What is Fantom? $FTM

Fantom (FTM) is the most recent smart contract blockchain protocol that aims to compete with Ethereum by combining speed and affordability.

“Speed, security, scalability.”

– Fantom

Note: This is part of Nebeus’ new Coin Analysis series, where you can discover the latest crypto coin news.

What is Fantom? $FTM and how does it work?

If you use the Ethereum protocol on a particularly busy day, the fees will undoubtedly put you off. Why? As they can easily outweigh the value of your trade. That’s why alternative layer-1 blockchains like Solana, Avalanche, and Fantom were created and can be of assistance.

Fantom (FTM) is the most recent smart contract blockchain protocol that aims to compete with Ethereum by combining speed and affordability.

What is Fantom $FTM?

Fantom is a layer-1 blockchain that aims to offer an alternative to Ethereum's high prices and slow speeds, which users frequently lament.

With the help of its native FTM token, Fantom is a blockchain that supports smart contracts. In December 2019, Fantom launched its mainnet after raising $40 million. Its blockchain is quick and affordable, and in 2021 it demonstrated that it could support a decentralized finance (DeFi) sector on its own.

How Does Fantom Work?

The Fantom blockchain is fast in part because of a directed acyclic graph (DAG). In a DAG, the history of blockchain transactions is shown as a "hashgraph," which is a graph of blockchain hashes.

The "leaderless" consensus mechanism called Lachesis by Fantom is another innovation. The mechanism is an asynchronous byzantine fault tolerant (aBFT) proof of stake variation. Its main benefit is that it can function faultlessly even if one-third of transaction data is fraudulent.

As a result, Fantom's blockchain nodes don't need to process a queue of transactions to validate transactions independently. On Fantom, transactions should clear in just two seconds instead of several minutes on Ethereum and Bitcoin.

Fantom can be used with the Ethereum virtual machine (EVM), unlike Solana. Because of this, transferring decentralized applications created on Ethereum to Fantom is simple. FTM is offered as an ERC-20 and a BEP-20 token to achieve this. In other words, it comes as a token that complies with the standards of both the Ethereum and the Binance Smart Chain.

Are there alternative Layer-1 Blockchains?

Ethereum is known as the base layer or layer-1, and other blockchains have chosen to replace it altogether. The front-runners in this race are Solana, Avalanche, Polkadot, and Fantom. Competing Layer 1 blockchains like Solana, Fantom, and Avalanche are currently gaining ground on Ethereum.

Will Fantom beat Ethereum?

Some crypto experts have hailed Fantom as the next Ethereum or Solana. However, only the outcome of the layer-1 wars will determine Fantom’s future.

The primary distinction between Fantom and other projects is that Fantom creates a brand-new blockchain for each deployed smart contract. This significantly increases interoperability and lessens network workload.

Because these blockchains behave differently within the network, this also promotes scaling. However, they are linked together by the same consensus algorithm.

Only in time will we see whether the cryptocurrency market develops into a winner-takes-all space where one blockchain rules or if it embraces a multi-chain future where blockchains become tailored for particular applications.

Who is the Founder of $FTM?

“The Fantom Foundation is dedicated to building the infrastructure for a more democratic and efficient future.”

– Fantom

The Fantom Foundation launched in January 2018 after months of careful consideration, planning, and ecosystem construction.

The Fantom Foundation works to create the ecosystem needed for a more decentralized, open, and flexible future. The group is made up of engineers, scientists, researchers, designers, and entrepreneurs who all have the same goal.

What is the $FTM Token?

The network's token, FTM, is used for:

  • Network administration,
  • Staking,
  • and paying costs associated with putting apps on the blockchain.

When it comes to Governance proposals, Fantom is unique. Unlike other platforms that employ a simple yes-or-no voting method, Fantom opts for a scale of 1 to 4, where you can choose how strongly you support a new proposal's implementation. As a result, the proposal must receive at least 66% of the vote to pass.

How to buy Fantom? $FTM

Numerous decentralized and centralized cryptocurrency exchanges offer FTM. The biggest exchanges for FTM are Binance, KuCoin, and FTX, according to CoinMarketCap. Because it was created as an ERC-20 and BEP-20 token and is supported by cross-chain bridges like Wormhole and Multichain, you can trade FTM on Ethereum's Uniswap and Binance Smart Chain's PancakeSwap.

Of course, you can buy it with a few simple clicks in Nebeus while also being able to take advantage of our other crypto services, such as earning rewards on FTM by staking it.

What is the Fantom DeFi Ecosystem?

You can use the network to access Fantom’s dedicated Defi offerings and conduct trades right from your wallet. The common terms used on the platform are:

  • fWallet – A custom wallet that enables FTM storage and deposit.
  • fUSD – A stablecoin based on Fantom that is usable on fLend for lending, borrowing, and trading. Utilizing fMint, you can also mint fUSD.
  • fLend – A liquidity pool where users can borrow or lend money.
  • fSwap – A decentralized asset trading platform that enables users to switch between various tokens.

Fantom also has a detailed article on The Future of DeFi on Fantom that is worth checking out if you’re interested in where the Fantom Foundation sees this space heading.

What makes $FTM different? Benefits of Fantom

Assuming the same activity level, Ethereum will continue to be slow and expensive to use until protocol improvements are made. It might take a few years, although Ethereum’s latest innovations may change this.

However, the so-called layer-1 wars still provide the best context for understanding Fantom's success.

Incredibly Fast Transaction Times Compared to Bitcoin and Ethereum

Fantom positions itself as a trustworthy substitute for Ethereum, whose transaction processing can take up to 10 minutes, and Bitcoin, whose process can take up to an hour. Fantom network processes information in just 1-2 seconds.

Additionally, each transaction only costs a fraction of a cent.

It is Highly Scalable

It is a highly scalable protocol that:

  1. Guarantees quick network performance – Fantom scales to thousands of nodes and can handle tens of thousands of transactions per second. The Foundation hopes to one day achieve 300,000 transactions per second.
  2. Offers high security – To secure the entire network, Lachesis is used as a Proof-of-Stake (PoS) protocol. Fantom has used Lachesis as a consensus layer that can reach multiple system layers.

The Fantom Ecosystem Has over 200 dApps

With thousands of active users each day, the Fantom ecosystem is expanding. There are many different use-cases for the dApps, such as:

  • DEXs
  • Cross-chain Bridges
  • Lending and Borrowing Yield Optimizers
  • NFT Platforms
  • GameFi
  • Tools
  • Wallets

How many Fantom ($FTM) coins are there?

Max Supply: 3,175,000,000

Circulating Supply (23/08/2022): 2,541,152,731

Currently, approximately 80.03% of the total supply is already in circulation.

Note: We gather our information from CoinGecko. The numbers written are correct at the time of writing.

What is the Current Price and current Market Cap of Fantom? (23/08/2022)?

Current Price: $0.301106

Current Market Cap: $765,858,610

Current Market Cap Position: #65

All-Time Low: $0.00190227 on March 13th, 2020

All-Time High: $3.46 on October 28th, 2021

Note: We gather our information from CoinGecko. The numbers written are correct at the time of writing.

What is Fantom Prediction?

From July 2021, FTM rose in price from $0.17 to highs of $3.3 in January 2022. This suggests that there is an appetite for alternatives to Ethereum. According to CryptoNewsZ’s price prediction, FTM’s price will likely rise to a maximum of $3.65 this year.

Conclusion

Ready to get involved with Fantom already? Join its thriving community of users, developers, and researchers on one of its channels:

You can sign up for a Nebeus account to buy, stake, and hold your Fantom investment.

La inversión en criptoactivos no está regulada, puede no ser adecuada para inversores minoristas y se puede perder la totalidad del monto invertido.

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