Know Your Crypto: Fantom (FTM)

Fantom is a decentralized open-source smart contract platform that supports decentralized applications (dApps).
Fantom is worth investing in this year because it has performed well throughout the year and ranks highly among the most promising Ethereum killers.

Fantom is a secure, scalable, and EVM-compatible smart contract platform that utilizes a single consensus mechanism. FTM is used to reward validators that execute financial transactions to secure governance rights and pay network fees.

Fantom is a decentralized open-source smart contract platform that supports decentralized applications (dAPPS). The current price is $0.246153 per FTM. It is 92.93% below the all-time high of $3.48. It had an all-time low of $0.001902269746 on Mar 13, 2020 (over 2 years ago).

Fantom network uses a direct acyclic graph rather than a blockchain as its Layer 1 distributed ledger technology. It was founded by Ahn Byung Ik in 2018. Ahn Byung holds a Ph.D. in Computer Science from Yonsei university. The group comprises engineers, researchers, designers, and entrepreneurs.

Fantom is originally backed by two technologies – DAG and Lachesis. DAG (Direct acyclic graph) allows swift and seamless transactions while Lachesis mainly provides security to the network. Lachesis uses an asynchronous byzantine fault that helps attain high-performance data storage.

Byzantine fault-tolerance is a property that allows genuine nodes of a network to guarantee on the timing and order of a set of transactions fairly and securely.

Fantom stands out from its competitors Ethereum, Solana, and Cardano. The project offers improved scalability and cost-effective transaction fees to blockchain networks. Some investors have even touted it to be the next Ethereum or Solana.

The main difference between Fantom and other cryptocurrencies is that it creates an entirely new blockchain for each deployed smart contract while others don’t.

Fantom showcases its efficiency by handling nearly a thousand transactions in a second. The transaction fees are nearly a fraction of a cent. Data shows that the network had crossed the 3 million transaction mark, making it one of the fastest blockchain platforms.

FTM is available on several crypto exchanges including :

Gemini
Crypto.com
FTX
Binance

In addition, FTM is available on other decentralized exchanges. These types of exchanges offer peer-to-peer transactions, there is no need for an intermediary. The decentralized exchanges that offer Fantom include Sushiswap and Uniswap.

Fantom is capable of running smart contracts that allow blockchains to run more advanced transactions than simply sending cryptocurrency from one person to another