As blockchain technology continues to evolve, new projects emerge that aim to address some of the challenges faced by traditional blockchains.
One such project is Fantom, a decentralized finance (DeFi) platform that utilizes a unique consensus mechanism called “Proof of Stake and Time” (PoST) to achieve high scalability and low fees.
What is PoST?
PoST is a consensus mechanism that uses a combination of proof of stake (PoS) and time to validate transactions on a blockchain network. In traditional PoS, validators are selected based on their stake in the network, typically measured by the number of coins they hold. However, PoST goes one step further by also taking into account the time at which the transaction is submitted.
The idea behind PoST is that validators who submit transactions earlier will be more likely to have their transactions included in the next block, and thus earn more rewards. This incentivizes validators to keep their systems online and responsive, as they need to be ready to process transactions at any time.
Fantom Blockchain
Fantom Blockchain
is a decentralized finance (DeFi) platform that utilizes the PoST consensus mechanism to achieve high scalability and low fees. The Fantom network currently supports over 270 dApps, including decentralized exchanges (DEXs), lending platforms, and other DeFi applications.
One of the key features of
Fantom Blockchain
is its ability to process transactions in just a few seconds, compared to the several minutes it can take on some other blockchain networks. This makes it an attractive option for traders and investors who need to execute their trades quickly and efficiently.
Another advantage of
Fantom Blockchain
is its low fees. While other DeFi platforms can charge high transaction fees, especially during periods of high network congestion, Fantom keeps its fees relatively low, even during times of high usage.
Case Study: The 123Dex
The 123Dex is a decentralized exchange (DEX) that was built on the
Fantom Blockchain
. It offers users a fast and efficient trading experience, with transactions typically completed in just a few seconds.
One of the key advantages of the 123Dex is its low fees. While other DEXs can charge high transaction fees, especially during periods of high network congestion, the 123Dex keeps its fees relatively low, even during times of high usage.
In addition to its fast and efficient trading experience, the 123Dex also offers a range of features that make it an attractive option for traders and investors. These include advanced charting tools, order book trading, and stop-limit orders.
Expert Opinion
According to Andreas Antonopolos, a well-known blockchain expert and author, “
Fantom Blockchain
is one of the most promising new DeFi platforms on the market today. Its unique consensus mechanism allows it to achieve high scalability and low fees, making it an attractive option for traders and investors looking for a fast and efficient trading experience.”
Real-Life Examples
One real-life example of
Fantom Blockchain
in action is the 123Dex. As we mentioned earlier, this DEX offers users a fast and efficient trading experience, with transactions typically completed in just a few seconds. It also keeps its fees relatively low, even during times of high usage.
Another real-life example of
Fantom Blockchain
is the Fantom Foundation’s partnership with the decentralized lending platform, Aavegotchi. This partnership allows users to borrow and lend cryptocurrency using the
Fantom Blockchain
.