The Fantom platform consists of several unique components. Fantom Opera is an open-source oriented acyclic graph network that serves as the foundation for the blockchain and can run existing smart contracts and create new contracts that interact with contracts on Ethereum because it is compatible with the Ethereum virtual machine.
Lachesis verifies Fantom transactions, a leaderless Proof of Stake system that uses an asynchronous Byzantine fault-tolerant consensus mechanism. ABFT validation is a fast and cheap alternative to establishing consensus through Proof of Work or conventional Proof of Stake schemes. ABFT systems can complete transactions in seconds instead of minutes.
Fantom reduces validator requirements by 90%
As confirmed by the Fantom Foundation, the self-assessment requirement for validators on the Fantom Layer 1 blockchain has been reduced by 90%. Management voted for the change more than six months ago, and the fund recently made the changes, according to the announcement on Jan,15th.
The foundation explained that the increase in the number of validators makes it more difficult for attackers to attack. Validators in the network work by merging transactions and sharing them with other validators. It is final when at least two-thirds of the network validators reach consensus. As the number of validators increases, the transactions sent reach the validators faster. The foundation assured that the increase in the number of validators will not slow down the Fantom network. Also, the foundation also explained that lower stake requirements do not pose a security risk, as a validator’s ability to confirm transactions is proportional to its stake, not the number of validators it runs.
Fantom also added that a validator with 1 million FTM stakes will have the same power as twenty smaller validators with 50k FTM stakes each. FTM prices rebounded due to a higher market and recovery from two major breakouts.
Fantom (FTM): One of the Most Anticipated Cryptocurrencies In 2024
Fantom, a highly awaited cryptocurrency, boasts features like instant smart contract settlements with swift confirmation, asynchronous processing, and low user fees (below one cent per transaction). The platform ensures a seamless ecosystem with infinite scalability, promising no downtime. Additionally, it’s open source and prioritizes effective communication with users. Supported by a robust and well-trained team, Fantom is poised for success in the cryptocurrency landscape.
FTM Coin Price Technical Analysis and Prediction
Experts predict the short-term price for the coin to rise $0.470, but later fall to $0.3655 at the start of February. Technical analysis conducted by the VR Soldier analysts was bearish, with 17 indicators showing bearish signals.
However, during the day, the uptrend was broken and FTM price traded at $0.387 at the time of writing. Meanwhile, the bulls found support at the 150-day EMA.
At The End
The Fantom Foundation has reduced the self-assessment requirements of validators on its Layer 1 blockchain by 90%. The change was confirmed on January 15, six months after the management vote, and that reflected on the rapid increase of validators. On the other hand, it makes attacks more difficult.