What is Fantom?
Unlike most proof-of-stake chains, Fantom is a network of blockchains that uses novel proof-of-stake design known as Lachesis Consensus to confirm transactions within 2 seconds.
Although Fantom is highly popular for being fast and cheap, it has an expensive barrier to entry for validators, making it weaker in decentralization.
Fantom is both EVM compatible and Cosmos SDK compatible, which encourages cross-chain migration of developers and users.
Fantom is a network of blockchains that specialized in delivering users scalability and cost-efficiency. With the growing frustration of Ethereum users from high gas fees and network congestion, alternative blockchains have been in a race to solve the scalability issue. Fantom is one of the more popular networks that brings an innovative solution to the problem of scalability by using a combination of its Directed Acyclic Graph (DAG) infrastructure and a unique Proof-of-Stake model known as Lachesis Consensus . The DAG infrastructure requires Fantom nodes to only communicate with other nodes close to it. You can think of this as the nodes “spreading rumours” to those in its periphery, which permeates throughout the network to spread the consensus information. This means that Fantom can process multiple transactions simultaneously, unlike other chains that confirming each block sequentially. As a result, Fantom is able to facilitate thousands of transactions in an instant.
The Fantom network provides a secure smart-contract platform that is also EVM compatible and Cosmos SDK compatible. This allows builders to migrate their dApps easily to create a cross-chain platform across all three chains.
While the Fantom network is permissionless (anyone can become a validator), it currently requires a minimum stake of 500,000 FTM, which imposes a very expensive barrier to entry. At the moment, the Fantom network relies on 39 validators to operate its network, which makes it a weak contender against more decentralized networks like Ethereum.
While becoming a validator in the network is expensive, users can choose to delegate their FTM tokens to a reputable validator for as little as 1 FTM.