Smart contracts made blockchain technology explorable and usable. It allowed the creation of apps, digital assets, organizations, etc. Of the numerous blockchains, two new ones are gaining traction in the crypto space. They are Fantom and Avalanche.
Fantom was launched in December 2019 by Michael Kong to support dApps and digital assets, among others. It uses Asynchronous Byzantine Fault Tolerant (aBFT) proof-of-stake consensus algorithm (Lachesis) to implement security, low transaction fees, and high throughput. This mechanism uses a modular consensus layer that can be integrated into any network. It also has Fantom Virtual Machine that supports project development on the ecosystem.
Avalanche was created in September 2020 by Ava Labs to support the integration of various DeFi ecosystems. It has three subchains, including Exchange Chain (X-Chain), Platform Chain (P-Chain), and Contract Chain (C-Chain). The X-Chain allows the creation and exchange of assets, the P-Chain is where validators and subnets converge, and the C-Chain aids the execution of EVM and smart contracts. It operates on Avalanche and Snowman consensus protocols.
Both blockchains are scalable, secure, decentralized, and have low transaction fees. They have wallets where their native tokens can be stored and staked while maintaining compatibility with other wallets. Unlike Fantom, which has 22 members, Avalanche is backed by Ava Labs with over 100 members. Due to Fantom’s compatibility with Solidity and Vyper, it can easily integrate various projects into its ecosystem.
Although they are both scalable, Fantom is than Avalanche with a finality period of one second. Also, Fantom has a fully implemented on-chain governance where FTM holders can participate in governing and propose changes on the network. However, it costs more to be a validator on Fantom.
The price of FTM rose by 13,500%, while that of AVAX rose by 560% last year, according to CoinGecko. This can imply that although it is highly adopted, it is still undervalued. The adoption of Fantom blockchain is increasing right now, which would positively affect its price in the long run. So, in this case, the better investment is Fantom and FTM costs $2.08 as of today.
Before you join the Fantom wagon, go ahead and do an in-depth analysis. After doing that, please deal wisely and put what you can lose.
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