The issues with existing blockchain technology are mainly: low scalability, high transaction fee, and unreliable confirmation time.
FANTOM solves these issues by making a new blockchain architecture that consists of chain-and-block. The chain is called Lachesis Consensus Block (LCB) which summarises previous transactions into one block while the to-be mined blocks are saved in another type of structure called DAG - FLETA , which will be explained later on. Therefore, the transaction speed increases without compromising decentralization whereas mining rigs are no longer needed. Mining becomes more rewardable since it has decreased considerably. For example ene miners get only 0 to 0.0001 BTC for 1mb block but ene miners get 100 FTMs for eac h LCB.
This offers very low latency compared to existing blockchain technologies, and has the potential to operate at several thousand transactions per second. Meanwhile, it does not compromise decentralization since this structure is based on consensus algorithm which includes 2-layer verification of confirmation (2nd layer : LCB), like DAG (which will be explained later).
FANTOM platform has various dApps that can run on their network. They call these dApps as service of smart contract. Staking service, indexing service, prediction service are some of them. The first one is where businesses can build dApps on top of FANTOM's own public ledger so they receive payout everytime users use their dApp on this platform. The second one means that people can sell or buy items with virtual currency. The last one is where people can predict about sports, games or any kind of events and receive payouts when they predict correctly.
Ene's translator note: To be honest I don't really understand anything except for the fact that USA government has put numerous sanctions against Russia (which made sense since Putin was invading Ukraine at that time) and Russia retaliated by banning major american companies such USA food suppliers like McDonalds, Starbucks etc.. That's why some companies and people who still want to do business with Russia bypass the sanctions by doing it through third parties. And they use bitcoin or other cryptocurrencies so that they can not be traced since this is anonymous.
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