Fantom, a cutting-edge directed acyclic graph (DAG) smart contract platform, is redefining decentralized finance (DeFi) by addressing crucial issues like transaction speed and scalability. Introduced by the Fantom Foundation in 2018, the platform leverages its bespoke consensus algorithm to deliver near-instant transactions through its native token, FTM.
Revolutionizing Smart Contracts with Fantom
Fantom’s OPERA mainnet, launched in December 2019, is the cornerstone of its open-source decentralized smart contract platform. Positioned as an Ethereum alternative, Fantom aspires to harmonize scalability, security, and decentralization, introducing tools to streamline DApp integration and incorporating a robust staking reward system.
Key Components of the Fantom Ecosystem
- Lachesis Protocol: At the core of Fantom’s security and efficiency is the Lachesis protocol, a directed acyclic graph (DAG) algorithm-based consensus layer. Lachesis, functioning as an asynchronous Byzantine Fault Tolerant (aBFT) Proof-of-Stake (PoS) mechanism, provides the network with unparalleled speed and security.
- Opera Mainnet: Serving as the deployment platform for DApps, Opera is Fantom’s application development layer. It is permissionless, open-source, and supports the Solidity programming language, ensuring compatibility with Ethereum platforms.
Unique Features Setting Fantom Apart
- Transaction Speed: Fantom boasts transaction finalization in under two seconds, processing thousands of transactions per second. This efficiency is achieved through the Lachesis protocol’s aBFT consensus engine.
- Scalability at Lower Costs: With transaction costs measured in fractions of a cent, Fantom demonstrates higher scalability at a significantly lower cost compared to traditional blockchain networks.
- Flexibility in Staking: The native utility token, FTM, plays a crucial role in staking, governance, and fee collection. Fantom’s staking system offers users incentives to secure the network by holding and staking FTM.
Fantom’s Founders and Team
Founded by Dr. Ahn Byung Ik and currently led by CEO Michael Kong, the Fantom Foundation brings together a global team of experts in full-stack blockchain development. The team is committed to realizing a smart contract platform that prioritizes scalability and security.
Tokenomics: FTM Coins and Circulation
FTM exists in multiple versions, including ERC-20, BEP2, and native FTM on the OPERA mainnet. The total supply is 3.175 billion tokens, with 2,134,638,448 FTM currently in circulation. Staking rewards form a significant aspect of the tokenomics, encouraging users to actively participate in securing the network.
Ensuring Network Security
Fantom employs the Lachesis protocol, an innovative aBFT PoS consensus mechanism. By eliminating block leaders and introducing a leaderless phenomenon, Fantom enhances network security. Staking further fortifies the system, providing additional incentives for users to contribute to the network’s security.
Where to Acquire FTM Tokens
FTM is readily available for trading on major exchanges such as Binance, OKEx Korea, and Gate.io. Users can engage with different versions of FTM, depending on the protocol, including ERC-20, BEP2, and native FTM on the OPERA mainnet.
In conclusion, Fantom stands as a beacon of innovation in the DeFi space, offering a unique combination of speed, scalability, and security. With its cutting-edge consensus mechanism and commitment to user incentives, Fantom is poised to shape the future of decentralized finance.