Fantom (FTM) is a layer-1 blockchain that is well-known for both its speed and its low cost. It has been given the moniker “Ethereum killer” in the same vein as other blockchains, such as Solana (SOL) and Avalanche (AVAX), which scale better than their respective counterparts. In December 2019, Fantom launched its mainnet after successfully raising a total of $40 million in funding. Since that time, it has expanded to become one of the most well-known blockchains and currently ranks among the top 10 blockchains in terms of total value locked (TVL), with $1.3 billion in TVL.The high-throughput blockchain that Fantom utilises is an open-source platform for smart contracts. Because it is scalable and compatible with the EVM, you will be able to deploy and run your Ethereum decentralised applications (DApps) on the Fantom platform. In addition to managing digital assets and decentralised applications (DApps), its structure enables the support for the network’s decentralised finance (DeFi).
Lachesis is the name of the modified proof-of-stake protocol that serves as the foundation for the Phantom consensus mechanism. The aBFT algorithm enables it to provide nearly instant finality, high transaction speeds, and low transaction fees. It has been designed to provide these benefits. aBFT is able to scale to many nodes across the globe in an environment that is permissionless and open source, offering a good level of decentralisation.
If you believe in the Fantom project and want to grow your FTM stack, you might want to think about staking Fantom to earn passive income. The Fantom blockchain is powered by its native FTM token. A blockchain can be made more secure through the practise of staking, which involves locking up an investor’s digital assets for a predetermined period of time. This security is provided by validators who validate transactions using their staked tokens. This creates an economic incentive for validators to act in accordance with the protocol’s rules and ensures that transactions are validated successfully.
Staking FTM allows investors to actively contribute to the protection of the FTM network while simultaneously earning a passive income in the form of FTM rewards. Staking requires tokens to be locked for a period of time; however, the tokens will continue to reside in their owners’ wallets, and only the owners will have the ability to access and unlock their funds at any time. In order to protect its consensus mechanism from Sybil attacks, the minimum amount of stake required to operate a validator is 500,000 FTM. Malicious attacks known as Sybil attacks are conducted by impersonating multiple users within a network in order to gain an unfair advantage over other users. It is much simpler to delegate FTM to a validator when that validator’s required amount is a relatively high percentage of the total.