The newest smart contract blockchain platform, Fantom (FTM), aims to compete with Ethereum by combining speed and affordability. Fantom is a blockchain with smart contracts that offers a stable environment for dApp development.
Advanced Directed Acyclic Graph (DAG) is used in the project to provide continuous scaling at low transaction costs.
Fantom’s quick and scalable platform for decentralized apps (dApps) is made possible by Lachesis, a new consensus algorithm.
Additionally, Fantom provides a variety of built-in decentralized finance (DeFi) features, a complex staking reward system, and tools that make it simple to connect already-existing dApps.
What Is Fantom (FTM)?
Fantom is a directed acyclic graph (DAG) smart contract platform that offers high performance, scalability, security, and privacy. It was created to address the shortcomings of previous blockchain technologies such as Bitcoin.
Fantom is an open-source, decentralized, highly scalable platform for creating crypto DApps. Unlike blockchains, which are made up of blocks, a DAG’s networks consist of vertices and edges for data modeling and organizing. Since they are layered on top of one another, vertices serve as the representation for cryptographic transactions.
Simply said, a DAG’s layout resembles a graph, whereas a blockchain system resembles a chain. In 2018, South Korean doctor Ahn Byung Ik established the Fantom Foundation.
Fantom uses Lachesis, a novel and customized consensus process, which makes it significantly faster and less expensive than previous systems.
Additionally, Fantom hopes to address the issues with the platforms for smart contracts by using its native coin. The transaction speed is the problem, which the Fantom creator claimed to have solved by cutting it to under two seconds.
Pros & Cons Of Fantom
The Internet of Things (IoT) is a young industry that is still in its early phases, thus the use instances for Fantom may be postponed. However, Fantom does incorporate the best components of a number of independent initiatives and utilizes them to produce an excellent platform.
- A transaction on the Bitcoin network may take ten to fifteen minutes to complete. This makes it challenging to scale the network in terms of transactions.
- By using a leaderless proof-of-stake (PoS) protocol to secure the network, the Fantom team hopes to close this gap.
- Transactions on the FTM network take between one and two seconds to complete. Also, compared to Bitcoin, the transaction fees are far lower.
- Between Fantom and competitors like Ethereum, NEO, Hashgraph, and others there is a lot of competition.
- Use cases for Fantom may be delayed since the Internet of Things (IoT) is a young sector that is still in its early stages.
Fantom was started by South Korean computer scientist Dr. Ahn Byung IK. He is currently the Leader of the (Korea Food Technical) Association and has a Ph.D. in computer science.
Dr. Ahn co-wrote an article for Fortune Magazine. He initially established the food-tech platform SikSin. A popular restaurant review and suggestion app in Korea is called SikSin.
Dr. Ahn, however, is no longer connected to Fantom at this time. On his LinkedIn page, he didn’t even make reference to the initiative.
Chief Executive Officer Michael Kong assumed control of the project (CEO). He has extensive knowledge in the blockchain industry and has worked for a number of years as a developer of smart contracts.
Dr. Ahn served as the CTO (Chief Technology Officer) prior to joining Fantom (blockchain incubator Block8). He was a pioneer in developing solidity decompilers and detectors for spotting vulnerabilities in smart contracts.
💡 What Is FTM Note: Some of the significant centralized exchanges, including Coinbase Gate.io, Binance, OKX
Andre Cronje is a noteworthy player for the Fantom squad as well. He is a Yearn Finance developer and a DeFi architect.
Researchers, experts, specialist engineers, scientists, business owners, and designers make up Fantom’s project team according to the company’s official website.
They have some (full-stack) blockchain development experience.
They are working to create a special smart contract system that promotes scalability, decentralization, and security. As a result, employees can work from anywhere in the world. This is a useful illustration of a (distribution) platform.
Fantom Blockchain Mainnet: Opera
To execute up to 300,000 transactions per second, Fantom employs the Lachesis aBFT algorithm, which is based on a DAG.
Lachesis does not pick validators to vote on the network’s ultimate state, in contrast to the Proof of Work and Proof of Stake consensus methods. On Lachesis, validators just keep track of the confirmations that each node executes and make sure that the nodes’ data is accurate.
The Fantom design has two additional layers in extra to this consensus layer.
- The middle layer, known as Opera Ware, is responsible for overseeing particular operations including payment, incentive distribution, and the generation of “story data.”
- Each transaction that is completed stores a little amount of data called “story data.” This enables the tracking of previous transactions.
- The Opera Application layer allows dApps to integrate with Consensus Layer and Opera Ware Layers by connecting to publicly accessible Fantom APIs.
- The Fantom protocol, known as Opera, was formally introduced in 2019. It is made up of these three layers.
Where Can You Buy Fantom?
With over 50% of the daily FTM volume, Binance is the most active FTM market. VCC Exchange, Digifinex, Kucoin, and FTX are additional exchanges where you may purchase FTM using different cryptocurrencies.
💡 What Is FTM Note: Fantom is adaptable and flexible, providing users with an all-in-one decentralized finance (DeFi) solution.
Some notable key features of Fantom are as follows:
✔ Fantom uses Directed Acyclic Graph (DAG) technology to give users quick transactions and finite scalability at a lower cost.
✔ It is also hard at work on a high-performance virtual machine that executes smart contracts in a secure and safe manner.
✔ Fantom is a platform with extreme speed and performance that seeks to become the backbone of the IT infrastructure, particularly for newly developing smart cities.
✔ The platform and project are certain that they can offer the finest option for safely storing huge volumes of data. Fantom wants to do this by allowing stakeholders access to decentralized apps and smart contracts powered by data from smart cities (DApps).
✔ Fans can use Fantom in a multitude of fields, including smart homes, utilities, health care, education, and traffic management. The possibilities are endless.
✔ The fundamental layer of Fantom’s architecture, which must maintain consensus among nodes in the Lachesis protocol, the Ware Layer, which sits in the middle and handles middle-level operations like awarding rewards and payments, and the Application Layer, which houses publicly available APIs.
Fantom: Things To Consider Before Buying Fantom
It’s probably a move in the right direction to offer DeFi services directly to FTM holders. Fantom will be discussed more frequently in subsequent DeFi conversations as a result of this tactical change in how it does business.
You should keep in mind, though, that Fantom may not be the only Ethereum wannabe claiming to have a better blockchain. To have a chance of success, Fantom must compete with companies like Polkadot, Cardano, and Polygon. Given how fiercely competitive the crypto industry is, Fantom will need to be creative if it wants to experience sustained development.
Additionally, despite Fantom’s existence since 2018, its DeFi products are still very young. Therefore, it can take some time for DeFi users to comprehend Fantom’s value proposition completely. Fantom has a higher chance of becoming popular if it keeps up its great level of speed and price, though.
The platform’s native cryptocurrency is the Fantom token. It serves the following purposes:
- Fantom utilizes a proof-of-stake approach for staking. Nodes composed of user Fantom tokens verify transactions. By staking cryptocurrency in In this manner, you support network security and gain rewards.
- Fantom’s decentralized nature means that its destiny is decided by its token holders. You can propose modifications and cast your vote by owning and staking Fantom.
- Network fees: Fees on the Fantom network are paid using its cryptocurrency. These fees are charged on transactions, deploying smart contracts, and creating new networks.
- Payments: Fantom is a practical way to send money to other people because of its quick transaction times and affordable fees.
Is Fantom Legitimate?
The FTM digital coin, created via the Fantom technology, is unique. Giving users of these quicker blockchain networks a native form of exchange is the goal. Additionally, each blockchain on the Fantom system is capable of having its own coins and regulations governing their creation and exchange.
Over a million users reported being able to use, save, and connect to the Fantom system globally.
Therefore, research indicates that Fantom is not a fake coin. The best cryptocurrency wallets, including Blockchain, Binance, and many others, have featured it.
Final Verdict On What Is Fantom
Fantom offers the crypto community a wide range of options. It provides services for less money per transaction. The network also lessens the environmental risks that other cryptos, which require excessive amounts of power, cause.
Fantom supports dApps and smart contracts. Because of this support, investors have benefited more, which explains why the network is well-liked. Fantom may shortly be in control of Korea’s smart cities, according to rumors.
Developers just need to make sure that transactions are quick and that their users get ongoing operational assistance. Concluding, you must try using Fantom at least once.
Frequently Asked Questions
The known business in distributed ledger technology, known as the “blockchain trilemma,” is between speed, security, and decentralization. The trilemma states that it is impossible to simultaneously optimize all three without making any compromises.
Yes, it addresses the Blockchain trilemma
It mainly aims to secure the network, pay the network fees and help in voting in on-chain governance.
All Ethereum-supported smart contract languages for the EVM, including Solidity and Vyper, are supported by Fantom’s Opera network.