Is Fantom a better blockchain than Tezos?
The adoption of Blockchain technology in various spaces is undoubtedly moving towards a promising future. Moreover, due to the emergence of blockchain-based industries, there’s growth in its applications. As per the blockchain expert, today, blockchain comes among mainstream technology. Additionally, its applications are making business proceedings much more progressive and transparent.
Here, we will learn about the two leading blockchains: Tezos and Fantom. We will see what makes them different and which is better.
Table of Contents
- What Is Fantom?
- What makes Fantom unique?
- What Is Tezos?
- What makes Tezos unique?
- Closing thoughts
What Is Fantom?
Fatom is a well-known decentralized, open-source, and permissionless platform for dApps and digital assets. The Fantom blockchain network became functional in December of 2019. It is designed to function as an alternative to Ethereum. Plus, its architecture aims to offer an adaptable solution to maintain a balance between blockchain’s security, decentralization, and scalability.
Being an alternative to Ethereum, Fantom offers better scalability at a lower price for transactions. Fantom infrastructure includes proof-of-stake (POS) consensus mechanism and Asynchronous Byzantine Fault Tolerant (aBFT). This maintains the functional productivity of the entire network. The aBFT network structure preserves the security of the network. Additionally, it works to maximize the speed. If you want to get a better grasp on its framework, opt to learn blockchain and its concept.
What makes Fantom unique?
Fantom provides a quick, safe and inexpensive payment platform. Users enjoy the speedy transactions within 1 sec in its network with a cost of $0.0000001. in addition to this, transactions on the FTM platform are very secure because of the POS mechanism.
Another unique feature of FTM is that Fantom holders are able to receive rewards in the form of an APR minimum of 3.79%. Also, rewards can get higher at 11.59%. The rate of APR relies upon factors like total storage of FTM tokens and the total time of the storage.
FTM network is an entirely permissionless and decentralized network. Only FTM holders can make any decisions that have their token deposits in the network. They can drive petitions for modifications or upgrades, and vote regarding critical decisions. Also, they can define a road map for the Fantom network.
Currently, the total supply of FTM is approximately 3.175 billion. Moreover, around 2.1 billion FTM are circulating in the market. The remaining FTM tokens are preserved to offer an incentive to FTM holders for staking.
The amount of incentive depends on decisions of governance. However, at present, it might take two years for the FTM token to streamline circulation in the market. Only then rewards distribution among stake FTM holders can occur.
Consider a blockchain professional to understand the system in more depth.
What Is Tezos?
Tezos is one of the blockchain networks that associate with its inherent digital token called tezzie or Tez. Tezos doesn’t depend on tez mining. Rather token stakers get any incentive for participating in its consensus mechanism.
Tezos’s initial launch was highly successful. However, later legal issues and delays troubled the network. But because of its unique POS consensus mechanism, Tezos still survives in the crypto bear market. Between October 2019 and Fab 2020, the value of Tezos tokens became three times higher. Tezos is still one of the most attractive networks for users and comes among the top 40 cryptocurrencies in the world.
What makes Tezos unique?
One unique element that makes Tezos better is its command over the network. The earliest blockchain depends upon mining groups and development teams for new frameworks and designs. However, Tezos aims to create the decision-making procedure of users into the network itself.
Tezos tend to use a different method for streamlining its network. It creates authority rules for token holders to endorse protocol upgrades. Further, the system implements such approvals on the network.
In Tezos, when a developer recommends a program upgrade, an invoice is paid to their addresses. However, it only happens when the recommendations get approval. Hence, Tezos does formulate rewards for user contribution in the seed development process.
Additionally, it democratizes the advancement procedure and decentralizes expenditure.
At the same time, the Tezos developers are aware that crucial properties need approvals over time. Hence, Tezos utilizes traditional mathematical proofs to ascertain the maintenance of these properties.
As an outcome, it is seen that the Tezos network stays decentralized. Although there are other decentralized blockchains available, Tezos do stand out. This is because it uses a mechanism that offers collective decision-making. In addition to this, Tezos token holders can give their votes on future protocol developments.
Here we saw that Fantom and Tezos almost have similar principles. In conclusion, users must use their understanding to decide which blockchain can fulfill their goals. You can be part of any of this blockchain easily, given that you need to have inside-out knowledge of their workings. Hence, users can make smart moves while operating in these blockchains.
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