Imagine the most dynamic invention of the century, with uses in several sectors and industry verticals and a clear advantage over the current systems in place. Now imagine such a technology encumbered various technical obstacles.
Seems like such a setback, right?
The technology that we’re talking about here is blockchain, and the limitation is the lack of real-time transaction settlement and scalability.
Since Blockchain implementations such as Bitcoin or Ethereum synchronize one block at a time, the practical utility of the technology lacks the robustness offered by Fiat currency. With such constrictions facing blockchain, the universal acceptance and adoption of the technology is be rather difficult for industry stakeholders to even consider.
Fortunately, the FANTOM foundation presents a solution to this issue by a presenting a technology more scalable and more versatile than the existing Directed Acyclic Graphs (DAGs).
Different from the traditional block ledger-based storage infrastructure, FANTOM employs an improved version of existing DAG-based protocols.
The technology implemented by FANTOM uses its unique OPERA Chain technology to process a list of events asynchronously with no rights to modify previous confirmed transactions. OPERA which has a three layer system also presents scalable solutions to several issues faced by the Blockchain technology.
With layers managing the process of transactions at scale, the support of smart contracts and other functionality, and support for third party applications – FANTOM’s offering is nigh unparalleled in the market in terms of ease of use and affordability.
That means that FANTOM’s platform will expedite transactions by reducing confirmation times and potentially high transaction fees.
Furthermore, the utility of FANTOM’s technology offers more than just theoretical solutions. Unlike most smart contract platforms, FANTOM will offer a cleaner, more adaptable system with:
- Instant payment: Transactions on the FANTOM platform will be executed asynchronously with instant confirmation.
- Near zero cost: Transaction fees will be less than 0.01 USD from one wallet to another.
- Infinite scalability: As more nodes participate in the network, FANTOM’s processing capability increases.
- Open Sourced: The FANTOM platform will be open-sourced for transparency and trust.
Through its innovative solution and practical benefits, FANTOM aims to enable compatibility between all transaction bodies around the world using fast DAG technology. This can be deployed at scale in the real world, and will create a new decentralised infrastructure with high reliability and real-time transactions.
FANTOM’s Smart platform ultimately will help facilitate global transactions with high accuracy and reliability on a large scale in various industry verticals.
For more details, please visit: http://www.fantom.foundation