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What is Fantom And What Are Its Advantages Over Other Cryptocurrencies?
Fantom (FTM) is the world’s first Directed Acyclic Graph (DAG) based smart contract platform. Fantom is a high-performance, scalable, secure & directed acyclic graph smart contract platform, designed to overcome the limitations of old-generation blockchain platforms. FANTOM’s Directed Acyclic Graph DAG-based protocol, able to process up to 300,000 transactions per second at nearly no cost. FANTOM will enable businesses and consumers to execute everyday transaction more rapidly and flexibly than traditional payment systems using cryptocurrencies across all sectors.
Fantom makes use of Lachesis, a revolutionary & bespoke Asynchronous Byzantine Fault Tolerance (aBFT) consensus mechanism, that enables Fantom to be much faster and cheaper than older technologies. What makes it special? There is a popular term called blockchain trilemma, which speaks about the trade-off between scalability, security & decentralization. It says that it is impossible to attain all these three attributes together.
For example, Bitcoin's main focus area is on decentralization and security by choice, thereby compromising the speed when it comes to transactions, so it is not naturally suited for day-to-day payments, data transfer, asset trading, or other transactions consumers and businesses rely on in everyday life.
Asynchronous Byzantine Fault Tolerance (aBFT) is the highest standard of consensus algorithms. It solves the blockchain Scalability Trilemma, according to which only two of the following three components are possible at the same time: that is Decentralization, Security & Scalability.
The potential cost savings applying FANTOM technology across all industries with large transaction volumes, such as e-commerce platforms, would be calculated in the billions of dollars a year. The platform would also allow over a trillion IoT devices requiring complex sensor communications and interactions to work simultaneously at almost zero cost. FANTOM is securing partnerships with key players in a wide array of industries, among them food technology, telecom, banking and financial services, insurance, electricity, and real estate sectors.
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