Fantom is a high-speed, secure, and scalable blockchain platform that is designed to support a wide range of decentralized applications (dApps) and services. It uses a unique consensus algorithm called Lachesis, which is based on directed acyclic graphs (DAGs) and is designed to be fast, efficient, and secure.
Fantom was founded by Michael Kong and Dr. Ahn Byungik, and is backed by a team of experienced researchers and developers. The platform is designed to support a variety of dApps, including payment systems, supply chain management, and decentralized finance (DeFi) applications.
One of the key benefits of Fantom is its speed. The Lachesis consensus algorithm is able to process a high volume of transactions per second, making it suitable for use in high-traffic environments such as online marketplaces and financial exchanges. It also has a low transaction fee, making it more affordable for users compared to other blockchain platforms.
Fantom is also designed to be secure and scalable. The Lachesis consensus algorithm is resistant to common blockchain attacks such as double spending and network congestion, and the platform is able to support a large number of nodes and users. This makes it suitable for use in mission-critical applications and services.
Overall, Fantom is a blockchain platform that is designed to support a wide range of decentralized applications and services. Its high speed, security, and scalability make it a powerful and efficient platform for developers looking to build and deploy dApps.
The accounting challenges in Fantom are similar to those faced by other decentralized finance (DeFi) platforms. These challenges include: