Place/Date: Bahamas - July 23rd, 2018 at 4:39 pm UTC · 2 min read
Contact: FANTOM, Source: FANTOM
Even with several consensus algorithms, the technology is faced with fundamental issues like a lack of real-time transaction settlement and scalability – courtesy of the one block synchronization system.
To tackle this issue and address any impending problems with transactions, the FANTOM foundation will introduce a new DAG based smart contract platform that intends to solve the scalability issues of existing public distributed ledger technologies.
The platform is a much needed progression from the traditional block ledger-based storage infrastructure, and will use an improved version of existing DAG-based protocols to make public distributed ledgers smarter.
Built on top of the Lachesis Protocol and integrated with FANTOM’s unique OPERA Chain technology, the platform enables instant transactions and near zero transaction costs for all users.
Using the OPERA chain, FANTOM presents a method where a single event block verifies the previous transaction, and transactions are verified and processed asynchronously.
What that means is a wider bandwidth for transactions without delayed approval or bottleneck effects. Additionally, FANTOM also manages historical information on its own without being assisted by external databases such as the Oracle Database making the entire transaction system more reliable, fast and transparent.
On top of that, the platform is unaffected by the number of nodes in the system, making the system infinitely scalable.
The pioneering approach by the FANTOM foundation can help enable faster transactions with lesser confirmation time. Moreover the technology will help enable compatibility between all transaction bodies and create an ecosystem which allows real-time transactions and data sharing with low cost – thus leveraging the true potential of decentralized economy across the world.