As mentioned before, the Foundation recently shared some news surrounding new protocol changes coming to the Fantom platform. This Foundation is known for updating its users continually, so it’s no surprise that its ecosystem is getting updated so regularly.
Here’s an overview of some of the recent upgrades you can enjoy from this project.
As many FTM adopters know, it’s EVM compatible. However, the Fantom project was implemented a bit differently from Ethereum, and some of the upcoming changes reflect that.
First, we have one-block confirmations. Ethereum transactions often require multiple-block confirmations so that the transaction goes over smoothly. Thanks to Fantom’s new update, you’re only going to need one confirmation.
In essence, you’re going to take much less time to confirm your transaction without having to worry about any security problems.
Currently, you can start a transaction asynchronously, meaning you don’t have to wait for particular blocks to get confirmed. In essence, the transactions in this ecosystem are processed by validator nodes with other upcoming transactions; all happening simultaneously.
As many know, Ethereum works with a synchronous Proof of Work system, which isn’t particularly bad at all. However, Fantom’s asynchronous transactions can achieve faster transactions at a lower cost and higher security.
One of the goals of both Hector Finance and the Fantom Chain is to make the project as scalable as possible. Recently, the developing team has released a statement with plans surrounding scalability that you must be aware of.
That statement involves three different upgrades, and we’re going to outline them all below:
The “Snapsync” mode allows nodes to download network blocks a bit faster. This is achieved by requesting only necessary information to process new transactions. Overall, the Snapsync feature comes to life thanks to the Lachesis Light Repeater algorithm, which allows the blockchain to store minimal information.
That algorithm allows each node to speed up the consensus and keep updated with one another. According to the statement, some test runs using nodes running Snapsync have given reports of full syncs in seven minutes, which compared to the previous 40 hours is an outstanding change. This would imply a 90% reduction in total data storage. More specifically, it would give the mainnet a full storage data of 270GB, which is extremely lower than the current 2.7TB storage.
Fantom’s team is proposing a “Flat Storage” data structure, which will index all possible data so that nodes can access data much faster. This would solve one of Blockchain’s primary issues, which is the slowness of the Ethereum technology stack.
According to the tests, implementing the Flat Storage structure would achieve up to 5x faster reads from the blockchain.
Current RPC API nodes are consuming too many server resources, which, therefore, requires the usage of more powerful hardware. In an effort to solve this problem, the developers proposed using PebbleDB instead of LevelDB in RAID servers to reduce memory consumption by at least 90%.
The current Fantom coin market cap is $3,292,853,129 as of the writing of this article. While the token experienced a significant downfall after Cronje’s departure, it’s slowly regaining strength in the community.
If you want to learn more about Fantom and its ecosystem, make sure to check its website and the Hector Finance website to discover how we aim to improve value through high-quality products!