The Fantom blockchain main net launched in December 2019, and its network architecture aims to give a viable answer to the Blockchain Trilemma by balancing scalability, security, and decentralization.

Fantom is a smart contract platform for decentralized applications built on DAG (Directed Acyclic Graph) (DApps).

DAG is a data modeling and structuring technology whose networks comprise vertices and edges, unlike blockchains, which are made up of blocks.

The ability for users to build and deploy their own independent networks in addition to using Fantom’s primary consensus layer is one of the platform’s unique features for cryptocurrencies.

Lachesis, a custom “leaderless” PoS consensus method that protects the Fantom network and guarantees both transactional speed and security, is the foundation upon which Fantom runs.

The Lachesis aBFT consensus mechanism ensures that the nodes in the Opera Chain maintain the consensus. This mechanism uses DAG technology to confirm transactions.

To be clear, Lachesis eliminates the lengthy block confirmation process required in Proof-of-Work (PoW) networks and enables transactions to be confirmed and completed in just a few seconds.

This aBFT system is significantly faster and more scalable than many of its Byzantine Fault Tolerant (BFT) rivals since it does not require the rather time-consuming block confirmation procedure.

Each Fontam network node has its own Directed Acyclic Graph (DAG), which keeps track of the order of “event blocks” and associated transactions while allowing for separate internal consensus across nodes.

Why Would Someone Utilize FTM?

FTM serves as the main cryptocurrency for the Fantom platform and is utilized for network security, payouts, governance, staking, and charges.

Payments 

Transactions are expedited by the swift finality of the Fantom network (takes around a second). Furthermore, the FTM coin is perfect for money exchange due to its quick throughput and low costs (around $0.0000001).

Governance 

For on-chain administration, where users can propose changes and improvements and vote on them through governance, FTM is crucial. All system decisions are made on-chain because the Fantom ecosystem is totally permissionless and leaderless. As a result, the voting process should involve the governance currency, FTM.

Staking 

FTM can be utilized to stake in order to safeguard the Fantom system and earn FTM coins in return without the need for any additional hardware or software. It is quite simple to comprehend.

Network charges 

FTM is used to cover network charges such as those related to the implementation of Fantom smart contracts or the establishment of new systems, as well as processing fees.

The charge ensures that the system is not blatantly a spam victim and that a dishonest operator cannot bog down the network or fill the ledger with useless data.

Although Fantom’s service fees are extremely minimal, they are sufficient to discourage hackers by making access to the network unaffordable for a malevolent attacker.

Network safety 

The FTM coin employs a proof-of-stake algorithm to attempt network protection. Holders are required to lock their coins, and verifiers are required to have a minimum of 3,175,000 FTM in order to function. Stakers and approvers are paid for their work with charges and epoch prizes.

Does FTM Have the Capability to Stay on the Green Course?

After facing a severe meltdown in last year’s crypto crash, FTM made strong gains since the beginning of 2023. Fantom is currently sitting on gains of around 180% this year, dwarfing Bitcoin’s gains of roughly 50%.

The surge in Fantom’s price since the beginning of the year has been aided by a massive influx of new Fantom investors. The explosion in interest in promising altcoins like Fantom bodes well for the tokens of lesser-known, up-and-coming crypto projects.

The FTM price remains to be on the razor’s edge as it was trading at $0.5312 and is down 2.42% in the 24-hour day trade. With a market capitalization of $1,475,043,309, it is ranked #41 according to CoinMarketCap.

In conclusion, Fantom has experienced a surge in popularity in 2021. The platform has attracted many developers and users who were previously unable to use Ethereum due to its high gas fees. As a result, Fantom has emerged as a viable alternative for those looking to access blockchain technology without incurring high costs.

The rapidly expanding Fantom ecosystem is set to receive a significant boost with upcoming initiatives that promise to increase cash flow to the chain.