It is often evident that we always wake up to the news of amazing capabilities that is blockchain technology. While it is hard to argue at this point, there is still a downside to each innovation that seems to rise.
Unsurprisingly, blockchain is already experiencing challenges from a relatively new technology known as Directed Acyclic Graph (DAG). Whereas the blockchain smart contracts rely on “blocks,” the DAG version will run each transaction through a chain that solves it making the solution faster, therefore, enhanced execution. If that grabs your attention, then the next venture should interest you even more.
What Is Fantom?
FANTOM is a DAG-based platform that will allow users to establish and execute smart contracts in a much flexible and scalable manner compared to blockchain-based agreements. Often without realization, most people do not realize that the blockchain technology carries its transactions and smart contracts within the blocks which run under the miners. With them in between it often presents several risks which tend to snag the trades. Through the DAG elimination of miners, the deals will go on quicker since the solution eliminates different transactions.
How Fantom DAG Smart Contract Opera Chain Works
FANTOM portray their platform as using a more improved version of the DAG model to boost the speed of settling the contracts and increasing the levels of scalability. Here is how it plans to achieve those circumstances.
The Opera Chain is the main component and works to confirm one transaction at a time without rights to modify any of the previously approved purchases. The components include
- OPERA WARE layer-confirm the first transaction, before sending it to the next layer.
- Opera Core Layer-as the layer with nodes, the core works to ensure transaction confirmation is separate.
- The Lachesis Protocol enables a consensus system for the decentralized FANTOM network.
- Story Data functions to store data segments for tracking and the supply-chain management.
- Instant settlements-The smart contracts within FANTOM platform will execute asynchronously and with instant confirmation.
- Low fees-the transaction fees stand at below 0.01 USD for the users within the platform
- Infinite Scalability-unlike blocking-based smart contracts, FANTOM will offer a seamless ecosystem that will not experience lag or downtime.
- The open-sourced-FANTOM platform also promotes transparency by allowing users access to all transactions.
Fantom FTM Token ICO Details
The FANTOM platform main token (FTOM) will adopt an inflationary system which enables the expansion of the ecosystem. The total token supply will be 3.55 billion with an initial 5% inflation rate annually. Once the price reaches 20%, the rest of the tokens go into offering incentives and rewards for the FANTOM platform users. Still, it is tactful to note that the idea is still primarily on paper and plans to roll out once it finalizes all its developments at the beginning of 2019.
In conclusion, the FANTOM platform can genuinely change despite the foreseeable challenges. It smart contracts system could go into helping companies and individuals to build advanced business models for their economic quest. Additionally, their token model is somewhat unique as it helps to safeguard the value of the currency and ultimately regulate inflation levels. Will FANTOM become the future of smart contracts? Who knows, but it is probably wise to not bet against it at the moment.