Everything You Need to Know About Fantom as a Developer
November 30, 2022
4 min read
Fantom uses a DAG(Directed Acyclic Graph), which is different from how most other layer 1s work. This makes the transactions lightning fast. So fast that it can handle around 25,000 transactions per second. More than other layer 1’s like Ethereum by a factor of 40.
Fantom’s mainnet is called Opera and is a layer 1 blockchain. On top of that, Fantom is an EVM compatible blockchain meaning that all of the dApps on Ethereum can easily be ported over to Fantom without much hassle.
Currently there are roughly 50 validators in the fantom ecosystem because of the high cost of entry to set up a node.
How Does Fantom’s Consensus Mechanism Work?
Fantom’s runs on a DAG-based asynchronous Byzantine fault tolerance (aBFT) algorithm which is called Lachesis. Quite the mouthful. Besides the complicated name, what you need to know is that Lachesis is a more efficient, scalable and secure alternative to major Layer 1s for developers to avoid having to build their own network layer.
The selling point is Fantom’s ability to process transactions at a lightning fast speed. Where Fantom lacks in security, it makes up for in scalability.
Furthermore, when conceptualizing Fantom we can think of it like an amalgamation of blockchains all connected to each other and governed by a broader Fantom umbrella. In fact, each application built on Fantom gets its own independent blockchain with it’s separate governance and tokens.
Each decentralized blockchain that makes up Fantom interact with each of the other blockchains while working independently in their own zones.
The governance mechanism on the Fantom network is quite different from other networks. Whereas other networks use decentralized voting in traditional DAO fashion, Fantom let’s you vote on a scale of 1-4 on each network proposal.
This adds an increased level of participation in the network that could be beneficial for the space writ large.
The tokenomics of Fantom is quite simple. Basically, it was built as an inflationary token which just means that more tokens will be minted over time. Although right now they’ve locked 500M on top of the 2.6B tokens in circulation in order to secure the network by paying stakers with block validation rewards.
What Makes Fantom Different?
Fantom is different from other blockchains in that it allows users to create and deploy their own independent networks that communicate with the Fantom mainnet. Whereas on other Layer 1’s like Ethereum all of the transactions happen on the mainnet, Fantom separates transactions into separate blockchains that all communicate with the Opera mainnet.
This had made Fantom appealing to countless developers, and we’re seeing more and more dApps being build on the Fantom network each and every day.
Building dApps on the Fantom Network
With Ankr’s Fantom RPC you can easily bring your Web3 project to life. With any data that you’d need from the FTM blockchain is at your fingertips. There's never been an easier time to build your own applications with Fantom.
No Need to Set Up FTM Nodes
Ankr’s Fantom RPC removes the need to set up your own Fantom node as they can now communicate with the chain using Ankr’s endpoints. This eliminates hours of time setting up and fixing node issues.
We know how technical and confusing it can be to set up a node on any blockchain. As a result, we are driven to make it easy for developers to build on top of their favorite blockchains.
Easily Retrieve Data from the Fantom Blockchain
With the Fantom RPC endpoint you can query any type of data with instantaneous speed.
Let’s say that you wanted to build a weather app. Building the frontend user interface is the easy part, you just need some html and CSS to make it look nice. Yet without a weather data websocket updated in real-time you’d have nothing.
Similarly, if you want to launch a DeFi protocol on Fantom you’re going to need to retrieve the live coin-price feeds, total volume of transactions, and other real-time token metrics. This is where Ankr’s Fantom RPC endpoint comes into play.
With Ankr’s RPC service it’s as simple as adding our endpoint link into your solidity code and you’re off to the races!
Overall, we’ve seen that Fantom is a revolutionary blockchain with an innovative approach to solving the blockchain trilemma. Fantom’s strengths lie in its speed and scalability.
Ankr’s RPC endpoint makes it easy to build dApps on top of Fantom. Whatever vision you have, we’re here to connect you to the blockchain.