What Makes Fantom the Place for Gremlin?
In today’s world of crypto, many projects have to face an array of issues as they being their journey. One of the first and quite possibly the most difficult is what chain should the launch on.
Each chain offers its own unique advantages as well as issues. When the Devs at Gremlin Finance came together and decided they were going to change the way people look at Defi this was one of the first issues that needed to be addressed. They were looking for a scalable and growing chain that was easily accessible for new users. After much deliberation and surveying, it was decided that Fantom Opera was a low-cost and fast-growing ecosystem that had a bright future in the crypto space.
Fantom Operas Speed and low transition cost was crucial for Gremlin Finance when making the final decision. As a team, the belief is that all users should have access to decentralized finance projects and sometimes people are pushed out by the high cost of gas or overpriced deposit fees.
That is why Gremlin Finance only charges a 0.5 % deposit fee that is used to fund the ecosystem and no cost for withdrawal. Gremlin Finance wants to revolutionize the way people view Defi and give open and affordable accesses for all people interested.
What Is Fantom?
Fantom is a secure and fast environment to build decentralized applications. It is fully permissionless and open-source. Powered by Fantom’s aBFT consensus algorithm, it leverages its speed and fast finality and is ready for real-world applications with no risks of congestion or long confirmation times.
The Fantom Opera mainnet is compatible with the Ethereum Virtual Machine (EVM) and provides full smart contracts support through Solidity.
Designed to overcome the limitations of older generations of blockchains, keeping the compatibility with Ethereum for seamless dApp porting. For more information on Fantom Opera and its capabilities please check out the link below.
Fantom makes use of Lachesis, a revolutionary & bespoke aBFT consensus mechanism, that enables Fantom to be faster and cheaper than other technologies.
Why Fantom?
For simplicity let us look at Bitcoin first. Bitcoin has a few issues with its ability to scale as well as its proof-of-work consensus algorithm is limited by design. The main focus of Bitcoin is to support decentralization and security, thereby sacrificing scalability.
These tradeoffs are more commonly known as the blockchain trilemma, which speaks about the trade-off between scalability, security & decentralization. says that it is impossible to attain all these three attributes together.
Bitcoin’s main focus area is on decentralization and security by choice, thereby compromising the speed when it comes to transactions, so it is not naturally suited for day-to-day payments, data transfer, asset trading, or other transactions consumers and businesses rely on in everyday life.
Modern-day blockchain platforms are looking to solve this blockchain trilemma, and Fantom is one such platform, where the idea is to respect the decentralization by design and enabling bank-grade security, supporting the fast settlement of transactions.
Fantom’s aBFT consensus protocol delivers unparalleled
• Speed
• Security and
• Scalability.
Speed:
When it comes to speed, Fantom relies on its high-speed consensus mechanism, Lachesis, which facilitates the tokens or digital assets to function at unprecedented speed
Security:
Fantom also offers exceptionally high levels of security by using Proof of Stake to secure the network. Unlike many other existing projects, Fantom does not sacrifice security and decentralization in favor of scalability.
Decentralization:
The Lachies:aBFT() consensus algorithm, is capable of scaling to multiple nodes distributed across the globe in a permissionless, open environment, providing a sufficient degree of decentralization.
What Is Asynchronous Byzantine Fault Tolerance (aBFT):
Asynchronous Byzantine Fault Tolerance is the highest standard of consensus algorithms. It solves the blockchain Scalability Trilemma, according to which only two of the following three components are possible at the same time: that is Decentralization, Security & Scalability
So if you are looking to have a platform that solves the blockchain trilemma issues, then yes, Fantom could be the answer.
Now that we have understood the what & why of Fantom blockchain, it’s time to deep dive and understands how does it achieve the three attribute we discussed above and how does it actually work?
How Does Fantom Works?
As we discussed, Fantom is a one-stop solution that ticks all the required attributes of decentralization, security & scalability which helps it to differentiate among other competing blockchain platforms like ETH, Avax, Solana.
So its functionality can be understood around these 4 core key pillars
• Modularity
• Scalability
• Security
• Open-source
Let’s look at all concepts one by one;
Modularity:
Any tech product to scale requires it to be strongly decoupled and follow modularity as a design principle. Fantom has adopted this principle of modularity, which is enabled by Lachesis, which is a modular consensus blockchain layer being used by Fantom. This layer is completely decoupled and flexible to be plugged into any distributed ledger.
This Fantom’s modular allows Developers to port their existing Ethereum-based Decentralized apps on Fantom Opera mainnet in a matter of minutes, substantially upgrading the performance and lowering the costs.
What is Fantom Opera mainnet?
It is the secure and fast environment that allows developers to build decentralized applications on top of it. It is fully permissionless and open-source. Powered by Fantom’s aBFT consensus algorithm.
It is compatible with the Ethereum Virtual Machine (EVM) and provides full smart contracts support through Solidity.
Scalability:
Fantom ensures that each of the blockchain-powered networks is working independently of each other, which helps to scale these networks for performance independently without being too much worried about the congestion.
Network congestion has been the biggest reason why Ethereum is not able to scale which leads to a high gas fee for any transaction which happens on the Ethereum platform currently. Now the ETH 2.0 is being revamped to overcome this issue of scalability, which is already built into Fantom.
Dapps hosted on Ethereum are affected by slow network speed and high gas fees, Fantom solves this scalability issue by giving each Dapps its own independent blockchain, which is like each app has its own individual computers which happen to be an integral part of the same network.
This modularity and independent network layer make the Dapps lying on the Fantom platform have their own custom tokens, tokenomics, and governance protocols. All of these apps networks are interconnected into Lachesis, Fantom’s aBFT consensus, helping each of those apps to benefit from the speed and security of the underlying technology.
Fantom is a network with an infinite number of decentralized networks, that even though share some of the same software logic, they behave independently from one another.
Security: Proof-of-Stake Security mechanism:
There has been quite a big debate and fuss around Bitcoin’s so-called energy-intensive mining. This is largely due to its underlying Proof-Of-Work mechanism to validate and approve any transactions. Fantom unlike bitcoin and Ethereum 1.0 PoW, relies on PoS consensus mechanism, so we can consider Fantom to be environment-friendly in its approach of securing the transactions happening over its network.
Lachesis follows leaderless Proof-of-stake consensus that ensures a higher level of security, by removing any trusted leaders.
What Is Leaderless Proof-of-Stake?
Fantom opera mainnet behaves differently when it comes to validating the transaction using PoS, Unlike some other traditional Proof-of-Stake systems, where some validators have a say on the validity of the transactions, opera mainnet is completely leaderless thereby removing any chance for the set of validators to have a significant say.
Removing leaders increases network security substantially.
Fantom is completely Open-sourced and community-driven:
Like most of the blockchain platforms Fantom too is open-source, they envision creating modular building blocks for anyone to use and customize to their needs.
This is a very brief look into the Fantom network and some of it important features. For more in-depth information you can head over to their main website here: https://fantom.foundation/
Connect with us on our socials for the latest updates:
