In recent years, there has always been an effort to establish a network in the blockchain world that can act as a network. safe, quick And decentralized Replace Ethereum. Finally, in 2019, a network called the Phantom Network (Fantom Network), which is also known as the Phantom of the Opera, was launched with the aim of solving three basic problems in the blockchain, i.e. security, Scalability And Decentralization designed. This platform is decentralized, open source and does not require permission, which allows the development of smart contracts to create dApps (decentralized applications) and provide development of digital assets. In this article, we examine what phantom currency is and what uses this network has.
What is a phantom network?
All networks designed as Ethereum replacements aim to provide greater scalability and lower costs compared to Ethereum. Phantom of the Opera is not an exception to this rule and its central core is based on Proof-of-stake consensus mechanism (PoS) is designed that uses the Asynchronous Byzantine Fault Tolerant algorithm, aFBT for short. The structure of aFBT is such that it can process transactions as quickly as possible while providing security. Based on this, various businesses and individuals using the phantom network infrastructure, the ability Development of decentralized applications or presentation New cryptocurrencies to market get
Phantom of the Opera; Opera main network
Phantom of the Opera is the main opera network. Mainnet or the main network is actually a type of blockchain network that is completely independent and has its own protocol. Note that Phantom Opera also has all the features of Mainnet. The following are the main features of Mainnet:
- Full access for all users
- Support for decentralized applications
- Earn cryptocurrency
- Support for other tokens
Getting to know the purpose of the Phantom Opera network
In this part of introducing Fantom Opera, we are going to examine the purpose of setting up this network. To create an efficient blockchain network, three basic principles are needed: security, scalability (speed) and decentralization. The purpose of launching Phantom Opera is to solve the problem known as the Blockchain Trilemma. Usually, in setting up an efficient blockchain network, in order to meet these three conditions, one of the principles must be sacrificed to gain another. For example, in the Bitcoin network, due to the type of consensus mechanism, the network is very secure and decentralized, but the speed of transactions is very low.
The Phantom network, which was launched with the aim of providing these three conditions, uses aBFT technology to achieve this goal. aBFT Algorithm or Asymmetric Byzantine Fault Tolerant Consensus Asynchronous or asymmetric processing (Asynchronously) provides transactions. The result of this technology is that the speed and output of processes increases significantly compared to other networks such as Ethereum and Bitcoin.
Regarding the future of phantom currency, it should be said that this network intends to become the infrastructure technology required for the development of smart cities due to its speed and efficiency. Due to the fact that the processing power of 300,000 transactions per second can be achieved in Phantom Opera, as well as communicating between several service providers, it is possible to store a large amount of data securely. For this reason, the design team of this network believes that Phantom can be used for public services in the near future. Development of smart home systemsthe development of the health and education system, traffic management, resource management, as well as environmental sustainability projects should be used as the main infrastructure.
Getting to know the Phantom of the Opera mechanism
Each blockchain network consists of various components that determine its mechanism. Consensus mechanism, network layers and native cryptocurrency are the most important parts of the blockchain network, and Phantom of the Opera is no exception. Following the introduction of Fantom Opera, we will examine the various components of this network.
Consensus mechanism or algorithm
The core of networks is the consensus mechanism. Due to the fact that the environment of these networks is decentralized and no organization or institution checks and approves the transactions, the consensus mechanism provides the conditions for the participants to reach an agreement. Consensus Mechanism in Phantom of the Opera, LachesisLachesis) in which DAG (Directed Acyclic Graph Algorithm) is used, which is based on aBFT technology. In aBFT technology, nodes can confirm the blocks containing each transaction without observing the timing. This technology allows network transactions to be confirmed at a higher speed without compromising security and decentralization.
In other blockchain networks, such as Ethereum and Bitcoin, there is a synchronous feature, in which transactions must be approved and entered into the block according to the timing. In this network, the rule of the longest chain is the rule, in the sense that the chains with more blocks are known as the main chain. For this reason, old transactions have a higher chance of being finalized compared to new transactions. For this reason, due to the need for multi-step verification in these networks, they have a slower verification mechanism than aBFT networks.
Among the most important features of the Lachsis mechanism in the Phantom of the Opera network, the following can be mentioned:
- Asynchronous: Ability to process commands by nodes without scheduling
- Without a leader: The impossibility of playing a special role in the network by some nodes
- finalizing: The possibility of using the output of the algorithm without the need to wait for block confirmation, transaction confirmation within 1-2 seconds, definitive finalization and no return, final and transaction registration as soon as the block is entered.
- Chinese opera (Opera Chain): Ability to process and confirm transactions in 1-2 seconds (TxFlow processes and confirms in less than 1 second)
Phantom of the Opera network layers
As a decentralized application, Opera Phantom Network has a three-layer architecture, which includes Opera Core, Opera Ware, and Application Layer.
1. Opera main layer: It is called the lower layer of the network, whose task is to maintain consensus among nodes, and this work is done through the Lachsis mechanism. Opera is the main network of Phantom and is responsible for creating new blocks in the chain. In Opera, DAG technology is used to confirm transactions, in which nodes can process different transactions asynchronously.
2. Opera layer: The middle layer of the protocol in the Phantom Network is said to be responsible for executing platform operations such as awarding rewards, payments, and writing data.
3. Application layer: The highest layer in the Phantom network architecture is said to be that developers can create decentralized applications on the Opera platform using the public API and open source in this layer.
How to secure Phantom Opera network
After introducing Fantom Opera and getting to know its layers, in this section we will examine how to provide security in this network. Proof of stake mechanism (Proof of Stake) is responsible for the security of this network. As you know, in networks like Ethereum, Proof of Stake is used to increase decentralization. The integration of this mechanism with Lachsis in the Phantom network provides the conditions for the activity and participation of an unlimited number of nodes in the network, thereby increasing its security and decentralization.
One of the important features of Phantom Opera is that it is a license-free network, and as a result, anyone can act as a node in it. People can act as validator nodes or delegate nodes in this network. People who intend to act as a validator node must stake at least 1 million FTM, which is Phantom’s native coin, and have sufficient technical knowledge and experience. If you want to act as a representative, people must have at least one FTM on a validator staking node and receive rewards for it. Another feature of Phantom Opera is that nodes do not need special hardware and devices for staking and can do this directly using a mobile phone or computer.
Phantom of the Opera is a network to solve the blockchain’s triple dilemma
Phantom is a blockchain network designed to solve the problem of security, scalability and decentralization of the Ethereum blockchain and provides developers with features such as secure smart contracts, customization, scalability, and the infrastructure needed to create decentralized applications. In this article, we introduced the complete Phantom of the Opera. Do you think there is a potential for Fantom to introduce itself as an alternative to the Ethereum network in the near future?
What is written by Phantom of the Opera? The full introduction of Fantom Opera for the first time on Wallex blog. appeared.
