7 Key Factors That Make Fantom Superior To Other Layer-1 Blockchains
To be at par with legacy payment processing systems blockchains need to achieve high scalability without compromising on their security and decentralization. Layer 1 solutions are standalone blockchain networks with high scalability and security, whereas Layer 2 solutions are sidechains that sit on top of a parent blockchain.
Among all such solutions, Fantom is the most promising layer 1 solution to blockchain scalability.
Fantom is a decentralized, open-source, permissionless blockchain with smart contract support. Its decentralization, security, and scalability rival the likes of any traditional banking system as well as other blockchains.
In this article, we have outlined the reasons why Fantom is superior to other blockchain solutions.
- Easy Onboarding
Want to buy Fantom’s native token – FTM? Go to popular exchanges like Binance, Bitfinex, Gate.io, or Gemini and make your purchase. That’s how easy it is to be a part of the Fantom ecosystem.
Other layer 1 or layer 2 blockchains have a hard onboarding process. Firstly, you are required to use a bridge to buy the native tokens of those blockchains. Secondly, in some cases, you need to lock your tokens for at least 7 days.
That’s not the case with Fantom. No bridge. No locking period. You can directly buy FTM tokens from popular blockchains like Binance, Bitfinex, among others.
- Instant Transactions
Fantom is always upgrading to establish itself as the fastest blockchain network.
Earlier transactions on the Fantom blockchain were confirmed in 1-2 seconds which is way faster than other blockchain solutions.
Thanks to their Go-Opera update in April 2021, Fantom blockchain can now process transactions in less than a second. Considering this, Amazon recognized Fantom as one of the fastest blockchain.
- Near-zero Transaction Fees
Transactions on Fantom blockchain cost a fraction of a cent. To be more precise, on Fantom, transactions cost about $0.001. Fantom is way ahead of its predecessors and other blockchains in the industry with the superlow, super quick transactions. This is something every other blockchain solution is struggling to accomplish.
- Robust Security
You might wonder, if it costs so little to make transactions on Fantom, there would be many spam transactions to defraud the network.
But, Fantom is highly secure.
Unlike layer-2 sidechains, Fantom is not dependent on the parent blockchain for security. Fantom is a layer-1 blockchain and thus, has its native security protocol.
Fantom blockchain has 50 validators to secure the network. And validators need to lock at least 1,000,000 FTM to run their validator node. By locking their FTM holdings, validators help to secure the Fantom network in exchange for staking rewards.
Furthermore, Fantom has a transparent on-chain governance model where validators and delegators can vote on network parameters using FTM as the governance token. In the voting process, 1 FTM equals 1 vote.
- Developer Friendly
Fantom blockchain is fully compatible with the Ethereum Virtual Machine (EVM). Therefore, Fantom supports all smart contract languages that are compatible with the Ethereum blockchain. The languages include both Solidity and Vyper.
Moreover, Fantom is also compatible with Comos SDK providing more flexibility to developers.
Thanks to all this, developers don’t need to learn new programming languages to deploy applications on Fantom. To top this ease of deployment, Fantom provides the same developer tools as Ethereum. Fantom also has its native block explorer – FTMScan.
Most importantly, as Fantom is EVM compatible, it makes it easier for developers to port their existing Ethereum dApps over to Fantom.
- Strong Community
Fantom has a thriving and active community. Talking about community participation, many of the native dApps on Fantom have been developed by community members. Instead of competing with each other, the community members and developers on Fantom help and support each other, moving forward together as a whole community.
- Backed By Experts
Fantom has an experienced team of full-stack blockchain developers. From building a native consensus algorithm to middleware solutions and full-fledged software, Fantom has built them all.
As per their website, Fantom has a diverse team of specialist engineers, scientists, researchers, designers and entrepreneurs.
Fantom’s DeFi architect and advisor is Andre Cronje, one of the most influential names in the crypto space. He has 20 years of software development experience. Andre is well-known for creating Yearn Finance and has contributed to other big DeFi projects including SushiSwap.
Fantom has become a trendsetter that is defying the blockchain trilemma. For those who don’t know, the blockchain trilemma says that a blockchain cannot achieve decentralization, security, and scalability without sacrificing one of these three aspects.
Well, it seems Fantom has achieved all three – decentralization, scalability, and security.
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