Australian Blockchain Platform Fantom Surpasses Three Million Transactions

Fantom, an Australia-based blockchain platform, introduced over the week it has surpassed three million transactions. Based in 2018, Fantom describes itself as a consensus-as-a-service (CaaS) platform for the following technology of distributed ledgers.

“The staff behind Fantom has created a consensus mechanism which is asynchronous and byzantine fault-tolerant (aBFT) by design, which means it could actually perform in antagonistic and loosely linked networks. This consensus algorithm, Lachesis, is appropriate with each Cosmos SDK and the EVM, permitting builders to deploy their very own blockchain platforms or purposes with ease.”

Fantom additionally revealed that the most recent milestone comes simply after its current community improve, which incorporates optimization of consumer expertise via maximizing transaction velocity and effectivity. The corporate famous:

“The improve ensured consumer transactions could possibly be accomplished inside 1 second, enhancing effectivity of emission of occasions no matter community circumstances.”

Fantom additional famous that its permissionless aBFT consensus protocol ensures decentralization, scalability and safety whereas delivering velocity and lowest transaction charges. Its EVM compatibility permits customers to make the most of the identical deal with they’d on Ethereum and have entry to the identical instruments, even whereas processing transactions at a lot quicker speeds with decrease prices. The corporate added:

“Attributable to Fantom’s low-cost and time-efficiency, the platform has garnered a trustworthy group of supporters and allies.”