Question

what is Fantom

Answer 1

Fantom (FTM) is a fascinating blockchain platform that combines several innovative features to provide decentralized finance (DeFi) services. Let’s explore its key aspects:

1. EVM-Compatible Smart Contract Platform:

   • Fantom serves as an EVM-compatible smart contract blockchain.
   • It provides a platform for developers to build applications leveraging the blockchain’s capabilities.
   • Notably, Fantom can process over 10,000 transactions per second with a block time of 1-2 seconds1.

2. Directed Acyclic Graph (DAG) Structure:

   • Fantom is the world’s first DAG-based Layer-1 blockchain.
   • It overcomes scalability challenges by using an asynchronous network design.
   • Unlike traditional blockchains, where nodes wait for previous transactions to complete, Fantom’s DAG structure allows for parallel processing.

3. Consensus Mechanism: Lachesis:

   • Fantom’s Lachesis consensus algorithm is a DAG-based, leaderless, and asynchronous Byzantine Fault Tolerant (aBFT) algorithm.
   • It achieves transaction finality in 1-2 seconds.
   • Lachesis ensures both speed and security1.

4. Fantom Token (FTM):

   • FTM is the native asset of the Fantom network.
   • Its use cases include:
     • Staking: FTM holders can stake their tokens for rewards.
     • Governance: FTM holders participate in decision-making.
     • Transaction Fees: FTM is used for network fees.
   • Fantom’s ecosystem includes utility dApps, NFT projects, gaming, and DeFi platforms.
   • DeFi projects on Fantom have over $600 million in total value locked2.

5. Performance and Efficiency:

   • Fantom achieves thousands of transactions per second with low transaction costs (fractions of a cent).
   • Its goal is to balance scalability, security, and decentralization.
   • The Lachesis protocol secures the network, while Opera (an EVM-compatible chain) handles smart contracts1.

6. Long-Term Mission:

   • Fantom aims to grant compatibility between all transaction bodies worldwide.
   • Its efficient design makes it a strong contender in the blockchain space.

In summary, Fantom combines speed, security, and DeFi services, making it an exciting player in the evolving crypto landscape . For real-time price information, you can check here3.