PROS AND CONS OF FANTOM
Cryptocurrency projects especially DEFI projects have faced three major challenges; Scalability, Security, and Speed. Bringing these features in a single project has not been easy for developers at the early stage. Different blockchains came to the crypto sphere to solve these issues, but are still prone to challenges either from security or scalability.
FANTOM, a decentralized and open-source network that serves as a tool for creating digital assets and building dApps is bridging the gap created by Security, Scalability, and Speed in blockchain projects and their adoption. To read more on what FANTOM is bringing to the Defi world, check out this posts by @finguru and @kevinnag58
In this article, I will highlight the Pros and Cons of the FANTOM Network.
Scalability and speed: Part of the reason while users experience high gas fee with traditional blockchain is the fact that transactions are not processed fast and this simultaneously lead to the high gas fee due to congestion on the network. Also, when there is a loss of message, there is a delay in the network as nodes are trying to rectify this issue thus transactions are halted.
To solve this issue, FANTOM employed an aBFT consensus which is capable of continuing transaction processing in situations of message loss by agreeing with other nodes. This makes it possible for FANTOM to process thousands of transactions per second, and users enjoy negligible gas transactions simultaneously.
Multi-Network Token Availability:
The native token of FANTOM ( FTM)is available on Ethereum, Binance Smart Chain, And Bep20 form.
FANTOM is community Governed: Defi projects which are Community governed are usually successful because it's a collective effort and the opinion of members is valued. The decision goes through series of scrutiny to ensure that the best calls are made.
FANTOM HODLERS will benefit from fMint where they can mint synthetic assets including cryptocurrency, Lend and borrow digital assets, participate in liquid staking of FTM to earn rewards, etc.
Ethereum Virtual Machine (EVM) is presently the only option for deploying Dapps.
Staking, Lending, and borrowing of FTM can only be done on the website.
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