FAQ
This guide addresses as many questions you may have about Opera as possible. Please refer to this FAQ section before asking questions on our social channels. If your question is still unanswered, please reach out to us.
General Questions
What is a consensus algorithm?
A consensus algorithm is a mechanism for reaching agreement among nodes in distributed networks. It removes the need for a central authority and allows the whole network to trustlessly agree on data and the ordering of events.
Nodes in the network maintain an exact copy of the ledger, allowing applications built on top of the consensus protocol to function correctly.
What is finality?
Finality means that any party cannot change or reverse a transaction. ABFT consensus algorithms, such as the one Opera uses, have a very low time to finality because they achieve absolute finality. Absolute finality means a transaction is considered final once included in a block. In the case of Opera, the chain can achieve finality in 1–2 seconds.
Conversely, Nakamoto consensus protocols rely on probabilistic finality. In this case, the probability that a transaction will not be reverted increases with time. The more blocks created on top of a block, thereby confirming it as correct, the more difficult and costlier it would be to revert a transaction in that block. At some point, it becomes theoretically impossible to alter older blocks, increasing the probabilistic finality to nearly 100%.
Bitcoin has a finality of 30–60 minutes; when using Bitcoin, you must wait a few block confirmations before considering the transaction final and irreversible. Ethereum has a finality of a few minutes.
FTM Token
Is FTM an ERC-20 token?
Opera has an ERC-20 token, but it cannot be used directly on the Opera chain.
Here is a breakdown of the different FTM tokens in circulation at the moment:
1. Opera FTM: Used on the Opera chain 2. ERC-20: Exists on the Ethereum network
Note that Opera addresses share the same structure as Ethereum addresses (0x…), but they are not Ethereum addresses.
Can I send ERC-20 FTM tokens to my Opera wallet?
No. You need to transfer them over to Opera using a bridge.
What’s the purpose of the FTM token?
The FTM token has several use cases within the Opera ecosystem. It is essential for a well-functioning, healthy network.
Securing the network Opera uses a proof-of-stake system that requires validators to hold FTM. Anyone with at least 50,000 FTM can run their validator node to earn rewards and secure the network. Every FTM holder can delegate their tokens to a validator (while keeping full custody of their funds) to receive staking rewards. Validators then charge a small fee for their services. By locking in their FTM, validators help the network to be decentralized and secure.
Paying for network fees To compensate validators for their services and prevent transaction spam, every action performed within the Opera network costs a small fee, paid in FTM.
Voting in on-chain governance Decisions regarding the Opera ecosystem are made using transparent on-chain voting. Votes are weighted according to the amount of FTM held by an entity. 1 FTM equals 1 vote.
Additional use cases FTM is used to earn APR/APY on many DeFi platforms.
How can I stake FTM?
Check out our guide.
Can I stake FTM on exchanges like Binance?
You cannot stake FTM on exchanges at the moment.
How to run a validator on Opera?
To run a validator node on the Opera chain, the following is required:
A minimum stake of 50,000 FTM
Google GCP N2 instance or AWS i3en.xlarge with 4 vCPUs (3.1 GHz) and at least 1TB of local NVMe SSD storage (or equivalent).
Check out our guide.
Where can I store FTM?
You can store FTM on various hardware and hot wallets. Check out the Wallets section to learn more.
Opera Chain
What is Opera?
Opera is our mainnet, a fully decentralized blockchain network with smart contract support. It is compatible with the Ethereum Virtual Machine and powered by our ABFT consensus algorithm. Thus, smart contracts developed on Ethereum can run on Opera, increasing scalability and security.
Is Opera compatible with Ethereum smart contracts?
Yes. Fantom is fully compatible with the Ethereum Virtual Machine (EVM) and supports Web3JS API and RPC.
All smart contracts written in Solidity or Vyper, compiled and deployed on Ethereum, are fully compatible with Opera.
What programming languages does Opera support?
Opera supports all the smart contract languages Ethereum supports for the EVM, including Solidity and Vyper.
When did Opera mainnet go live?
The Opera chain went live on December 27, 2019.
How is Opera governed?
The Fantom Foundation is currently in charge of the network's governance, advised by the community and validator nodes.
Find out more details on how governance works on Opera.
Last updated