Table of Contents

FANTOM BLOCKCHAIN DEVELOPMENT

Fantom is a highly scalable new generation Blockchain platform highly recommended for building DeFi, crypto dApps, and enterprise applications. Fantom is one of its unique kind of platform that does not relies upon Fantom's main consensus layer, but operates on its own unique blockchain! Looking for Fantom experts who can help you to build and scale your dApps on the Fantom network?

Fantom has grown rapidly since the launch of its Mainnet in December of 2019. It is a fast, scalable, and secure Layer-1 platform compatible with the Ethereum Virtual Machine. So far, we have seen how the network ecosystem looks and how it has developed into a ready platform for developers to join and build.

The Fantom blockchain development team implemented on-chain governance in Fantom's wallet in January 2021. Fantom is a First Tier-1 network that enables all users to improve and vote in a completely decentralized manner. The Fantom developer conference is held across the globe to discuss how to deploy smart contracts, explore build, and scale the network to attract investors and innovators.

The Fantom has experienced a huge and steady increase in the total value of assets locked across various DeFi platforms as the market goes through a great season. Fantom has built a reputation for itself by enabling users to quickly use and onboard on the platform. In addition to accessibility, Fantom Blockchain offers users low transaction fees and instant transactions. It is unarguably on a mission to provide users with a future experience and the team strives to address high-performance solutions that can bring about real-world impact.

01

What is Fantom?

Fantom is a layer-1 blockchain that uses a single consensus layer on Fantom to create multiple executions. The network's independent consensus layer is called Lachesis, featuring a novel consensus mechanism developed by the Fantom Foundation dubbed the "Lachesis Protocol." Lachesis can provide security to multiple other layers, the first of which is Fantom's EVM-compatible smart contract chain called Opera. The project's goal is to host an ecosystem of execution layers while enabling them to feature fast and cost-efficient transactions due to the benefits provided by the Lachesis Protocol.

02

What are the rules of the Fantom Foundation?

The Fantom Foundation has developed a new model for reaching consensus on transactions known as the laches Consensus Engine (or Laches Protocol). It uses a guided acyclic graph (DAG) based algorithm to achieve Asynchronous Byzantine Fault Tolerance (ABFT).

The Fantom Foundation has announced that it will commit 370,000,000 Fantoms (FTM) to a new awards program.

Fantom also announced the launch of a new 370 million FTM innovative program for builders starting today. If you are a protocol or team, the project will reward you for maintaining and enhancing your TVL in Fantom in this program. The idea for the program came over the past few months when the Fantom Foundation began noticing a lot of exciting things going on about liquidity mining. Fantom noted that other foundations behind their unique chains have begun to offer rewards for protocol users who place them on top of other respective chains. Fantom wanted to reward users in it it's the way. The program was created by the Fantom Foundation to better align incentives between users, developers who deploy smart contracts, and the network where they deploy these contracts.

Lachesis has four key qualities:
Asynchronous :

Participants have the freedom to process commands at different times

Leaderless :

No participant plays a “special” role in block production

Byzantine Fault-Tolerant :

Supports one-third of faulty nodes.

Rejolut by blockchain development numbers

40 +
Project Completed
10
Startups Got Funding​
9000 +
Entrepreneurs Consulted Worldwide​
0 M+
Lines of Code Deployed​
0 1
Development Centers
60 +
Global Workforce

Near-Instant Finality: Transactions are confirmed in 1-2 seconds

With the rollout of Go-Opera, the most significant network upgrade to date, Fantom's blockchain technology can now handle transactions in less than a second, with the best transaction fees in the industry.

Losses are incurred with very high transaction fees even though blockchain technology generally speeds up incredibly slow transactions. As a sequel to this, Fantom is one of the new generations of blockchain platforms that hopes to inspire integration and address fee problems as its developers seek to build community members and blockchain projects. Fantom also joined the North American Bitcoin Conference in 2022 as a partner recently.

FTM provides a high-performance solution to the limitations of other blockchain platforms, specializing in fast transaction speeds and low transaction fees. With its latest major network upgrade, Fantom secures its position as one of the fastest transaction speeds in blockchain technology.

Fantom is a Level-1 platform built on the distributed Consensus Protocol, which ensures that Fantom has the maximum possible decentralization, scalability, and security. The preferred competitor of any banking institution. Currently, the transaction moves in 1-2 seconds and sub-seconds with its latest upgrade some of its key defining features are its extreme speed.

Fantom is EVM compatible to meet the ultimate industry standards, thus, developers can instantly use pragma solidity and Viper Smart contracts with the tools they used on Ethereum at unmatched speeds. Fantom prides itself on its low fees, as the transaction fees do not cost more than a fraction of a percent.

Understanding Fantom Blockchain Development:

First of all, you need to understand Fantom Blockchain Development. The Fantom uses an Asynchronous Byzantine Fault Tolerance (IBF), Proof-of-Stack (PoS) protocol to secure the entire network. Asynchronous Byzantine Fault Tolerance (ABFT) is a mechanism that enables a decentralized, unreliable network to reach agreement on states irrespective of faults of failure in parts

Fantom is good but the competition is intense. If you look at how rich Bitcoin has become, you will see the same pattern for Ethereum. The pattern is that for every ecosystem that comes, there are one thousand and one ecosystems that will be developed with better, and more efficient architecture by studying the weaknesses of the previous ones and trying to improve. Fantom is known as a big competitor to Ethereum. Ethereum is also a competitor to Fantom - albeit in a more complex way because Ethereum has a larger network than Fantom.

In addition to these two, Sol and Cardona are other great platforms that are being built to overcome the vulnerabilities of Ethereum. Until now, Fantom still relies on EVMs (Ethereum Virtual Machines) to run some of its activities. However, they have plans to overcome this challenge - the Fantom Virtual Machine. In partnership with the Yonsei University Programming Language Team, Fantom wants to create the Fantom Virtual Machine to replace the Ethereum Virtual Machine.

It's a huge job but who says it's not possible. And we all know that this is the fuel for innovation in the technology industry - the progressive competition. No wonder we see that FVM will be launched in the next two or three years.

If you watch Total Value Locked (TVL) you will see how fast the defy ecosystem has grown in Fantom.

TVL measures the total value of tokens locked in apps on a network or platform.

TVL shows you how much money is locked into the DApp of the network through processes like stocking, liquidity pool, farm, etc.

Ask Fantom Experts

What to Keep in Mind When Hiring Fantom Blockchain Developers?

What should a blockchain developer know?

Blockchain developers need to fully understand how blockchain works and the architecture based on it. They must be proficient in concepts such as cryptography, consensus, hash functions, distributed ledgers, smart contracts, and any other integral concept to understand the internal workings of blockchain. Understanding of developer documentation and message sent as well as how to retrieve price feeds using oracles are also essential.

Developers could use a faster network:

With Fantom's "most significant network upgrade to date," Go-Opera (rolled out in late April) has thoroughly improved network functionality and reliability. The upgrade reduced the average TTF (final time) to a revolutionary one second, something that blockchain space has long lacked. Since its launch into space, Fantom has been quite successful in speeding up the transaction processing of past competitors, and with this upgrade, they have been able to overtake their only competitor, which was their previous speed. Furthermore, events on Fantom have become much more efficient through this upgrade, regardless of network status. Claiming rewards is very simple and there are no restrictions on when users are allowed to claim rewards. All of these small upgrades are key to creating the user and thus, the developer experience as seamless as possible on the platform.

What to Keep in Mind When Hiring Fantom Blockchain Developers?

With a lineup of speakers that offer a "shortcut" to the blockchain future that is fast approaching, experts from academia, software architecture, the public sector, and blockchain development discuss recent research and developments in the sector. Professional practice, regulatory policy and governance, and the Internet of Things (IoT).

Some of the well-known names who will be speaking at the event are Andre Cronje, creator of yearning. finance, Harry Yeh of Quantum Fintech Group, Roger Ver of bitcoin.com, and Michael Kong, CEO of Fantom Foundation.

The 4-day event includes workshops, networking events, training, and presentations from leading Fantom collaborators who will cover a wide range of topics including DeFi, Cloud Infrastructure, AI, Blockchain Architecture, NFTs, and Gaming.

The goal of the conference is simple: to offer participants "revolutionary presentations that equip them with knowledge and confidence to create a legacy of new technology". Fantom partnered with Keynote, the platform that has hosted the World Blockchain Forum and other reputable projects to see to the success of the conference. Keynote will power Fantom's innovation and build conference in Abu Dhabi.

The Fantom Foundation

Fantom is committed to providing technology that combines scalability, decentralization, and security.

To make this vision a reality, the Fantom Foundation is building different parts of an open system and is working closely with partners to help adopt Fantom technology.

Scale your Fantom projects with us

Analyzing On-chain Data

When I was studying real estate at College In 2019, a few of my classes piqued my interest in the larger financial markets and the opportunities available in them. There was an element that was missing, and that is the lack of community or personality.

The financial side of real estate was an interesting game to learn, but it didn't feel like you were building on anything meaningful; It was nothing like the real excitement you find in the online communities of Fantom. That's when I decided to apply blockchain to the same analytical thinking that I learned through traditional education. Instead of pouring out books and lectures, it was about searching through thousands of discord channels and learning to distinguish opinions from fiction, truth, and objectivity.

It is a place where all you need is a desire to learn. The more you get involved through Discord, Twitter, and YouTube, the faster it will become second nature. Like anything else, mastery comes through repetition.

On-chain analysis kicked off back in 2011 with the creation of the Coin Days Destroyed indicator. It was the first metric to use the age of Bitcoin addresses.

Next, Coin Metrics created the Network Value to Transaction ratio (NVT). It’s used as a way to value Bitcoin. The NVT ratio divides the total network value by the daily USD volume. And this ratio determines if Bitcoin is overvalued or undervalued. NVT became one of the first popular on-chain metrics for cryptocurrencies. It is also considered to be similar to the Price-Earnings ratio.

Coin Metrics improved the NVT ratio to provide a more accurate assessment of network value. The Network Value to Transaction ratio Signal (NVTS) includes the 90-day moving average of transaction volume.

It was dissatisfaction with holdover metrics like market capitalization (market cap) that led to the creation of other metrics. Some believed traditional market cap comparisons were misleading. That’s because cryptocurrencies behave more like money than stock.

For example, if a billion tokens were issued at $1 with 5 tokens sold, the market cap could be pitched as $1 billion. Even though the trading volume is only $5. The consensus amongst early on-chain analysts was that brute-forcing traditional metrics to fit into crypto markets was not the best solution. Metrics projects like this that address measurement issues and help other projects address the same and agree in numbers can be built on Fantom.

Realized Capitalization

Coin Metrics has created this metric as a way to overcome the limitations of traditional market caps. It works by uniting all (unspent transaction outputs), UTXOs which determines a price based on the last coin transaction. For example, suppose the current price of bitcoin is $ 12k and the current supply is 18m bitcoin. Traditional market cap analysis will multiply $12,000 x $18 million leading to a total of $ 216b. With the available cap metrics, however, each coin will be valued based on the last time it was moved. So, if a bitcoin was last traded at $5,000, it would be worth it.

On-chain analysis to determine the available cap by calculating each currency in this way. And when you think about it, it's a better way of accounting for lost coins. Suppose 100 bitcoins were last removed in 2011. If the price of Bitcoin at that time was 1, then this group of 100 Bitcoins would be worth 100. Traditional market caps, however, will cost them 12k x 100 or $ 1.2m. If these coins are not in the possession of "Super Hoodlers", they are probably lost. And if they lost, the 100 valuations would be more accurate.

The Role of Fantom in a multi-chain world

Fantom will cement itself as the Defi L1 chain.

In 5 years, we can bet that Fantom will be the most of the top 5 chains that will be different from what we see today. With what the developers are creating on Fantom, the network will prove to be the chain of the future and defend its place at the top. Ethereum can't do it all, and while inter-functionality has become more important than ever, Fantom's EVM compatibility will give it a huge leg up.

The Fantom's defensive dominance can be measured in terms of reaching present and future projections through the wonderful on-chain data we see today. But there is another important variable that is difficult to measure, and it is the organic and vibrant grassroots that other chains simply cannot buy. Communities are not for sale.

No crypto community is more enthusiastic than Fantom. (Okay, if you're data-driven, there's a way to measure community emotion and it uses LunarCrush data.)

This is the chain of the people, and for which these DeFi products are being made Institutions have not yet poured in the amount that they will inevitably do, so the foundations are being laid for the people, we know today.

New chains over old chains:

The Fantom is one of Ethereum's new sets of evidence for the stack blockchain to address concerns about throughput, scalability, and cost. The chain works with a single confirmation per transaction, as opposed to twelve confirmations of Ethereum and six confirmations of Bitcoin.

Blockchains that have successfully overturned older chains have offered users better gas fees for skirting expensive charges in these other chains, such as Ethereum. However, the data shows that the price of much cheaper gas in BSC than Fantom reached 6.543 Gwei on average, the average gas fee reached 716.82 Gwei.

Lower transaction fees and effects of Multichain and 0xDAO:

Although Fantom Chain users carry significantly higher gas fees, lower transaction fees may be a push factor for network TVL growth. On Sunday, the BSE transaction charged an average of 3 0.3231 compared to Fantom's $ 0.2.

The rise of the Fantom chain can be attributed exclusively to two ecosystem projects: Multichen and Oxdao. Having $ 9.28 billion on TVL at the time of writing, the multichain grew 73% last week. In addition, 0xDAO, a newly launched protocol, is TVL's second-ranked protocol with $ 3.94 billion images.

The Fantom's native FTM token is also consistent with the increase seen in the month-long chain, but it fell with the market during the weekend market crash. Data provided by CoinMarketCap shows that it dropped to $ 1.81 on January 22nd. At the time of pressing, the token was trading at $ 2.04, down 34.6% from the previous seven days.

Let's build together Fantom

We Can Help You Build all Kinds of Products on the Fantom Ecosystem

We specialize in building highly scalable blockchain solutions that benefit from decentralized, scalable, and secure technology. Fantom is a fast, scalable, and secure Layer-1 platform built on an ABFT Consensus Protocol.

At Rejolut, we take great pride in our work across the board. We help creators who desire to fundamentally improve people's lives by opening up financial networks, creating tools for DAOs, previously opening exclusive industrial markets, and much more. Let's see some Fantom Ecosystem analysis.

Fantom Ecosystem Analysis:

Here is an overview of the Fantom ecosystem. Earlier this year, less than 50 Fantom projects were launched. Towards the end of the year, Fantom now has more than 200 projects, revealing how fast the ecosystem is growing, not just in quantity but also in quality.

About Infrastructure:

From the beginning, Fantom has spent a long time preparing for its infrastructure. Infrastructure is an incredibly crucial part of a DeFi ecosystem, whereas no DApp can thrive without the support of infrastructure applications.

The infrastructure integrations on Fantom include:

Oracle :

Chainlink, Band Protocol, Modefi, …

API :

The Graph, Covalent, Ankr, API3, Idexo, …

Payment:

Travala, CryptoFills, Voyager, …

Analytics:

Nansen, DexTools, FTMscan, …

As we can see, many famous names like Chainlink, Band Protocol, The Graph, and Nansen, support Fantom. This not only contributes to the development of the whole ecosystem in general but also shows that the Fantom ecosystem is now looking "attractive" enough to attract the attention of the big names.

Predictions about the Fantom Ecosystem:

If you have read this whole article, I hope that you have received deep insights on Fantom in multiple aspects. Based on the analysis, I have several predictions about the Fantom Ecosystem:

  • Although the FTM price has been decreasing, the TVL inside the ecosystem has increased and reached a new ATH.
  • Fantom has prepared enough DeFi Legos to receive more cash flow.
  • The market sentiment is favorable towards another wave of Fantom.

The Fantom ecosystem is highly likely to continue its bull run.

If this is true, what can we expect from Fantom? Some of my beliefs are:

Games to be developed better

NFT is creating a huge market trend, but Fantom has only adopted NFT Collectibles. This sector is still amazingly potential, and Fantom can take this chance to grow its ecosystem even more. Andre Cronje envisioned an explosive combination of Rarity and Action with NFT bridges, which has yet to become prominent.

DeFi 2.0 to arrive on Fantom

If you have read about DeFi 2.0, you will understand that DeFi 2.0 is changing the way the crypto market works. With projects like Popsicle Ice, Abracadabra Money, Olympus DAO (forks) coming and having come to Fantom, we can expect a lot of interesting things to happen.

Andre Cronje bringing the Kp3r ecosystem to Fantom

Andre Cronje has been the inspiration for the whole Fantom ecosystem, not only creating new protocols on Fantom but also bringing his products from Ethereum to Fantom (Yearn, Cream, ...). With the innovative and capital-efficient Kp3r ecosystem that he is developing, Andre can bring a breath of fresh air to Fantom with its advent.

Conclusion

Although Fantom is still in its infancy, it offers great advantages over more popular platforms such as Ethereum and Binance Smart Chain. Thanks to its DAG-based Lachemis about consensus process, the Fantom ensures high scalability without compromising its decentralized nature of security. If Fantom continues its current momentum, it could become a major player in the defense sector.

We have developed around 50+ blockchain projects and helped companies to raise funds.
You can connect directly to our Fantom developers using any of the above links.

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Frequently Asked Questions

Fantom is a popular Blockchain around us having great functionalities, but due to its low market cap, it is largely being away from the limelight. In terms of DeFi Fantom ecosystem has some great projects built and some of them are –

  • SpookySwap

It is a decentralized exchange (DEX) to have the highest total value locked (TVL) of any project on Fantom. Here users can utilize the speed of the Fantom network to swap one token for another with very low fees.

  • Scream

Scream is primarily a DeFi-based lending protocol and the second-biggest project to exist over the Fantom network. Scream network offers rewards to lenders and borrowers, further they can even stake their SCREAM token through the platform to earn further rewards.

Apart from these, there are numerous DeFi projects built over the Fantom network.

Yes, Fantom is an open-source, decentralized, permissionless, smart contract platform built especially for building decentralized applications (dApps) and securing digital assets. Fantom strives to provide more scalability and lower costs than the legacy first-mover smart contract platforms offer.

Fantom offers a unique feature to users, where they can create and deploy their own independent networks instead of relying solely on Fantom’s main consensus layer. This feature is made by Fantom to avoid network congestion and provide scalability to the whole ecosystem. Fantom has a native token by the name of FTM that can be used for staking, governance, and payments, and powers the entire Fantom blockchain ecosystem.

Fantom is an open-source, decentralized, permissionless, smart contract platform that focuses on building decentralized applications (dApps) and securing digital assets. Fantom is created to offer more scalability and lower costs than the legacy first-mover smart contract platforms give.

The recent surge in Fantom is greatly due to many financial giants announcing partnerships and massive investments worth billions. When worldwide fiat currencies are losing their sheen, the native token of Fantom (FTM) is gaining momentum due to Singapore-based Hyper Chain Capital having declared its investment worth $15 million.

Fantom (FTM) as an investment option currently can be referred to as a two-edged sword, which carries risk as well as opportunity. Fantom is currently leading a new generation of Blockchain systems and has better chances to outperform Bitcoin and Ethereum in value and utility.

Experts are of opinion that Fantom can reach up to $12.09 by 2025 and a maximum of $66.15 by 2030. It is always better to exercise caution and do proper research before dabbling into the crypto arena, as tokens bought today could well be worthless in the not too distant future.

Fantom Blockchain network was created to provide more scalability and lower costs in developing decentralized applications (dApps) and solutions for securing digital assets. Fantom was developed in 2018 by its creator who is a South Korean computer scientist Ahn Byung Ik. Fantom originated as an idea between Dr. Ahn Byung Ik and Micheal Kong the CEO of Fantom. Fantom addresses the need for scalability, decentralization, and the speed of transactions, which was felt in legacy-based Blockchain networks.

The mainnet of Fantom is called Opera, which was developed in 2019, which is a permissionless, open-sourced platform where anyone could participate in staking and governance of the network. Fantom functions over the Lachesis consensus mechanism, which is faster and cheaper than other Blockchains.

Fantom is an open-source layer-1 Blockchain protocol created to provide more scalability and lower costs in developing decentralized applications (dApps) and solutions for securing digital assets. Ethereum users often complain about the high costs and low speeds and Fantom conveniently addresses these issues by running over a directed acyclic graph Blockchain like Hedera Hashgraph.

Fantom functions over the Lachesis consensus mechanism, which is faster and cheaper than other Blockchains using Proof-of-Work (PoW) mechanism. Fantom ensures that transactions are finalized and confirmed in just seconds, whereas over PoW it is a much more time-consuming process. In fact, Fantom offers the first DeFi stack built on an aBFT consensus and is an ideal choice for the development of dApps.

Fantom is an open-source Blockchain protocol to be based on Lachesis, an innovative aBFT consensus. Fantom has its mainnet by the name of Opera, which is a permissionless, open-sourced platform where anyone could participate in staking and governance of the network.

 

Fantom’s mainnet Opera is Ethereum Virtual Machine (EVM) compatible, so applications built over Fantom can run flawlessly over platforms built on Ethereum. Being interoperable doesn’t mean that Fantom’s transactional efficiency is compromised in any sort of nature, in fact, the Smart Contract of Fantom is written in Solidity. Therefore going for development in Fantom is very easy and this is the reason why many DeFi applications are built over Fantom.

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Checklist While Hiring Tezos Developer

Hiring a Fantom developer is not an easy task as a talented Fantom developer is hard to find, but the following checklist can help you –

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How Fantom works and why it is so fast?

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