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Fantom - a popular promising project

Nov 19, 2022
Fantom - a popular promising project
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Fantom - a promising blockchain, aimed at creating dapps with smart contracts. This platform will serve as a framework for projects. Fantom's design - to create an enabling environment that will help Ethereum to improve. Contents:

History of the creation of Fantom

Fаntom - a 4th generation blockchain. Unlike the Ethereum blockchain, it provides both users and developers with ongoing usability and functionality updates. Mainnet and Opera Fantom were launched in December 2019. Fantom was originally created by a South Korean programmer, named Dr. Ahn Byung Ik. Today, the company is led by CEO/CIO Michael Kong. He is the former CTO of Digital Currency Holdings. The team also includes Andre Cronje, a well-known decentralized finance developer and creator of Yearn.finance. The main goal of the blockchain - to develop an open system and support the adoption of Fantom.

The network supports various features such as P2P (peer-to-peer) lending services and rates. At the same time, it absorbs part of Ethereum in the DeFi market. Fantоm

In addition, Fantom, with its own token, aims to solve the problems, associated with smart contract platforms. This problem lies in the speed of transactions, which, according to the developer of Fantom, has decreased to less than two seconds. By processing 300 transactions per second and reaching out to many service providers, the project believes it is the solution to securely store large amounts of data. The team believes the platform will be useful in various sectors such as smart home systems, healthcare, utilities, traffic management, environmental sustainability projects and education.

Benefits of the Fantom blockchain

Fanton - a DPoS blockchain with multiple layers. Layers: Opera Core Layer, Opera Ware Layer and Application Layer. These layers perform a specific operation that includes the Fantom's overall health. The individual operations of each layer:

Opera Core Layer This is the first layer and also the core of the protocol. Its function is to maintain consensus across nodes. It confirms transactions by using DAG technology. This allows the node to process transactions metachronously.
Opera Ware Layer It is the middle layer in the protocol that sees the execution of functions on the network. In addition, it issues rewards and payments, and records "History Data" for the network.
Application Layer This layer retains the public APIs that allow developers to interface their dApps. APIs provide security and reliability when connecting the network for transactions in dApps.

In addition to outstanding features, Fantom includes some of the best Ethereum smart contracts in its network. This allows Fantom smart contracts to perform some functions even beyond what can be obtained in Ethereum. Smart contracts help to create an evidence base of behavior and monitor the accuracy of transactions. Fantom uses its token to enable users to participate in the network. Participants can put forward proposals for network upgrades, fees, system parameters, network structures, and more. All it requires - to have an FTM token. With enough tokens in hand, you can increase your selective ability.

What is the FTM token for?

The Fantom (FTM) token - the native token of the Fantom Network. It serves as the core utility and value of system management. It also protects the system by betting on rewards, commission payments and management. You need to own FTM to be eligible to participate in community management. You can use the token for the following purposes:

  • to protect the network: this is the main function of the token (FTM) in the Fantom network. It does this through a system, known as Proof-of-Stake. Validator nodes must have a minimum of 3,175,000 FTM to participate while stakers must lock their token;
  • payments: the token is suitable for receiving and sending payments. The process is enhanced by network efficiency, low cost and rapid completion. Money transfers to Fantom take about a second and the cost is almost zero;
  • network fees: FTM serves as a network fee. Users pay as a fee for deploying smart contracts and creating new networks. It is also a token that users accept to pay transaction fees.

Fantom Wallet - a PWA (progressive web application), used to store FTM tokens and even other tokens in its ecosystem. It is called the native wallet for the (FTM) Opera Mainnet. As a PWA wallet, it can be easily updated across all platforms through a single database without third party approval. It is ideal for progressive integration of new features into the system.

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