Review on Fantom by erdi yılmaz
Fantom
It aims to facilitate the use of DeFi applications and to process thousands of transactions per second.
The algorithm of the network works with the asynchronous Proof of Stake method. There is no centrality, leader, global judge. Randomly determined individuals approve the nodes. Thousands of transactions can be done per second on the network, thousands of nodes can be scaled. Processing speed is 1-3 seconds. The transaction fee is not even $ 0.01. Transaction fees are paid in FTM tokens.
There are verifying nodes on the network. Users running these nodes or users who have their FTMs staked for the operation of these nodes can vote on improvements and suggestions made on the network. Each FTM staked equals one vote. Shared FTMs can be used as collateral for DeFi. The nodes in the network are listed according to their transaction approval speed. As the node that can approve the most transactions, it gives more FTM awards.
You can earn rewards by staking your FTM to help secure the network. A prediction mechanism has been set up on my platform to stake FTM and calculate estimated rewards. Staking can be made for a minimum of 14 and a maximum of 365 days. As the number of locked days increases, so does the APR. The current APR for 14 days is 3.75% while for 365 days it is 10.93%. You can request rewards every few hours and combine them for even greater returns by adding to staking.
Pros
- Although it is an ERC 20-based token, it is fast enough to process thousands of transactions per second compared to the Ethereum network.
- It is a completely open source blockchain. Anyone can read codes and processes and control progress, while contributing to the ongoing building of the ecosystem.
- They try to be compatible with all transactions that can be done using DAG-based technology. They have created a highly secure infrastructure that enables data sharing and real-time transactions.
- DApps in the Ethereum network can run on the Phantom platform.
- For maximum flexibility in accessing price feeds, industry-leading oracle providers have integrated Chainlink and Band Protocol into Fantom.
Cons
- It's bad that it doesn't have the ability to work with more blockchains
