What is Fantom?

Fantom is a high-performance, scalable, and secure smart-contract platform. It is designed to overcome the limitations of previous-generation blockchain platforms. Fantom is permissionless, decentralized, and open-source.

Fantom Symbol – FTM

Coinmarketcap Rank # 31

Website: fantom.foundation

Introduction:

Fantom, a directed acyclic (smart contract platform) that provides decentralized finance services for developers through its own consensus algorithm, is called Fantom.

Fantom, together with FTM, its in-house token, aims to address problems associated with smart-contract platforms. This includes transaction speed. Developers claim they have reduced it to less than two seconds.

The Fantom Foundation oversees all aspects of the Fantom product line. It was established in 2018 with the launch of OPERA, Fantom’s mainnet, in December 2019.

Fantom, an open-source decentralized smart contracts platform for DApps or digital assets, was created to replace Ethereum. Fantom aims to overcome the limitations of older generation blockchains while balancing three elements: security, scalability, and decentralization. This project provides a range of tools that can be used to integrate existing DApps. It also includes a detailed staking reward system and Defi instruments.

Fantom, a Layer-1 Blockchain, uses a built consensus mechanism and an independent consensus layer, Lachesis to facilitate Defi and other services based on smart contracts. Lachesis also provides security for other layers, such as Opera, Fantom’s EVM-compatible smart contracts chain. The project’s long-term goal is to “grant compatibility among all transaction bodies around the world.”

Fantom’s main strengths are its speed and efficiency in transaction processing. Transactions can be settled in as little as 1-2 seconds and cost less than a penny per transaction. Fantom offers greater scalability at a lower price.

Two main technologies are the foundation of the ecosystem: Opera and Lachesis protocol.

The core consensus layer of the Fantom network, the Lachesis protocol, provides both transaction speed as well as security.

Lachesis, an aBFT consensus engine, uses a directed acyclic graph algorithm (DAG). It works like this: Network data can be processed at different times and the network filters participants to allow only one-third of the allocated network data due to erroneous behavior or malicious behavior without compromising network processes.

Fantom’s Asynchronous Byzantine fault Tolerant (aBFT), Proof-of-Stake consensus mechanism ensures efficiency of the network and provides maximum security. The PoS mechanism by Fantom is leaderless. There are no leaders or participants and anyone can join the network at any time.

Lachesis’ key characteristics include asynchronous, leaderless, and Byzantine fault-tolerant. They also have near-instant finality.

Opera is an application development layer, Fantom’s mainnet platform. It also allows for permissionless, open-source, and open-source web hosting DApps. Fantom supports Solidity programming languages and EVM integration, so users can seamlessly interact with Ethereum platforms. This allows them to retain the transaction efficiency of Fantom.

Opera’s PoS model is used by the Fantom Foundation. Validators are not used to determine whether blocks are valid.

Fantom is a fast, safe, and inexpensive payment platform. It allows users to make quick and secure payments at minimal costs. Fantom also has on-chain governance, where users can vote with FTM tokens. One token equals one vote. Of the features: users have the right to express the degree of agreement/disagreement on a scale from 0 to 4.

FTM, the native utility PoS token of Fantom, powers the ecosystem. It is used for payments, network fees, and governance. FTM is the backbone of transactions. It allows for fee collection and staking activities as well as user rewards.

Where to buy Fantom?

The top cryptocurrency exchanges to buy Fantom are currently Binance, OKEx, DigiFinex, Hotcoin Global, and FTX.

Who are the Founders of Fantom?

South Korean computer scientist Ahn Byung Ik founded the Fantom Foundation. Michael Kong is currently the platform’s chief executive officer.

Fantom’s team has extensive experience in full-stack Blockchain development. They aimed to create an intelligent contract platform that rewards scalability and decentralization.

Fantom’s official website states that the company’s team includes scientists, engineers, entrepreneurs, researchers, designers, and other specialists. The global location of employees matches the spirit of a distributed platform.

Why is Fantom unique?

Fantom tries to create a consensus mechanism from scratch to facilitate Defi and related services based on smart contracts.

Lachesis promises a much greater capacity and two-second transaction completion. It also offers security improvements over traditional Proof-of-Stake (PoS-based) platforms.

The project matches Ethereum and is a great choice for developers who want to implement decentralized solutions. Its official literature states that its mission is “to grant compatibility between all transaction entities around the globe.”

FTM, the in-house PoS token of FTM, is the backbone for transactions and allows fees collection and staking activities. The latter also provides user rewards.

Fantom raised nearly $40 million through token sales in 2018 to finance its development.

Historical Price Data Of Fantom

DatePrice
Mar 2, 2022$2.01
Mar 1, 2022$1.83
Feb 28, 2022$1.78
Feb 27, 2022$1.59
Feb 26, 2022$1.77
Fantom Price Chart

Fantom Price Prediction 2022-2026 | Fantom Latest Price Prediction

Disclaimer: Data collected from different sources available on the internet and crypto experts

Fantom Price Prediction 2022

The price of Fantom will be at its lowest level of $1. Fantom prices can reach a maximum of $3 and an average price of $2.75 in 2022.

Fantom Price Prediction 2023

The price of Fantom will be at its lowest level of $3. Fantom prices can reach a maximum of $4 and an average price of $3.5 in 2023.

Fantom Price Prediction 2024

The price of Fantom will be at its lowest level of $4. Fantom prices can reach a maximum of $5 and an average price of $4.5 in 2024.

Fantom Price Prediction 2025

The price of Fantom will be at its lowest level of $5. Fantom prices can reach a maximum of $6 and an average price of $5.5 in 2025.

Fantom Price Prediction 2026

The price of Fantom will be at its lowest level of $6. Fantom prices can reach a maximum of $7 and an average price of $6.5 in 2026.

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