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Submitted by on Sep 3, 2021

Fantom is developing a platform that includes a DAG-based distributed ledger with aBFT principles for consensus and a novel verifiable compiler and register-based virtual machine for smart-contract execution.

FANTOM’s mission is to “provide interoperability across all transaction bodies throughout the world utilizing DAG technology,” as well as to build new, high-reliability infrastructure that enables real-time transactions and data sharing. It also seeks to create a new verifiable compiler and register-based virtual machine that tests for correctness automatically, provides smart contract behavior proofs, and executes instructions faster than previous models. The following are some of the highlights:

From March to June 2018, it raised $39.7 million through private and public token sales.

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Its goal is to make smart contracts possible for DAG-based systems.

To accomplish Asynchronous Byzantine Fault Tolerance, it employs techniques such as the Coffman”Graham algorithm (“aBFT”).

FTM, the native token, is expected to have the following features:

For validator node staking: to protect the network in exchange for block and transaction rewards. Nodes will be rated according to how quickly they confirm transactions. As a result, higher-performing nodes with superior hardware will earn greater rewards per FTM staked on average.

To pay transaction fees, consumers can utilize FTM to do so.

To vote on proposals to change the structure of the mainnet, modify system parameters such as block rewards, and elect moderators and the technical committee: each token holder running a validator node, or who has delegated their FTM to a validator node, will be able to vote on proposals to change the structure of the mainnet, modify system parameters such as block rewards, and elect moderators and the technical committee.

Fantom has created Lachesis, a generic framework for DAG-based consensus in the development of scalable distributed systems. On top of that, the Fantom team has created ONLAY, a new consensus mechanism based on the Lachesis architecture. In the situation of up to one-third of the participants being compromised, ONLAY ensures realistic Byzantine fault tolerance. Fantom’s main goal is to solve the problem of rapid consensus and trustworthy event ordering. The Fantom team claims that its initial experiments with the ONLAY Protocol have shown that leveraging the assigned layers of event blocks can help achieve more deterministic block ordering, and that the new layer-based protocol is a promising alternative for achieving deterministic, resilient distributed ledgers.

The Fantom network is made up of nodes that are divided into two categories: users and validators. To provide consistent ordering of event blocks, the ONLAY framework uses graph layering on the DAG. The ONLAY framework uses event block layers to reach consensus on event block and transaction final ordering across distributed systems. Each node has its own DAG, which is used to calculate the main chain of finality event blocks. On valid transactions and honest nodes, the consensus mechanism achieves optimized pBFT with deterministic DAG-based finality. When a block is finalized in ONLAY, it is final without the requirement for several block confirmations, as in the Nakamoto consensus’ probabilistic finality (in BTC, ETH).

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