Fantom is an open source smart contract platform that aims to overcome the limitations of previous generation blockchain.
What is Fantom?
- Fantom provides smart contract services to developers using its own bespoke consensus algorithm based on a directed acyclic graph (DAG) framework which differs from a traditional blockchain.
- It aims to solve smart-contract platform problems, specifically transaction speed, which Fantom claims it has reduced to less than two seconds.
- A new purpose-built consensus mechanism was introduced by Fantom in order to facilitate DeFi and related services on behalf of smart contracts.
- With Lachesis mechanism, Fantom promises much higher capacity and two-second transaction finalization, along with improvements to security over traditional proof-of-stake (PoS) algorithm-based platforms.
- Being permissionless, decentralized, and open-source, Fantom is designed to overcome the limitations of previous generation blockchain platforms.
|Token Type/Protocol||FTM protocol|
|Total Token Supply||2,545,006,273|
|Current Circulating Supply||See Coinmarketcap|
|Market Capitalisation||See Coinmarketcap|
|Token Creation Date||December 2019|
|Can it be mined?||No|
Who is behind Fantom?
Fantom was founded by Dr. Ahn Byung Ik, a South Korean computer scientist, but it is currently run by the CEO, Michael Kong. Moreover, the rest of the team consists of extensively experienced specialist engineers, scientists, researchers, designers and entrepreneurs from around the world.
What is the purpose of Fantom?
Fantom’s purpose is to be a smart contract platform that prioritises scalability, decentralization and security in order to overcome the limitations of previous generation blockchain platforms.
- Fantom’s high-speed consensus mechanism, Lachesis, is the key tool for Fantom to tackle current scalability problems since it allows digital assets to operate at unprecedented speed and delivers dramatic improvements over the current systems via a secure consensus mechanism.
- A leaderless Proof-of-Stake protocol is used to secure the network.
- Fantom uses modularity to make it extremely flexible. It is powered by the Ethereum Virtual Machine (EVM) which is compatible with Ethereum.
- Each network built on Fantom is independent from one another which means it cannot be affected by traffic or congestion.
- Fantom allows anyone to run a node. A virtually unlimited number of validator nodes can participate in securing the network, as long as they keep a minimum of 1,000,000 FTM at stake. However, if you own lower amounts of the token or you’re not an expert in running distributed systems, you can still participate in securing the network via delegation to a validation node.
- FTM cannot be staked with other exchanges as it can only be staked on the Fantom platform which might not be convenient for users who stake various currencies.
News and Updates:
- Chainlink Price Feeds are now live on the Fantom Opera mainnet as DeFi smart contracts on the Fantom mainnet can incorporate these Chainlink-powered decentralized oracle networks for high-quality, tamper-proof, and low latency financial market data feeds.
- Curve Finance has released an identical version of its decentralized exchange on Fantom with up to 3 pools. With the proper incentivization mechanisms, the protocol should drive significant liquidity to Fantom.
- Fantom reported 70% increase in new users month over month resulting in low transaction fees and high speeds which mean that the network has attracted a lot of new users since its debut.
Community & Whitepaper Links:
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