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.
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.
There are two different types of virtual machines, and blockchains use virtual machines in two ways.
OPCODE processing expenses can be decreased by nearly half using register-based virtual machines, and the potential for efficiency can be nearly doubled.
Fantom uses elliptic curve cryptosystem technology to transfer data from one node to another. The benefits of this technology include:
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:
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