{"id":10973,"date":"2023-03-12T22:46:55","date_gmt":"2023-03-12T22:46:55","guid":{"rendered":"https:\/\/www.bitnovo.com\/blog\/?p=10973"},"modified":"2025-09-10T15:21:22","modified_gmt":"2025-09-10T15:21:22","slug":"what-is-fantom-ftm","status":"publish","type":"post","link":"https:\/\/www.bitnovo.com\/blog\/en\/what-is-fantom-ftm","title":{"rendered":"What is Fantom (FTM)?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-transparent ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Alternar tabla de contenidos\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #ffffff;color:#ffffff\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #ffffff;color:#ffffff\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-fantom-ftm\/#history_of_fantom\" >History of Fantom<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-fantom-ftm\/#how_does_fantom_work\" >How does Fantom work?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-fantom-ftm\/#operas_core_layer\" >OPERA\u2019s core layer<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-fantom-ftm\/#opera_ware_coating\" >OPERA Ware coating<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-fantom-ftm\/#operas_application_layer\" >OPERA\u2019s application layer<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-fantom-ftm\/#what_is_lachesis\" >What is Lachesis?<\/a><\/li><\/ul><\/nav><\/div>\n<span class=\"span-reading-time rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Tiempo de lectura:<\/span> <span class=\"rt-time\"> 4<\/span> <span class=\"rt-label rt-postfix\">minutos<\/span><\/span><p>The world of cryptocurrencies is constantly developing and expanding. As a result, many promising projects with great potential are appearing. One of them is Fantom. If you don\u2019t know what\u00a0<strong>Fantom<\/strong>\u00a0is, don\u2019t worry. In this article we will tell you all about what it is and how it works.<\/p>\n<p>Fantom is a very ambitious project that aims to create a\u00a0<strong>smart contract platform<\/strong>\u00a0that is characterized by executing fast and inexpensive transactions. With these features it aims to surpass the\u00a0<a href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-ethereum-eth-and-how-does-it-work\/\">Ethereum<\/a>\u00a0network as the main smart contract network.<\/p>\n<p>Through the use of advanced\u00a0<strong>Directed Acyclic Graph<\/strong>\u00a0or\u00a0<a href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-a-directed-acyclic-graph-dag\/\">DAG<\/a>\u00a0technology, Fantom intends to offer near-infinite scalability in addition to instant transactions for near-zero cost. In addition, the developer team is also working on a\u00a0<strong>high-performance virtual machine<\/strong>\u00a0that features secure smart contract execution such as the\u00a0<a href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-the-ethereum-virtual-machine\/\">EVM<\/a>\u00a0(Ethereum Virtual Machine).<\/p>\n<p>As a high-speed, high-performance platform, Fantom\u2019s vision is to become the core part of the\u00a0<strong>IoT<\/strong>\u00a0(Internet of Things) infrastructure for emerging smart cities. Among its goals, Fantom is pursuing the idea of executing up to\u00a0<strong>300,000 transactions per second<\/strong>\u00a0and having the ability to communicate with multiple service providers. Therefore, Fantom believes it is the solution for storing a large volume of data securely.<\/p>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<h2><span class=\"ez-toc-section\" id=\"history_of_fantom\"><\/span><strong>History of Fantom<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><b>Dr. Ahn Byung Ik<\/b>\u00a0is the founder and CEO of Fantom. He also holds a PhD in computer science and is president of the Korea Food Technology Association.\u00a0<strong>Ahn Byung<\/strong>\u00a0is known for being a contributing author to Fortune magazine. He has also been frequently published in South Korea\u2019s best-known business media. To top it off, this entrepreneur founded a food technology platform called\u00a0<strong>SikSin<\/strong>, which is very similar to Yelp.<\/p>\n<p>The platform has more than 22 million monthly visits and the mobile application has more than 3.5 million downloads. As we can see, this founder has a great track record of success.<\/p>\n<p>Moreover, influencing Fantom\u2019s creation is\u00a0<strong>CIO Michael Kong. Kong<\/strong>\u00a0has several years of blockchain experience as a\u00a0<strong>smart contract<\/strong>\u00a0developer. Prior to his involvement in the development of Fantom, he held the position of Chief Technology Officer at the blockchain incubator known as Block8. He also built one of the first Solidity\u00a0<strong>decompilers<\/strong>\u00a0and also one of the first smart contract vulnerability detectors.<\/p>\n<p>Finally we have<strong>\u00a0Andre Cronje<\/strong>, the developer behind Yearn as well as many other DeFi products. He is also co-author of the Fantom consensus algorithm, known as\u00a0<strong>Lachesis<\/strong>. He is currently still involved in the project and has discussions with the developer team frequently. He always oversees major updates and releases. Andre has stated on several occasions that when the bridges are ready, he will move his most important\u00a0<a href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-a-dapp\/\">dApps<\/a>\u00a0to Fantom, as it is a faster and cheaper platform than Ethereum.<\/p>\n<div id=\"image_520176900\" class=\"img has-hover x md-x lg-x y md-y lg-y\">\n<div class=\"img-inner dark\"><img fetchpriority=\"high\" decoding=\"async\" class=\"attachment-large size-large lazyloaded\" src=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/10\/Qu%C3%A9-es-fantom1.jpeg\" sizes=\"(max-width: 768px) 100vw, 768px\" srcset=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/10\/Qu\u00e9-es-fantom1.jpeg 768w, https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/10\/Qu\u00e9-es-fantom1-300x205.jpeg 300w\" alt=\"Qu\u00e9-es-fantom\" width=\"768\" height=\"526\" data-srcset=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/10\/Qu\u00e9-es-fantom1.jpeg 768w, https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/10\/Qu\u00e9-es-fantom1-300x205.jpeg 300w\" data-src=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/10\/Qu\u00e9-es-fantom1.jpeg\" data-sizes=\"(max-width: 768px) 100vw, 768px\" \/><\/div>\n<\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<h2><span class=\"ez-toc-section\" id=\"how_does_fantom_work\"><\/span><strong>How does Fantom work?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Fantom\u2019s operation uses the protocol divided into three layers. Each layer has different responsibilities from the others and each one is of vital importance. These layers are the Opera core layer,\u00a0<strong>the Opera Ware layer and the application layer<\/strong>. In the following we will see each of them and what their main functions are.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"operas_core_layer\"><\/span><strong>OPERA\u2019s core layer<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The OPERA core layer is\u00a0<strong>responsible<\/strong>\u00a0for maintaining consensus through the nodes in the\u00a0<strong>Lachesis Protocol,<\/strong>\u00a0which will be discussed shortly. It is also responsible for creating events. Through a DAG it is responsible for\u00a0<strong>confirming transactions<\/strong>, and the nodes are able to process them all at once thanks to the use of DAG technology.<\/p>\n<p>Each transaction processed will be stored in each\u00a0<strong>node of the network.<\/strong>\u00a0This operation is very similar to how a blockchain\u00a0<strong>stores transactions<\/strong>. The difference is that with\u00a0<strong>DAG<\/strong>\u00a0technology the data needs to be stored at each node. Instead, the network employs another kind of node known as a token node for the purpose of\u00a0<strong>validating transactions<\/strong>.<\/p>\n<p>Witness nodes are responsible for corroborating the validity of the data held by the nodes in the network. These witness nodes depend on a consensus method known as Delegated\u00a0<a href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-proof-of-stake-and-how-does-it-work\/\">Proof of Stake<\/a>\u00a0used to designate the validating nodes.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"opera_ware_coating\"><\/span><strong>OPERA Ware coating<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>The OPERA Ware layer<\/strong>\u00a0is located at\u00a0<strong>the<\/strong>\u00a0<strong>core<\/strong>\u00a0of the protocol. This layer was designed to execute functions on the platform such as issuing rewards and payments in addition to writing what is known as \u201c<strong>Story Data<\/strong>\u201c.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"operas_application_layer\"><\/span><strong>OPERA\u2019s application layer<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>OPERA\u2019s<\/strong>\u00a0application layer is located at the top. This layer contains the publicly available\u00a0<strong>APIs<\/strong>\u00a0that developers will use to allow their dApps (Decentralized Applications) to interact with the\u00a0<strong>OPERA Ware layer.<\/strong><\/p>\n<p><b>Story Data\u00a0<\/b>is about Fantom\u2019s method of making it possible to track all transactions that have been executed on the network, unlike Ethereum, where\u00a0<strong>tracking<\/strong>\u00a0past transactions is<b>\u00a0limited.<\/b><\/p>\n<p>In Fantom, each transaction and execution of a\u00a0<strong>smart contract<\/strong>\u00a0stores a tiny piece of data, the\u00a0<strong>Story Data.<\/strong>\u00a0This data is used in functions for tracking and tracing transactions. This is a valuable function in certain industries where\u00a0<strong>indefinite data logging<\/strong>\u00a0is important to users. An example of such industries would be supply chain management or healthcare. Thanks to this functionality, Fantom can confirm transactions in less than\u00a0<strong>2 seconds<\/strong>. Such transactions cost approximately\u00a0<strong>$0.00001<\/strong>.<\/p>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<h2><span class=\"ez-toc-section\" id=\"what_is_lachesis\"><\/span><strong>What is Lachesis?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Lachesis is an\u00a0<strong>aBFT<\/strong>\u00a0or Asynchronous Byzantine Fault Tolerance consensus algorithm. This algorithm is based on\u00a0<strong>DAG<\/strong>\u00a0or local acyclic directed graph that contains the relation of previous events and is responsible for calculating an exact final order of independent transactions at each node. What stands out most about this mechanism is that it allows connecting to any independent blockchain developed within the Fantom network.<\/p>\n<p>In such a network, each application developed within the platform has its own blockchain. This mechanism makes it possible to efficiently solve\u00a0<strong>scalability<\/strong>\u00a0problems because the performance of each of these blockchains is not affected by the overall data traffic of the network.<\/p>\n<p>Similarly, each blockchain built on the\u00a0<strong>Fantom<\/strong>\u00a0protocol is independent of the others, but they are all connected to\u00a0<strong>Lachesis<\/strong>\u00a0and each can interact with the others.<\/p>\n","protected":false},"excerpt":{"rendered":"<p><span class=\"span-reading-time rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Tiempo de lectura:<\/span> <span class=\"rt-time\"> 4<\/span> <span class=\"rt-label rt-postfix\">minutos<\/span><\/span>The world of cryptocurrencies is constantly developing and expanding. As a result, many promising projects with great potential are appearing. One of them is Fantom. If you don\u2019t know what\u00a0Fantom\u00a0is, don\u2019t worry. In this article we will tell you all about what it is and how it works. Fantom is a very ambitious project that [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":6745,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[165],"tags":[],"class_list":["post-10973","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrencies"],"_links":{"self":[{"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/posts\/10973","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/comments?post=10973"}],"version-history":[{"count":2,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/posts\/10973\/revisions"}],"predecessor-version":[{"id":24604,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/posts\/10973\/revisions\/24604"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/media\/6745"}],"wp:attachment":[{"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/media?parent=10973"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/categories?post=10973"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/tags?post=10973"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}