Fantom Blockchain
Fantom Chain Overview and Its Role within the Project
What is Fantom Chain?
Fantom is a high-performance, scalable, and secure smart contract platform. It is designed to overcome the limitations of previous blockchain platforms like slow transaction times and high fees, using its unique consensus algorithm.
How Does Fantom Work?
Fantom operates on a DAG (Directed Acyclic Graph) based consensus model, which aims to resolve scalability issues and allows for faster transaction confirmation. It is EVM-compatible, meaning it can run Ethereum smart contracts and interact with Ethereum tools like MetaMask and Truffle.
What is its Role within the Project?
Speed & Scalability: Fantom's high throughput and low time-to-finality (TTF) make it ideal for Liquid Earth's real-world asset tokenization and trading platform. These features are crucial for a smooth user experience, especially for real-time auctions and instant asset transfers.
Low Fees: Fantom's minimal transaction costs make it cost-effective for both developers and users. This is essential for Liquid Earth, where micro-transactions like bidding, listing, and trading will frequently occur.
Security: Fantom provides a secure and reliable platform for smart contracts, which is vital for Liquid Earth's financial operations like asset tokenization, auctions, and marketplace transactions.
Interoperability: Fantom's capability to interact with other blockchains enhances Liquid Earth's scope for cross-chain asset listings and marketplace operations. This is particularly beneficial given the ecosystem's multiple contracts handling different aspects like auctions, marketplaces, and price feeds.
Smart Contract Support: All the Liquid Earth contracts are deployed on the Fantom chain, taking full advantage of its features. This includes support for ERC20 tokens, which are widely used within the LiquidEarth ecosystem for payments and fee collections.
Decentralization and Transparency: The use of Fantom also ensures that all transactions and contract interactions are transparent, immutable, and verifiable by anyone, thus adding an extra layer of trust and security to Liquid Earth.
KYC/AML Compliance: Fantom's smart contract capabilities enable seamless integration with KYC and AML compliance procedures, a key requirement for Liquid Earth's real-world asset tokenization.
By using the Fantom chain, Liquid Earth aims to offer a high-speed, low-cost, and secure environment for tokenizing and trading real-world assets in a decentralized manner.
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