Unlocking Fantom Blockchain’s Potential: A Complete Information to Fantom Safety Audits

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Learn Time: 5 minutes

Fantom, a high-performing Layer 1 blockchain, has not too long ago change into a hub for DeFi as a result of its scalability and cost-effective transaction processing. With a formidable improve of 163% within the common block measurement in 2022, Fantom is actually making its mark within the blockchain sphere.

However what makes Fantom so fascinating, and the way does it cope with the prevalent web3 safety points? Let’s unravel these mysteries on this weblog.

Addressing the Issues of Present Blockchains

Regardless of their transformative potential, blockchains nonetheless face sure operational constraints, together with:

Scalability Limitations: Conventional blockchains course of and retailer a single block at a time, resulting in delays in block creation, particularly when transaction requests spike. Fantom, nonetheless, addresses this difficulty with its parallel processing capabilities.

Exorbitant Transaction Charges: Excessive charges, together with transaction affirmation charges, gasoline charges, and block rewards, typically end in customers paying extra for validating the transaction than the precise switch quantity. Fantom’s transaction charges are extremely low, costing lower than $0.01, a stark distinction to Ethereum’s $1 common for primary transactions.

Restricted Knowledge Historical past Entry: Conventional blockchains can solely course of data inside blocks, not from the exterior world, with out assistance from functions like Oracle. This constraint hinders the real-time performance of blockchains.

How Does Fantom Stand Out? 

For blockchain to be perceived with broad applicability, Fantom believes in super-effective modelling. Fantom makes use of a novel know-how referred to as OPERA which solves scalability considerations via the speedy processing of blocks. However how does it work?

FANTOM OPERA 

Fantom Opera makes use of Directed Acyclic Graph(DAG), which includes nodes and vertices. The nodes and vertices are related to one another via a number of edges, which establishes the interconnection between blocks. 

Not like conventional blockchains, the nodes don’t comply with a linear sample. They’re unidirectional; they solely stream in a sure route. In DAG, a number of blocks containing transactions might be added concurrently and don’t require following a sequential sample like in Ethereum.

The looks of the Fantom would resemble a cross-linked construction within the type of DAG. This pertains to accessing data safely and speedily throughout the blocks. The transaction time in Fantom takes not more than 2 seconds. 

The working of the Opera chain introduces Lachesis Consensus Algorithm.

The Lachesis Consensus Algorithm (LCA)

Opera works utilizing Lachesis Consensus to indicate improved efficiency and safety utilizing DAG. Lachesis is a variant of ‘Proof of Stake’, an asynchronous Byzantine Fault Tolerant(aBFT) consensus mechanism.

An occasion block shops arbitrary knowledge equivalent to transactions, sensible contracts, historical past and worth of earlier occasions. Validators approve occasion blocks, that are batches of incoming transactions and add them as vertices to DAG. The set of hyperlinks between occasion blocks varieties DAG.

Likewise, Lachesis type a ‘Lachesis DAG’. It intends to work even in case 1/third of nodes are malicious. LCA capabilities asynchronously, that means when two transactions are initiated, it validates solely the earliest, stopping double-spending assaults. LCA is able to processing as much as 300,000 transactions per second. 

This makes it evident that Fantom’s Lachesis DAG Consensus is improved when it comes to pace, scalability and accessing the information historical past successfully. Let’s now get into the safety a part of Fantom.

Infamous Assaults On Fantom Blockchain

1. Fantasm Finance exploit: Fantasm Finance, an algorithmic buying and selling platform on Fantom, was attacked, resulting in hackers stealing over $2.6 million in tokens. 

Assault vector: The attacker exploited the error-checking code of the protocol’s mint operate. Consequently, the attacker minted XFTM tokens by depositing solely a portion of the pledged collateral, gaining income.

2. Deus Finance: Deus Finance, a decentralized utility, fell for a hack resulting in a subsequent $13.4 million loss. 

Assault vector: Studies reveal the attacker utilized flash loans to trick sensible contracts into manipulating the costs of property within the liquidity swimming pools. By artificially inflating asset costs, the hacker derived $13.4M in property. 

3. Grim Finance: Grim Finance, a DeFi challenge, was hacked. The attacker plundered over $30M in tokens.

Assault vector: The Grim Finance had a reentrancy error in its safeTransferFrom operate. Reentrancy happens when the contract doesn’t replace the inner state correctly earlier than sending a switch to an exterior contract. By exploiting the error, the hacker stole the cash.

Safeguarding Fantom Protocol With Audits

In Fantom sensible contract auditing, specialists interrogate the contract code for his or her compliance with the requirements and assessment code logic and functionalities. The audit scheme is structured to confirm the event and safety attributes of the Web3 protocol. For instance, Gasoline optimization, Integer dealing with, Enter validation, entrance operating, Reentrancy assault, Denial of service(DoS) assault and so forth.

Doing so improves the general high quality and prevents the code from producing undesirable outcomes. Fantom protocols which have handed via safety audits acquire credibility as a promising challenge. 

Fantom safety audits are essential for any functions constructed leveraging the facility of Fantom blockchain, equivalent to

  • NFT&gaming initiatives 
  • Cross-chain bridge contracts 
  • DeFi and decentralized exchange platforms

QuillAudits has a brand reputation for securing over $16B in crypto assets through auditing and due diligence services. With the intent of diversifying our mission to safeguard web3 as far as possible, we have also included Fantom audits under our service offerings. 

FAQ

What are the advantages of Fantom blockchain?

Fantom is far more scalable and facilitates speedy transactions at lower costs. Fantom achieves this by using Opera technology combined with the Lachesis Consensus Algorithm.

What are Fantom audits?

Fantom security audits are crucial for any applications built leveraging the power of Fantom blockchains, such as NFT&gaming projects, Cross-chain bridge contracts, DeFi and decentralized exchange platforms.

How long it takes for Fantom smart contract audits?

The time period for audits depends on the complexity of the project and the scope of audits. It may vary from a few days to weeks. 

Which is the best smart contract auditing company?

QuillAudits has a brand reputation of securing over $16B in crypto assets through auditing and due diligence services. With the intent of diversifying our mission to safeguard web3 as far as possible, we have also included Fantom audits under our service offerings. 

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