Launch App

Fantom Learn & Earn (Quiz + Answers)

●   4 min

UPDATE: The Learn & Earn Campaign has been concluded.

Welcome to our Learn and Earn campaign with Fantom, where you can earn FREE FTM tokens by just answering 3 questions!

For more details, you can refer to our previous article which explains how the campaign works.

· Lesson 1: Fantom’s consensus mechanism
· Lesson 2: Fantom’s token and governance
· Lesson 3: The Opera Chain

Answers to quiz

Here are the answers to the 3 quiz questions we had during the campaign:

Question 1 answer

Lachesis is Fantom’s novel consensus mechanism which allows the network to function, even with one-third of the nodes carrying out malicious activity.

Question 2 answer

In contrast to the governance on other networks, Fantom uses a degree of agreement, instead of a simple yes/no vote.

Question 3 answer

The Opera chain on the Fantom network is EVM-compatible, which allows developers to easily port their applications over to the network.

Lesson 1: Fantom’s consensus mechanism

A blockchain network needs a consensus mechanism to ensure all transactions are correct.

Fantom uses the Lachesis protocol, which is fast, scalable and more secure compared to other mechanisms.

Lachesis operates using the asynchronous Byzantine Fault Tolerance (aBFT) algorithm, which allows transactions to be processed without a particular order (asynchronous).

This is in contrast to synchronous networks like Bitcoin and Ethereum, where transactions need to follow a fixed order before they can be processed.

Byzantine Fault Tolerance also allows Fantom to process transactions even when there is a disorder in the network, such as when some nodes fail to communicate or act maliciously.

Up to one-third of nodes can be malicious, and the Fantom blockchain will still be able to operate.

In this way, the blockchain can validate transactions without any restrictions on timing, and can achieve transaction finality within 1–2s.

This means that after a transaction is sent to the blockchain, it will take 1–2s to be finalised, and it cannot be altered or rejected.

Further reading:

Question 1

What is the consensus mechanism on Fantom?

Submit your answer here: https://gleam.io/Ay5lq/fantom-learn-earn-quiz-day-1

P.S. Don’t forget to use the SAME wallet address for all 3 days!

Lesson 2: Fantom’s token and governance

FTM is the native token on the Fantom network. The FTM token has 3 use cases:

  • Network fees
  • Securing the network
  • On-chain governance

#1 Network fees

If you want to process any transactions on Fantom, you will need to pay some FTM to finalise them.

#2 Securing the network

Fantom employs Proof-Of-Stake to secure the Fantom network. By staking your funds with a node, you will be able to earn staking rewards.

To earn the maximum reward, you will need to lock your FTM tokens for 365 days. Otherwise, you will only earn the base staking rewards.

FTM also employs liquid staking, where you will receive sFTM for your staked FTM. sFTM can be used in the DeFi ecosystem to generate extra yield.

Otherwise, your staked FTM will just be locked up with the validator.

#3 On-Chain governance

After staking your FTM tokens, you are able to participate in governance. All you’ll need is to stake 1 FTM token with a validator, and you’re good to go!

If you want to run a validator node, you will need a minimum of 500,000 FTM, but you can delegate your stake to one.

Proposals can be raised by any FTM stakers, which requires 100 FTM.

Instead of just voting a yes or no similar to other blockchains’ governance structure, you are able to express the degree of your agreement with the proposal between 0–4 (0 is disagreement, 4 is full agreement).

This will give voters more flexibility in agreeing with a proposal, as compared to a standard yes or no.

The minimum agreement needed before a proposal can pass depends on the type of proposal that is proposed:

  1. General non-executable (min. 55%)
  2. General call-executable (min. 60%)
  3. General delegatecall-executable (min. 90%)
  4. Delegatecall-executable with verified bytecode (min. 90%)

Further reading

Question 2

How does Fantom’s governance work?

Submit your answer here: https://gleam.io/CGfRR/fantom-learn-earn-quiz-day-2

P.S. Don’t forget to use the SAME wallet address for all 3 days!

Lesson 3: The Opera Chain

Fantom is a Layer-1 blockchain (i.e. a base blockchain), which is separate from other Layer-1s like Ethereum or Bitcoin.

As such, it does not operate on the Ethereum network, compared to other Layer-2s like Polygon or Arbitrum.

However, Fantom is still Ethereum Virtual Machine (EVM)-compatible via the Opera Chain, where:

  • It is powered by Fantom’s aBFT consensus (Lachesis)
  • It has smart contract capabilities
  • It can interact with the Ethereum Virtual Machine (EVM)

This allows developers who built their codes on Ethereum to easily port them over to the Fantom network.

There are rumours that Fantom may be creating their own Fantom Virtual Machine, which will make transactions faster and more secure compared to EVM!

Further reading

Question

How is Fantom able to be compatible with the Ethereum Virtual Machine (EVM)?

Submit your answer here: https://gleam.io/a0FF9/fantom-learn-earn-quiz-day-3

P.S. Don’t forget to use the SAME wallet address for all 3 days!

🔍 Navigate the DeFi Space now with Krystal!

Start your journey on Desktop, iOS or Android

Social Media

How do you rate this article?

0
0

Leave a comment

Your email address will not be published.