What is Phantom Blockchain? Introducing the features of Phantom Blockchain
Phantom blockchain is a platform Fast and highly scalable It is for decentralized applications (dApps), which was designed and introduced as one of the alternative blockchains of the Ethereum network in 2019. This blockchain owes its high speed to its unique consensus mechanism called Lachesis. Phantom is a network that provides developers with tools to integrate existing dApps and a set of built-in decentralized finance (DeFi) tools. In this article, we are going to get to know the features of the Phantom Blockchain and the consensus mechanism and its various components.
What is Phantom Blockchain?
Phantom blockchain (Fantom) is a network Decentralized smart contract, is license-free and open source for decentralized applications and digital assets. In fact, this network is one of the blockchain networks that was designed and offered as an alternative to the Ethereum network. The main network of this blockchain was launched in December 2019, and its network architecture is designed to provide a stable balance of scalability, security, and decentralization. Blockchain Trilogy (Trilemma) to present.
Like other Ethereum alternative networks, the Phantom Blockchain aims to offer greater scalability at lower costs than the Ethereum 1 smart contract platform. One of the features of Phantom Blockchain is that users can create and deploy independent networks for themselves instead of relying on the main consensus layer. In this case, any application built on Phantom can run on its own unique blockchain. These applications can also benefit from the security, speed and finalization of the main Phantom blockchain while working on their own blockchain. Also, independent blockchains in the Phantom network have Modular structure which allow developers to configure them to suit their specific application. The Phantom Blockchain is the best example of a parent network and consists of multiple child networks that host decentralized applications of all shapes and sizes.
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Phantom blockchain structure
In the core blockchain, the mechanism or Consensus algorithm Is. These networks have a decentralized environment that no organization or institution can screen and verify its transactions. The consensus mechanism in these networks provides the necessary ground for reaching an agreement among the participants in the network. Consensus mechanism in Phantom blockchainLachesis It is called directed acyclic graph (DAG) algorithm. This mechanism is based on aBFT technology, in which network nodes can verify the blocks containing each transaction without restrictions on timing. This technology allows transactions to be verified in the network at a faster rate without compromising security and decentralization.
In other blockchain networks such as Ethereum and Bitcoin, Symmetry ability (Synchronous) exists. Based on this feature, the transactions in the network must be verified and then entered into the block. Another law that rules in these networks is called the law of the longest chain. According to this rule, chains that contain more blocks are known as the main chain. Accordingly, old chains in this network have more chances to be confirmed and finalized than new chains. Therefore, due to the presence of multi-stage verification mechanism in these networks, the verification mechanism is slower than aBFT.
Among the most important features of the Lachsis mechanism in the Phantom Blockchain, the following can be mentioned:
- Asynchrony: This feature provides the ability to process commands by nodes without the need to observe timing.
- No leader: It means that in this network none of the nodes have a special role in the network and all are the same.
- Fast finalization: in this network, thanks to the Lachsis mechanism, there is no need to wait for transactions to be confirmed, and the finalization is definitive and irreversible within 1-2 seconds.
Phantom Blockchain Security
Securing the phantom blockchain is the responsibility of the proof mechanism Proof of stock (Proof of Stake) or PoS. This mechanism can help to decentralize the network and its integration with the Lachesis mechanism provides the conditions that an unlimited number of nodes can participate in the network, which increases its security and decentralization.
One of the features of the phantom blockchain is its permissionless nature, which allows anyone to act as a node in this network. People who work in this network can be as Ninety approvers (Validator Node) or Ninety representatives (Delegator Node) to introduce themselves. The native coin of the phantom blockchain is called FTM, and people must have staked at least 1 million of this cryptocurrency to act as validator nodes. But people can act as a representative node in the network by purchasing Phantom and having at least one FTM and receive rewards for their activity.
Phantom blockchain; A fast, scalable and decentralized network
As mentioned, Phantom Blockchain is one of the networks that has been introduced in recent years as an alternative to the Ethereum network in order to solve the triple blockchain problem. This decentralized, permissionless and open source network allows developers to design and run decentralized applications on this network. The main network of this network is Phantom of the Opera. Also, the Lachsis consensus mechanism in Phantom has provided the conditions for the blocks containing the transaction to be approved and finalized without the need to observe a schedule, without a leader, and in the shortest possible time without going back. In this article, we tried to learn about the phantom blockchain, the structure and components of this network. Do you think this blockchain can be proposed as an alternative to the Ethereum network?
What is Phantom Blockchain? Introduction of Phantom blockchain features for the first time on Wallex blog. appeared.