Blockchain does away with all the intermediaries and connects two transacting parties directly. By every logic, it speeds up the transactions and makes them safe and secure. However, the decentralized ledger hasn’t really lived up to its expectations yet. That’s because the technology is still evolving and hasn’t reached its full potential yet.
Experts in the domain have been trying to work on it. It looks like they have come up with something this time. Fantom (FTM) is a platform that has shown exceptional results in accelerating crypto transactions. Launched recently, it has grabbed the attention of many crypto users. So, let’s explore the facets of this platform and see what it has to offer.
FTM: The Preface
Fantom has been developed using the Directed Acyclic Graph (DAG) technology. Michael Kong introduced this platform in 2018 as an alternative to the conventional blockchain. DAG makes transactions faster and cheaper by deploying a parallel processing model. Evidently, it handles a larger lot of transactions without experiencing any latency.
Also, the platform has been gaining substantial growth since its launch. Its market cap reached over $8 Billion by March 2023. It became one of the 50 crypto-based projects in market size. While delivering efficiency, the platform soon became the go-to choice of various dApps. It fulfilled the needs of crypto projects that required better speed and processing.
Using blockchain in a unique manner, this project addresses various existing issues in the domain. The safe and quick processing makes it a significant platform for many other decentralized entities. It makes real-time transactions very helpful for exchanges and other firms. Consequently, it enables decentralized projects to be more scalable on many fronts.
How Does FTM Work?
FTM’s consensus mechanism is the key proponent of the project. It brings forth a modified version of DAG which is known as Lachesis protocol. It makes the processing parallel and validates transactions easily as well. Using a more streamlined blockchain confirms transactions in a shorter time and charges a lower fee as well.
Users should also know that the Practical Byzantine Fault Tolerance (PBFT) protocol is the basis of FTM. Due to the former, it can handle the nodes more efficiently. At the same time, it manages a large number of transactions flawlessly. It delivers high throughput while keeping a low latency. At this point, one must also become familiar with the other benefits of FTM.
Benefits of Using FTM’s Consensus Mechanism
Here are some merits of FTM’s consensus mechanism that you must know about.
- Faster processing speed
- Low transaction charges
- Less energy consumption
- Impervious to attacks
FTM doesn’t just improve things, it brings new possibilities to the crypto space. It makes things much better for many decentralized firms and users. All in all, FTM takes blockchain to a new level and makes it more adaptable. The platform emerged as a savior for a number of crypto-based startups. It lets them extend their outreach while helping them overcome various challenges. With so many advantages, it empowers every crypto firm to outperform.