What is Fantom?
Fantom is a layer one blockchain built with a novel consensus mechanism, dubbed the Lachesis Protocol. Fantom was created in 2018 and developed by the Fantom Foundation, based out of South Korea. In 2019, Fantom launched their Ethereum Virtual Machine (EVM) compatible mainnet, dubbed Opera. Anyone with a Fantom Wallet can trade Fantom cryptocurrency, buy NFTs on Fantom marketplaces, or earn a yield on their crypto assets with the many financial products available.
What are the core features of Fantom?
- High Performance: Fantom uses a unique consensus mechanism called Lachesis that enables fast and secure transactions. It can handle up to 300,000 transactions per second (TPS), making it one of the fastest blockchain platforms available.
- Interoperability: Fantom is designed to work with other blockchain networks, allowing developers to build cross-chain applications that can interact with multiple networks seamlessly.
- Smart Contracts: Fantom supports smart contracts, which are self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code.
- Decentralization: Fantom is a decentralized platform, which means that there is no central authority controlling the network. This makes it more secure and resistant to hacking attempts.
- EVM Compatibility: Fantom is fully compatible with Ethereum Virtual Machine (EVM), which means that developers can use Solidity (a popular smart contract programming language) to build applications on the Fantom network.
- Staking: The Fantom network uses a Proof-of-Stake (PoS) consensus mechanism, which allows users to earn rewards for staking their tokens and securing the network.
What is the native token of Fantom?
The native token of the Fantom platform is called “FTM”. It is an ERC-20 token that runs on the Ethereum blockchain. FTM is used as a utility token on the Fantom network, and it has several use cases such as:
- Transaction fees: FTM is used to pay for transaction fees on the Fantom network.
- Governance: FTM holders can use their tokens to vote on proposals and decisions related to the future development of the Fantom platform.
- Staking: FTM can be staked to participate in the network’s consensus mechanism and earn rewards.
- Incentives: FTM can be used to incentivize developers and users to build and use applications on the Fantom network.
It is important to note that while FTM is currently an ERC-20 token, the Fantom team has announced plans to migrate FTM to a native token on their own blockchain in the future.