The Fantom blockchain protocol is a new type of blockchain protocol that addresses some of the shortcomings of previous blockchain platforms, such as long transaction times. It makes use of the Fantom native coin, FTM, to perform governance functions, reward validators, and provide network security. The Fantom blockchain protocol is also a learning tool, helping users understand the Fantom ecosystem. It differs from other blockchain protocols, such as the Polygon blockchain protocol, which is based on the Ethereum network.
In contrast to traditional Proof of Stake systems, the Fantom blockchain is a permissionless system, which means that anyone can run a node and become a validator. This feature makes it suitable for many applications, from blockchain gaming to music streaming. Ultimately, Fantom is a great choice for those who are looking for a low-cost, secure blockchain platform.
The Fantom blockchain uses a permissionless smart contract platform and an asynchronous Byzantine Fault Tolerant PoS consensus mechanism. This structure promotes interoperability of nodes and enables faster transaction finality and higher throughput. In addition, each block producer must confirm their block two times before it becomes final. This ensures a smooth execution of digital asset transactions.
Another innovation introduced by the Fantom protocol is its staking reward system. Its highly scalable smart contract platform allows users to conduct payments, supply chain management, and smart city programs. As a permissionless system, its actual use cases may be more than these categories.