Fantom thesis: Lachesis aBFT consensus and a modular L0 design
Thread469 words
Explains Fantom's Lachesis DAG-based asynchronous BFT consensus, where nodes sync events instead of blocks, and argues the modular architecture makes FTM closer to an L0 than an L1, comparable to Polkadot parachains, Cosmos zones and Avalanche subnets.
Key claims
Lachesis reuses events to vote in several elections, lowering message overhead and time to finality
Custom chains on Fantom can plug into Lachesis and interoperate
Author considers FTM heavily undervalued in Jan 2022
0/ I have really fallen in love with $FTM and its ecosystem over the past few months. A few thoughts on why I’m bullish on @fantomFDN’s tech. 👻🚀
$FTM (0/13) 🧵👇
1/ Let's start with consensus. #Lachesis is an asynchronous, leaderless & final consensus mechanism, that is also Byzantine Fault Tolerant.
More holistically, Lachesis is a flexible validator network designed to plug into applications written in any programming language easily.
2/ Each Lachesis node stores a local acyclic directed graph (DAG) composed of event blocks (similar to vertices in @avalancheavax ).
(more detailed thread on $AVAX might follow)
3/ Each of these blocks contains transactions and the #DAG essentially captures the an exact final order of events. Hence, again similar to #Avalanche, each node independently keeps a record of transactions.
4/ Unlike Proof-of-Work, round-robin Proof-of-Stake, coinage Proof-of-Stake, and sync BFT, Lachesis nodes don’t send blocks to each other. Only the events are being synced between nodes.
5/ Validators therefore don’t vote on a concrete state of the network. Instead, they periodically exchange observed transactions and events with peers.
6/ Unlike Classical consensus protocols such as PBFT and similar to @avalancheavax's chit system, new events are also used to vote for the events in 2-3+ previous virtual elections simultaneously.
7/ This leads to a smaller number of created consensus messages, as the same event is reused in different elections. This enables Lachesis to achieve a lower time to finality and a smaller communication overhead compared to synchronous BFT consensus mechanisms.
8/ But @FantomFDN does not not solely pride itself with a high performance consensus. Its modular architecture also allows for full customization of blockchains with different characteristics tailored to their specific use-cases, effectively making $FTM a L0 rather than L1.
9/ Within this network of blockchains, Lachesis represents one layer, the consensus, and can basically be plugged into any distributed ledger. Lachesis for example also powers Fantom’s #Opera mainnet deployment, that is an Ethereum Virtual Machine (EVM) compatible L1.
10/ The modular architecture makes $FTM highly flexible. Devs can for example port their existing Ethereum-based dApps on #Fantom Opera mainnet without major changes to the code, thereby profiting from the high performance and low transaction costs.
11/ Much like with @Polkadot parachains, @cosmos zones or @avalancheavax subnets, each network built on @FantomFDN will be independent from one another. Their performance and stability are unaffected by traffic or congestion.
12/ Each blockchain can have custom tokens, tokenomics, and governance rules. However, being all plugged into #Lachesis, $FTM's super-fast aBFT consensus layer, all the blockchains can interact with each other and benefit from the speed and security of the underlying technology.
13/ Last but not least, $FTM is still heavily undervalued and the #DeFi opportunities on it are insane. Don't miss out on $FTM in 2022.
Suggest following:
@FTMAlerts
@Fantom_Space
@ftm_ecologist
@fantomians_