Fantom is a smart contract blockchain protocol that presents an alternative to Ethereum, offering faster transaction speeds and lower costs. It is aBFT (asynchronous Byzantine Fault Tolerant) consensus protocol designed to deliver speed, security, and reliability, allowing almost instant transactions and extremely low fees. Transactions on Fantom are finalized within a few seconds and cost a fraction of a cent.
Fantom’s blockchain nodes form a global, trustless, and leaderless Proof-of-Stake network that is also highly scalable, capable of processing thousands of transactions per second and scaling to thousands of nodes.
Fantom is Ethereum compatible, meaning decentralized apps (dApps) built on Ethereum can be deployed and run on Fantom, and the over 200 dApps deployed on Fantom, indicates a growing ecosystem. Uses for FTM, the native token of Fantom, include payments, governance, fees, and safeguarding the network.
Fantom also introduced a stablecoin called fUSD, which users can mint using their FTM tokens. This offers access to various decentralized finance (DeFi) applications built on the system, such as those for lending, trading, and borrowing.
Fantom's market cap, as of March 2022, was $3.4 billion, placing it behind other Layer-1 protocols like Terra and Solana. However, its DeFi market was fifth-largest, with $7.25 billion in total value locked (TVL).
To stay informed with the most recent updates and developments, consider visiting Fantom's official website at https://fantom.foundation/ or consulting trusted cryptocurrency news platforms.
Fantom Chain is a revolutionary blockchain platform that has established itself as a serious contender in the world of decentralized finance (DeFi). Powering this innovative platform is Fantom’s aBFT consensus protocol, a groundbreaking solution that promises unparalleled speed, security, and reliability. This article delves into the unique features of Fantom Chain and explores how it has been making waves in the blockchain industry.
Fantom Chain is the brainchild of a team of developers who sought to address the challenges plaguing Ethereum, the leading smart contract blockchain protocol. The primary issues include high fees and slow transaction times. In response, Fantom was designed to be a fast and affordable alternative, powered by its native FTM token.
The Backbone: aBFT Consensus Protocol and DAG Technology
The backbone of Fantom is its "asynchronous byzantine fault tolerant" (aBFT) consensus protocol, which allows the blockchain nodes to validate transactions independently, without having to work through a queue of transactions. This advanced protocol has been instrumental in the platform's ability to offer almost instant transactions, with transactions being finalized in just a few seconds.
Fantom leverages a directed acyclic graph (DAG), a technology that displays blockchain transaction histories as a "hashgraph"—a graph of blockchain hashes. This technology, similar to what powers Hedera Hashgraph, is another factor contributing to Fantom's impressive speed.
Ethereum Compatibility: A Key Advantage
One of Fantom's key selling points is its compatibility with the Ethereum Virtual Machine (EVM). This feature allows developers to easily port decentralized applications (dApps) built on Ethereum right over to Fantom. In addition, FTM is available as an ERC-20 token and a BEP-20 token, meaning there's a version of the token that conforms to both the Ethereum and Binance Smart Chain token standards.
The Fantom Ecosystem: Thriving and Expanding
The Fantom ecosystem has been experiencing significant growth, with hundreds of dApps already deployed on the platform. The applications range from decentralized lending and trading platforms to automatic market makers. One notable example is Fantom Finance, which allows for, among other things, synthetic minting and decentralized lending and trading. Another is SpookySwap, an automatic market maker akin to Uniswap but on Fantom, whose token amusingly has the ticker "BOO".
According to recent data, Fantom, despite being a newer player, has managed to host a substantial DeFi market. As of early 2023, it held fifth place in total value locked (TVL) among blockchains, outperforming even more established platforms like Solana.
FTM: The Fuel of Fantom
FTM, the native token of Fantom, serves multiple crucial roles within the ecosystem. It is used for payments, governance, and fees, and plays a vital role in safeguarding the network. An exciting development in the ecosystem is the planned introduction of the second version of its fUSD stablecoin, which will provide a more predictable and budget-friendly system for users and developers.
Despite being a relatively new entrant in the so-called L1 wars – the race among alternative Layer-1 blockchains to replace Ethereum – Fantom has already proven its worth. With its unique blend of speed, low costs, and Ethereum compatibility, it's no wonder that the platform has been gaining traction and is set to shape the future of blockchain technology. To stay informed with the most recent updates and developments, consider visiting Fantom's official website at https://fantom.foundation/ or consulting trusted cryptocurrency news platforms.
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