Fantom is an innovative new cryptocurrency and smart contracts platform that has been designed to solve problems with scalability, security, and decentralization. To do this, it uses a number of tools that you may not have heard about, including a register-based virtual machine, the Lachesis Consensus Algorithm, the Elliptical Curve Cryptosystem, and the Directed Acyclic Graph model. This article will discuss these tools in greater detail to give you an in-depth look at this innovative new cryptocurrency. Here are five things you probably didn’t know about Fantom.

  1. Crypto Doesn’t Use Traditional Block-based Distributed Ledgers

Fantom doesn’t use the traditional block-based ledgers that traditional cryptocurrencies like Bitcoin use. Blockchains like Ethereum and Bitcoin rely on generating and verifying “blocks of data” for their network and consensus mechanisms.

Instead, the cryptocurrency employs a new model, which is based on the Directed Acyclic Graph (DAG). The main rationale for this approach is to solve scalability issues that popular cryptocurrencies like Bitcoin and Ethereum face.

 

  1. It Uses the Lachesis Consensus Algorithm (LCA) 

The network employs the Lachesis Consensus Algorithm as a consensus model. As per the developer’s whitepaper, this algorithm is a Byzantine Fault Tolerant (BFT) system that can execute up to 300,000 transactions per second.

Each event block includes data on prior events’ transactions, other historical data, reputation management, smart contracts, and more. The LCA builds a DAG, which is a series of connections between event blocks, in this model.

Furthermore, the main chain list ensures that the transactions in the DAG are in the correct order. The main chain list is essentially a collection of event blocks that may be used to inspect and validate previous event blocks.

 

  1. The Cryptocurrency Employs a Register-based Virtual Machine

There are two different types of virtual machines, and blockchains use virtual machines in two ways.

  1. Stack-based virtual machine. All actions are carried out with the help of the “stack” data model and the PUSH and POP commands. Cryptocurrencies like Ethereum use this type of virtual machine.
  2. Register-based virtual machine. The “register of the CPU” data model is used to accomplish all activities. PUSH and POP operations are not available with this type of virtual machine. Names and addresses, on the other hand, must be mentioned clearly. This is the type of virtual machine that the Fantom cryptocurrency network employs.

OPCODE processing expenses can be decreased by nearly half using register-based virtual machines, and the potential for efficiency can be nearly doubled.

 

  1. The Network Uses an Elliptic Curve Cryptosystem (ECC)

 Fantom uses elliptic curve cryptosystem technology to transfer data from one node to another. The benefits of this technology include:

  • Greater speeds
  • Excellent security
  • Easy implementation in digital wallets
  1. The Fantom Opera Chain

The Opera Chain is a significant part of Fantom’s infrastructure that addresses the standard blockchain systems’ scalability problems. Bytecode is generated using Scala, a type of programming language on the network.

There are three tiers to the Opera Chain:

  1. Core layer – where transactions are processed
  2. Ware layer – a layer where APIs, wallets, smart contract development tools, and other services are provided
  3. Application Layer – the layer used by third parties

 

Want to Join the Fantom Opera Chain?

If you want to join the growing community on the Opera Chain, you should check out the Hector Finance Project.

Our innovative new project on the Fantom Opera Chain shows much promise, providing users with value and another way to join this crypto ecosystem. It is expected to become a multi-chain project by the end of 2022.

To find out more about the Hector Finance Project and how you can get involved, contact us today or follow our website for more updates!

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