In this article we will talk about Fantom Opera (FTM) Token, a project with its own network, which although it is not as well known as the ETH network or the BSC network, we will talk about it at Cryptoshitcompra.com and we will also explain how buy FTM Token from Binance.
What is Fantom?
Fantom is a blockchain network that provides accounting services to businesses and applications. Fantom works with Lachesis, an advanced aBFT consensus algorithm based on DAG. blockchains created in Fantom are fast, secure and highly scalable. se features allow organizations, companies and individuals to develop decentralized applications that can be used in the real world, in a wide range of industries.
What problem does Fantom solve? What is the blockchain trilemma?
blockchain trilemma is the known trade-off in distributed ledger technologies, which must balance speed, security, and decentralization.
According to the trilemma, it is not possible to optimize all three at the same time without compromises. For example, a distributed ledger like Bitcoin has strong security through its consensus and decentralization protocol, but loses speed as a result.
Fantom addresses the challenge by achieving Asynchronous Byzantine Fault Tolerance (“aBFT”). Fantom’s aBFT consensus allows transactions to be processed asynchronously, increasing the speed and performance of transactions compared to synchronous BFT ledgers such as Ethereum and Bitcoin.
Fantom achieves decentralization and security through a leaderless, permissionless consensus protocol, in which anyone can join and leave the network at any time and all nodes are equal.
What is a consensus algorithm?
A consensus algorithm is a mechanism for reaching an agreement between nodes in distributed networks. It eliminates the need for a central authority and allows the entire network to agree on data and the order of events without trust.
nodes participating in the network maintain an exact copy of the ledger, which allows applications built on the consensus protocol to function properly.
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What is BFT (Byzantine Asynchronous Fault Tolerant) Consensus? How is it different from blockchains like Ethereum and Bitcoin?
aBFT consensus stands for “Asynchronous Byzantine Fault Tolerant” consensus. When a network is said to be ‘fault tolerant Byzantine’, it means that the nodes can still agree on the order of events, even if part of the network acts maliciously.
Asynchronous BFT allows nodes on the network to commit event blocks that contain transactions without relying on time assumptions. This makes the confirmation of transactions over the network faster, without compromising security or decentralization. When a transaction is confirmed by the network, it achieves a full purpose and cannot be changed or reversed. ABFT consensus reaches agreement on transactions even when some of the messages are lost between nodes, making the network more resilient
Blockchains like Ethereum and Bitcoin are synchronous, which means that transactions are aggregated in blocks, one at a time. y follow the longest chain rule in which the chain with the most blocks determines the final order of events. Transactions in older blocks are much more likely to be part of the final order of events compared to more recent transactions. refore, these networks require multiple confirmations to ensure that a transaction is a permanent part of the blockchain. This behavior leads to slower commit of transactions than in a BFT consensus.