[Short general description]: FANTOM is the world’s first DAG based Smart Contract platform that solves the scalability issues of existing public distributed ledger technology. The platform distinguishes itself from the traditional block ledger-based storage infrastructure by employing an improved version of existing DAG-based protocols.
[Main contribution proposal]: The FANTOM platform adopts a new protocol known as Lachesis Protocol to maintain consensus. Applications built on top of the FANTOM OPERA Chain enjoy instant transactions and near zero transaction costs for all users.
[Main problems tackled]: Using a DAG, the Lachesis Protocol is responsible for saving transactions that are connected by a chain of events. Like a blockchain, the OPERA Chain is saved on each node that participates in the network. To validate transactions on each node, a node known as the witness node checks validity across all nodes. Unlike many other DAG based platforms, the Lachesis Protocol will not only secure and speed-up transactions above 300,000 TPS, but also provide an open-source and permissionless platform.
The Fantom platform is divided into three layers:
1) OPERA Core Layer - It will create events and maintaining consensus across all nodes via the Lachesis Protocol
2) OPERA Ware Layer - It will provide the functionality for payments, issuing rewards, incentives, and Story data
3) OPERA Application Layer - It will provide publicly available Application Programming Interfaces (APIs) for applications to use features of the OPERA Ware Layer
1) Story Root - Provides tracking of past transactions.
2) Smart Contract Language - The FANTOM Virtual Machine will allow executive smart contract byte code efficiency and across all operating systems.
3) Application - FANTOM will become the first platform to disrupt the existing infrastructure for payments and supply-chain management. dApps built on top of the FANTOM OPERA Chain will provide transparency and cost reductions for industries including, but not limited to, food technology, telecommunication, banking, electricity and real estate to autonomous vehicles using instant payments with near zero cost while maintaining hundreds of thousands of transactions per second.