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Can Fantom really be the cryptocurrency to take over Ethereum

Fantom, or FTM (abbreviation for its tokens) is a cryptocurrency network which offers interesting and different features as compared to other blockchains. In a recent surge of popularity, it has been crowned the title of another possible “Ethereum killer” in the market. Fantom was created by Andre Cronje, who interestingly, works for Ethereum, and the coin was founded in South Korea in 2018.

This potential of Fantom to overtake

Ethereum comes from the fact that the network of former uses a DAG along with a consensus which is a variant on proof of stake. Consensus is basically the term for how the blockchain/network validates the transactions. For example, computers mine crypto to reach a consensus. Apart from this, FTM also has an array of features that makes it different as compared to the more known blockchains, both in terms of what you can do on the network and its performance.

DAG- short for Directed Acyclic Graph, is a distribution ledger, which in purpose is same as blockchain in the sense that its ultimate purpose is to show data transactions. Nano, which is an eco- focused altcoin, also uses DAG.

Does this mean that it is not a blockchain?

Technically similar, DAG isn’t really a blockchain. Unlike blockchain, where a series of pieces of data make a block, which are then added to a chain; in DAG individual pieces of data are not put into blocks, rather, they are sequenced in another yet equally secure way.

The reason why FTM could ‘kill’ Ethereum comes down mainly to the transactions. Fantom’s transactions apart from being cheaper around a penny than Ethereum, the network is also able to process more transactions than the latter. This makes Fantom a far more viable option than Ethereum in the long run. Another factor which goes in favor of FTM is that Fantom is also EVM (Ethereum Virtual Machine) compatible, and hence, it makes Fantom an eligible alternative to Ethereum. This means that one can simply copy and paste things that they have made using Ethereum and can then host them on Fantom (with some bits of change, nothing major). This is a cheap option to get around the gas fees on Ethereum, making people gravitate towards Fantom. If this continues, there is no looking back for Fantom.

But this takeover has challenges of its own. DGAs,

when compared to blockchains have some security issues. Fantom’s security, even when compared to DAGs in general, is quite concerning. A hacker would need control only over one third of the network in order to tamper with the transactions. This however, is pretty unlikely that any group can lay their hands on this level of control of the network. Also posing a challenge to Fantom is the possible arrival of Ethereum 2.0 that could be so well- made that it will brush all the competitors away.

FTM at the moment is relatively smaller as compared to Ethereum. It is on a fair few exchanges, but not all the major ones yet.

Also Read: The refuge for cryptocurrency miners

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