The Fantom Opera Blockchain was created in 2018 by the Fantom Foundation. It was developed to compete directly with Ethereum and is primarily used for the development of dApps. They still have quite some way left to reach the same massa adoption as Binance Smart Chain and ERC-20, but their fast speed and low transaction costs could make Fantom Opera a serious contender in 2022 or 2022.
Briefly about Fantom Opera Blockchain
This blockchain was founded by Dr. Ahn Byung Ik and is based in South Korea. His plan was to apply DAG tech to revolutionize the crypto sector. The network is used to create dApps, and you can also use it to develop your own cryptocurrencies. Since each dApp uses its own blockchain, you will also be able to develop a native crypto for the blockchain.
Fantom Opera is a secure & fast environment to build decentralized applications.CryptoLists.com
Each app on Fantom uses its own blockchain and can even have its own tokenomics and native cryptocurrency. You can also create your own governance rules for your blockchain, and all these blockchains can interact with each other using Lachesis. You should also note that Ethereum-based dApps can be ported easily to the Fanton Opera mainnet. The network allows users to stake their cryptocurrencies in order to earn interest every year.
Utility of Fantom Opera Blockchain?
A key benefit of the Fantom Opera blockchain is that it allows app developers to customize their applications. Since it is highly scalable, this network offers very high transaction speeds. In addition to its high scalability, the network offers high levels of security and decentralization.
Fantom Opera Blockchain
Fantom Opera Blockchain Consensus Method: Proof of Stake
Release Date: December 15, 2018
Advantages at Fantom Opera Blockchain
+ Fantom Opera is highly scalable.+ The network cannot get clogged since each dApp runs on its blockchain.
+ Transaction fees are very low.
+ Its modular architecture makes it highly customizable.
Disadvantages
- High requirements to run the validator nodes, minimum 1 million FTM.- It faces stiff competition from Ethereum and Solana.
- The FTM cryptocurrency is only compatible with the PWA Wallet.
- Compared to Bitcoin, it is a lot more centralized.
Costs
▪ Rated at 10/10The average transaction cost at Fantom is about $0.0000001, and this makes it one of the best blockchains for regular payments. For comparison, Ethereum transactions can cost you an average of $3. As noted in the Fantom white paper, the aim of the developers was to offer near-zero transaction fees for users. These fees are used to pay block miners and to cover the block reward itself.
Reputation and Buzz
▪ Reputation rated at 9/10▪ Buzz rated at 9/10
Overall, this project has generated positive reviews from users. However, given that the service is still relatively new, it hasn’t been able to grow its user base as fast. The official Fantom Foundation subreddit has more than 30,000 readers, while its Twitter account has more than 375,000 followers. The main complaint people have about the platform is that running the validator nodes requires a lot of money. You will need to stake a minimum of 1 million FTM in order to run validator nodes.
FAQ
What is the consensus protocol at Fantom?
The consensus protocol on this platform is the proof of stake, and this consumes a lot less energy compared to the proof of work protocol.
What is the scalability trilemma?
This is a concept in the crypto world which deals with scalability, security, and decentralization. The trilemma states that a blockchain can hardly fulfil all three conditions at the same time. In the case of Fantom, all three conditions are fulfilled, and this is a major benefit of the service.
What are the benefits of the FTM token?
FTM token is the native cryptocurrency of the Fantom network. You can stake this coin for a 13% APY, and this allows you to validate transactions on the network.
Where can I buy FTM crypto?
This altcoin is currently listed on many major crypto exchanges, including Binance, Uniswap, and Gemini. In reality, purchasing FTM is just as easy as purchasing ETH.
Screenshots from Fantom Opera Blockchain
Native crypto coin for this blockchain? Learn more about Fantom Coin (FTM)
FTM is the native coin for Fantom Opera Blockchain. It is therefore also worth reading more about that on the link below.›› Read our full Fantom Coin review here
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