28.05.21

Fantom gains momentum

Fantom gains momentum

Fantom is a platform for smart contracts in which transactions are asynchronously confirmed through the use of a directed acyclic graph (DAG). Each Lachesis node (aBFT Fantom consensus algorithm) stores a local DAG comprising event blocks that contain transactions.

With old-generation platforms, such as Ethereum, network performance slows as the number of users grows because the latter’s transactions “congest” the network. Fantom resolves this scalability problem by providing each dApp with its own blockchain that functions in parallel with other participants and has its own tokenomics and rules.

Fantom can be thought of as a network of networks.

On May 17, the community decided to lower the minimum threshold for independent staking from 3.175 million to 1 million FTM, which should spur an increase in decentralization.

The project is aimed at implementing its technology into “real” business processes of various sectors, from manufacturing to the food industry.

Go-Opera was updated on April 29, following which the network began developing at an accelerated pace.

Although it was only as recently as April 26 that the number of intraday transactions exceeded the 100 000 threshold, currently approximately 500 000 transactions are taking place in the network daily. Transactions take 1 second to complete. The number of unique addresses has grown from 76 700 to 102 100 throughout the same period.

FTM is trading at 65% below highs. Support lies in the $0.11-0.18 range. The short-term target is to get near $0.90. The long-term target is $2.40.

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