current block that is being produced, which places restrictions on transaction speed and finality. Validators are free to create their own event blocks that contain transactions and share these with other validators on the network asynchronously, creating a non-linear record of transactions.
As an event block is sent and propagated across validators, it becomes a root event block once the majority of validators have received and agreed upon it. These root event blocks eventually are ordered and included in the main chain, which is a blockchain that contains the final consensus among all root event blocks. Every validator stores and updates a copy of the main chain, which provides quick access to previous transaction history to process new event blocks more efficiently. As such, the Lachesis consensus mechanism combines a DAG-based approach with a final blockchain.
Currently, the process of submitting a transaction and having it added to the main chain through the Lachesis consensus mechanism takes approximately 1-2 seconds. This involves the following steps:
- A user submits a transaction
- A validator batches the transaction into a new event block as part of their DAG
- The event block becomes a root event block once the majority of validators have received and incorporated it in their DAG
- Through a complex process, the root event block is ordered and finalized into the main chain as a block
When a user explores Fantom through a block explorer, they view the blocks on the main chain. Event block generation in validators' DAGs is an internal process only and is not visible to end users.
Mainnet
The Fantom mainnet, named Opera Chain, is a decentralized, open-source, smart contract platform that uses the Lachesis consensus mechanism.It was launched in December 2019, and is built using the Ethereum Virtual Machine[3], enabling support for Ethereum-based smart contracts developed using the Solidity or Vyper programming languages.
As Fantom is based on the Lachesis consensus mechanism, it uses a proof-of-stake solution, where validators store a local block DAG and batch incoming transactions into event blocks, which they add to their DAG. These event blocks are then shared with other validators, who incorporate them into their own DAGs. Once the majority of validators have received and agreed upon an event block, it becomes a root event block and eventually is ordered and included in the main chain. Fantom is the main chain and contains the final consensus of all root event blocks.
Fantom integrates the benefits of both DAGs and a blockchain in an attempt to address the common blockchain trilemma that often requires a network to compromise between decentralization, security, and scalability.[4]
FTM
FTM is the native cryptocurrency of Fantom. It is used to participate in governance, pay for transaction fees, and secure the network through staking.[5]
Partnerships
Formula 1
2021
In March 2021, Fantom announced a partnership with French racing driver Pierre Gasly, who competed for the AlphaTauri team in the 2021 Formula 1 season.[6] During Grand Prix races, the Fantom logo could be found on Gasly’s helmet and car. On October 20, Gasly auctioned off three unique NFTs on Fantom dedicated to his three podium finishes in Formula 1.[7] These NFTs included:
- Baku 2021 Podium, which included Gasly’s race-worn helmet and a meet and greet
- Brazil 2019 Comeback, which included a signed promotion helmet and a meet and greet
- Monza 2020 First Victory, which included a VIP experience for two at a race weekend, a meet and greet, and a signed mini-helmet
An additional 350 NFTs were sold following the auctions. These were redeemable for a signed merchandise cap and a limited edition T-shirt celebrating Gasly’s first NFT release. 10 of these NFTs were selected randomly to be redeemable for a signed mini-helmet in addition to the merchandise.
In May 2021, Fantom became an official partner of Gasly’s team, Scuderia AlphaTauri.[8]
References
- ↑ McGleenon, Brian (2022-12-06). "Fantom ranked most profitable token in the crypto top 100" (in en-GB). https://uk.finance.yahoo.com/news/fantom-ethereum-token-crypto-bitcoin-155350866.html.
- ↑ Nguyen, Quan; Cronje, Andre; Kong, Michael; Lysenko, Egor; Guzev, Alex (2021-08-05). "Lachesis: Scalable Asynchronous BFT on DAG Streams". https://arxiv.org/pdf/2108.01900.pdf.
- ↑ Kumar, Nitin (2022-11-18). "Enterprise Blockchains: The Compelling Case For EVM Compatibility" (in en). https://www.forbes.com/sites/forbestechcouncil/2022/11/18/enterprise-blockchains-the-compelling-case-for-evm-compatibility/.
- ↑ "What is Fantom; how is it a threat to Ethereum?" (in en). 2022-03-23. https://www.cnbctv18.com/cryptocurrency/what-is-fantom-how-is-it-a-threat-to-ethereum-12919782.htm.
- ↑ Daly, Lyle (2021-10-06). "5 Things to Know Before You Buy Fantom (FTM)" (in en). https://www.fool.com/the-ascent/cryptocurrency/articles/5-things-to-know-before-you-buy-fantom-ftm/.
- ↑ Koffman, Tatiana (2021-04-05). "Fantom Blockchain Announces Formula One Sponsorship" (in en). https://www.forbes.com/sites/tatianakoffman/2021/04/05/fantom-blockchain-announces-formula-one-sponsorship/.
- ↑ Theo (2021-10-20). "Pierre Gasly NFT Collection will Honor Moments of the F1 Driver's Career" (in en-US). https://nftevening.com/pierre-gasly-nft-collection-will-honor-moments-of-the-f1-drivers-career/.
- ↑ Major, Jordan (2021-05-14). "Fantom (FTM) becomes an official partner to Alpha Tauri team for the F1 2021 season" (in en-US). https://finbold.com/fantom-ftm-becomes-an-official-partner-to-alpha-tauri-team-for-the-f1-2021-season/.
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