Fantom, an Australia-based blockchain platform, announced over the week it has surpassed three million transactions. Founded in 2018, Fantom describes itself as a consensus-as-a-service (CaaS) platform for the next generation of distributed ledgers.
“The team behind Fantom has created a consensus mechanism which is asynchronous and byzantine fault-tolerant (aBFT) by design, meaning it can function in adverse and loosely connected networks. This consensus algorithm, Lachesis, is compatible with both Cosmos SDK and the EVM, allowing builders to deploy their own blockchain platforms or applications with ease.”
Fantom also revealed that the latest milestone comes just after its recent network upgrade, which includes optimization of user experience through maximizing transaction speed and efficiency. The company noted:
“The upgrade ensured user transactions could be completed within 1 second, improving efficiency of emission of events regardless of network conditions.”
Fantom further noted that its permissionless aBFT consensus protocol ensures decentralization, scalability and security while delivering speed and lowest transaction fees. Its EVM compatibility allows users to utilize the same address they would on Ethereum and have access to the same tools, even while processing transactions at much faster speeds with lower costs. The company added:
“Due to Fantom’s low-cost and time-efficiency, the platform has garnered a faithful group of supporters and allies.”