Fantom utilizes a variant of the PoS model as part of its Lachesis consensus mechanism. Stakeholders help to secure the network and are rewarded in FTM, Fantom's native token. This model discourages malicious behaviors by requiring validators to put their assets at stake.
Fantom operates on Lachesis, its own consensus algorithm that integrates elements of Proof of Stake. It allows for faster transactions and higher scalability in the Fantom ecosystem. Lachesis is not purely PoS; it works with a gossip protocol and Directed Acyclic Graph for efficient data propagation and consensus.
Fantom's Lachesis algorithm implements a version of DAG. It organizes transactions in a way that they only require information from their direct ancestors for validation. This structure allows simultaneous processing, resulting in fast and efficient transactions.
Lachesis, the consensus mechanism used by Fantom, is a variant of aBFT. This means it can provide consensus without needing to wait for a certain number of confirmations, allowing for rapid transaction finality.
Fantom FTM has a number of features that make it attractive to developers and users. One of its key advantages is its high transaction speeds. The platform is capable of processing up to 300,000 transactions per second (tps), which is significantly faster than most other blockchain networks. This makes it well-suited to applications that require fast transaction processing, such as decentralized finance (DeFi) and gaming.
In addition to its fast transaction speeds, Fantom FTM also has low transaction fees. This is possible because the Lachesis consensus mechanism does not require miners to validate transactions. Instead, a group of validators are responsible for ensuring the integrity of the network. Because there are no miners, transaction fees are much lower than on other networks.
Fantom FTM is also highly interoperable. It can interact with other blockchain networks, allowing users to transfer assets and data between them. This makes it a useful platform for developers who want to build applications that can interact with multiple blockchains.
Since its launch in 2020, Fantom FTM has gained popularity among developers and users. The platform has been used to build a range of applications, including DeFi protocols, NFT marketplaces, and more. The Fantom Foundation, which oversees the development of the platform, has also formed partnerships with a number of other blockchain networks, including Chainlink and Band Protocol.