Fantom - a DAG smart contract platform, providing decentralized financial services (DeFi) to developers, using their own custom consensus algorithm.
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About the Fantom project
Together with its own FTM token, Fantom aims to solve the problems, associated with smart contract platforms, in particular, the speed of transactions, which the developers say they have reduced to less than two seconds. The Fantom Foundation, which oversees the Fantom product offering, was originally established in 2018, with the launch of OPERA, Fantom's main network, to be released in December 2019. The development team has extensive experience primarily in the development of a full-featured blockchain and aims to create a smart contract platform that privileges scalability, decentralization and security.
According to the official website, its team also consists of specialist engineers, scientists, researchers, designers and entrepreneurs. Employees are located all over the world, which is in the spirit of a distributed platform.
Platform uniqueness
Fantom is trying to use a new zero-based mechanism to facilitate DeFi and related services, based on smart contracts.
Project uniqueness:
| 1 | The mechanism, Lachesis, promises much higher capacity and two-second transaction completion times. |
| 2 | Improved security, compared to traditional platforms, based on proof-of-stake (PoS) algorithms. |
| 3 | Corresponding to Ethereum, the project attracts developers who want to deploy decentralized solutions. Its mission - to provide interoperability between all transactional authorities around the world. |
The platform's native token, FTM, is the basis of transactions and allows fee collection and staking, as well as user rewards. Through token sales in 2018, Fantom raised nearly $40 million in development funding.
Where can I buy a token?
FTM - a proof of stake (PoS) token that actually exists in multiple incarnations. The platform's compatibility with Ethereum means that users can purchase the ERC-20 FTM standard, which automatically converts to their own FTM upon receipt in their wallet. Another version of FTM is available on Binance Chain, using the BEP2 standard. Only the proprietary FTM can be used on the main Fantom OPERA network itself. The FTM token is freely traded and can be found on major exchanges such as:
- Binance;
- Gate.io;
- OKEx Korea.
FTM exists on multiple protocols, with circulating ERC-20, BEP2 tokens and native OPERA Fantom tokens.