Fantom (FTM) is a directed acyclic graph (DAG) smart contract platform focused on decentralized finance (DeFi) services. It employs its own bespoke consensus algorithm called Lachesis, which is designed to offer high transaction speeds and security.
The Fantom ecosystem revolves around its native utility token, FTM, which serves various purposes such as payments, network fees, staking, and governance. FTM operates on Fantom's mainnet, Opera, which is an open-source platform for hosting decentralized applications (DApps). Opera integrates with Ethereum's Virtual Machine (EVM) and supports the Solidity programming language, enabling seamless interaction with Ethereum platforms while maintaining transaction efficiency.
Fantom's key features include:
Scalability: Fantom aims to overcome the limitations of previous generation blockchains by providing high throughput, with thousands of transactions per second, and fast transaction finalization (settled in 1-2 seconds).
Security: The platform utilizes an asynchronous Byzantine Fault Tolerant (aBFT) Proof-of-Stake (PoS) consensus mechanism, Lachesis, which ensures network security while allowing anyone to join or leave the network at any time.
Decentralization: Fantom's consensus mechanism is leaderless, meaning there are no block leaders or centralized authorities determining block validity. This enhances decentralization and network resilience.
On-chain governance: Users can participate in governance decisions by voting with FTM tokens. Each token represents one vote, allowing users to express their opinions on proposed changes or upgrades to the protocol.
Fantom distinguishes itself by offering high transaction throughput, low transaction costs, and a focus on DeFi services. Its compatibility with Ethereum and support for existing DApps make it attractive to developers seeking to deploy decentralized solutions.
FTM tokens exist in various forms, including ERC-20, BEP2, and Fantom's native OPERA tokens. They are freely tradeable on major exchanges such as Binance, Gate.io, and OKEx Korea.
The Fantom Foundation was founded by Dr. Ahn Byung Ik, a South Korean computer scientist, with Michael Kong serving as the current CEO. The team behind Fantom consists of experienced professionals in blockchain development, distributed across the globe.
Overall, Fantom aims to provide a scalable, secure, and efficient platform for decentralized applications and digital assets, addressing the challenges faced by existing blockchain networks.
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