Fantom is a smart contract platform based on the aBFT consensus protocol, which allows it to be faster and cheaper than older implementations while still providing security.
On its website, Fantom explains that blockchains of previous generations, such as bitcoin itself, focus on decentralization and security. This makes them less suitable for any kind of transaction that requires speed and fast confirmation, such as payments, data transfers, asset trading, or other operations that require agility.
One of the significant challenges of the blockchain is to decentralize such services while ensuring total security. To this end, Fantom created the aBFT consensus, called Lachesis. The algorithm is already recognized as a solution to the main problems of blockchains of previous generations – so much so that this year the Fantom Foundation received a US$ 35 million investment from Alameda Research.
On October 22, 2021, Fantom surpassed 100 million transactions on its network. As of October 24, there were 972.859 unique wallet addresses and over 750.000 transactions per day, according to an update available on the website.
Fantom organized a conference for developers
Between October 25 and 29, developers from the Fantom ecosystem participated in several workshops to stimulate innovation. Among the topics, solutions for decentralized finance (DeFi), NFTs, blockchain architecture, artificial intelligence, and play-to-earn games stood out.
The Fantom Foundation’s goal is to build the infrastructure for a more connected and efficient future. Solutions such as digital identity, secure and fast payment methods with low transaction costs, medical records, among others, will make all the difference to improve people’s quality of life.