Notice: This article is for informational and educational purposes only, and you should not take it as financial advice.
WHAT IS FANTOM (FTM)?
Fantom is a smart contract-driven acyclic graph platform (DAG) that offers decentralized financing (DeFi) programs to developers using its own customized consensus algorithm. Together with its own FTM token, Fantom seeks to solve problems related to smart contract platforms, especially transaction speed, which developers say has reduced to less than two seconds. Fantom is controlled and offered by the Fantom Foundation and was founded in 2018. It was originally created in 2018. The main network for Phantom is Opera and it was published in 2019.
WHO ARE THE FOUNDERS OF THE FANTOM?
The Fantom Foundation was founded by South Korean computer scientist Dr. Ahn Biung Ik. The team behind Fantom has extensive experience, primarily in the field of development of the entire block of blocks, and its goal was to create a platform of smart contracts that gives priority to scalability, decentralization and security. According to its official website, the Fantom team also includes special engineers, scientists, researchers, designers and entrepreneurs. Employees are located around the world, which corresponds to the ethos of the distributed platform.
As for DeFi applications, Fantom currently supports the following:
- Liquid staking – Use stakeholder FTM tokens as collateral for DeFi applications.
- fMint – On the Fantom you can mint a variety of synthetic assets, including cryptocurrencies, national currencies and commodities.
- fLend – Borrow and borrow digital assets to trade and earn interest without losing exposure to the FTM token.
- fTrade – Trade digital assets built on Fantom without your funds leaving the crypto wallet. This is a feature of a completely non-custodial and decentralized AMM crypto exchange.
The Fantom team worked hard to deliver a top-notch solution for DeFi and trading. Thanks to DAG technology, this ecosystem is superior to many other DeFi platforms. Phantom users benefit from a short transaction confirmation time that gives finality in less than 2 seconds, and from low transaction fees.
WHAT MAKES A FANTOM UNIQUE?
The mechanism, Lachesis, promises much higher capacity and finalization of transactions in two seconds, along with security enhancements over traditional evidence-based platforms (PoS). According to Ethereum, the project appeals to developers who want to implement decentralized solutions. According to his official literature, his mission is to “enable compatibility between all transactional bodies around the world.” For investment activity and fee collection, there is his internal PoS token FTM. Through the sale of tokens in 2018, Phantom raised almost 40 million dollars to finance development. It is possible to buy the ERC-20 standard FTM, and because of compatibility with Ethereum, it turns into FTM when it is in the wallet.
The second version of FTM is available on the Binance Chain using the BEP2 standard. Only the original FTM can be used on the home network, Fantom OPERA. There are a total of 3.175 billion FTM tokens, of which 2,134,638,448 FTM are currently in circulation. The rest will be published according to the schedule until 2023.
How is the Fantom Network protected?
Fantom uses Lachesis, or aBFT – Asynchronous Byzantine Fault Tolerance. A variety of algorithms for authenticity and service delivery Fantom uses. By removing leadership, among online participants, Fantom avoids the cheap risk of attack, while investing creates additional incentives for users to secure operations, using the FTM token repository.
Where can you buy Fantom (FTM)?
Fantom’s FTM token is free to trade and can be found on major stock exchanges such as Binance, Gate.io and OKEx Korea.
Delivering the high number of transactions per second and low fees certainly helps Fantom to increase its acceptance in some industries and will bring it closer to the adoption of a wider audience.