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Fantom FTM
$0.76 4.124%

What is Fantom

What is Fantom

History

Fantom was launched in December 2019, created by the South Korean computer scientist Dr. Ahn Byung Ik. The cryptocurrency was developed with the goal of addressing the scalability issues that plague many existing blockchain platforms, such as Ethereum. Fantom aimed to offer a faster, more secure, and scalable solution for decentralized applications (dApps) and digital assets. One of the most interesting aspects of Fantom's history is its early adoption of a unique consensus mechanism known as the Lachesis Protocol, which sets it apart from other blockchain projects.

Creators and Developers

Fantom was founded by Dr. Ahn Byung Ik, but the development and ongoing improvements of the platform are managed by a team of developers and researchers, led by Michael Kong, who serves as the CEO of the Fantom Foundation. The team behind Fantom includes experts in blockchain technology, cryptography, and distributed systems. The Fantom Foundation, a nonprofit organization, is responsible for the promotion, development, and adoption of the Fantom platform.

Technology

Fantom operates on its own blockchain, utilizing the Directed Acyclic Graph (DAG) architecture rather than a traditional linear blockchain structure. The core technology behind Fantom is the Lachesis Protocol, a consensus mechanism that is asynchronous, Byzantine Fault-Tolerant (aBFT), and leaderless. This protocol allows Fantom to achieve near-instant finality of transactions with lower fees, significantly outperforming many other blockchains in terms of speed and scalability. Additionally, Fantom supports smart contracts and is compatible with the Ethereum Virtual Machine (EVM), enabling developers to easily port their Ethereum-based dApps to the Fantom network.

Mining and Issuance

Fantom does not rely on traditional mining methods like Proof of Work (PoW). Instead, it uses a Proof of Stake (PoS) model, where validators stake their FTM tokens to secure the network and validate transactions. The total supply of FTM tokens is capped at 3.175 billion, and new tokens are issued as staking rewards to validators. This staking model is more energy-efficient and scalable compared to PoW, aligning with Fantom's goal of providing a sustainable blockchain solution.

Networks and Support

Fantom is supported on its own mainnet, known as Opera. The network is fully compatible with the Ethereum ecosystem, allowing users to interact with Ethereum-based dApps and assets on the Fantom network. Additionally, Fantom has established cross-chain bridges to networks like Binance Smart Chain (BSC) and Polygon, further increasing its interoperability and usability across multiple blockchain ecosystems.

Applications and Use Cases

Fantom is designed to be a versatile platform for a wide range of decentralized applications, including DeFi, NFT marketplaces, and supply chain management solutions. Its high throughput and low transaction costs make it particularly attractive for developers looking to build scalable dApps. Popular DeFi platforms like SpookySwap and Scream have been built on the Fantom network, showcasing its growing ecosystem.

Popularity and Market Capitalization

Fantom has gained significant traction in the crypto market, particularly during the 2021-2022 period, when its market capitalization saw substantial growth. As of the latest data, Fantom is among the top 50 cryptocurrencies by market capitalization, reflecting its strong community support and growing adoption. The price of FTM has experienced volatility, like many other cryptocurrencies, but it remains a popular choice for investors and developers alike.

Unique Features and Innovations

Fantom's most unique feature is its Lachesis consensus mechanism, which allows for high scalability, low latency, and strong security. The platform also offers nearly instant finality, with transactions typically confirmed within 1-2 seconds. Fantom’s compatibility with EVM and its support for multiple programming languages make it a flexible platform for developers. Additionally, the platform's focus on creating a decentralized and open financial system sets it apart from other blockchain projects.

Partnerships and Integrations

Fantom has established several strategic partnerships to enhance its ecosystem. These include collaborations with Chainlink for decentralized oracles, Ren for cross-chain asset transfers, and Band Protocol for scalable data oracles. Fantom is also integrated with popular wallets like MetaMask and Trust Wallet, making it accessible to a wide range of users.

Community and Media

The Fantom community is active and vibrant, with a strong presence on social media platforms like Twitter, Telegram, and Discord. The project regularly updates its community on developments through blog posts, AMAs (Ask Me Anything sessions), and other engagement activities. Fantom has also received coverage in major crypto media outlets, further boosting its visibility in the industry.

Legal Status and Regulation

Like many cryptocurrencies, Fantom operates in a largely unregulated space, though it complies with general regulatory standards applicable to blockchain projects. The legal status of Fantom varies by jurisdiction, but it has not faced significant legal challenges. The project's focus on DeFi and decentralized applications aligns with the broader movement towards financial decentralization, which continues to evolve within regulatory frameworks.

Real-World Examples

Fantom is used in various real-world applications, particularly in the DeFi space. For example, platforms like SpookySwap and SpiritSwap offer decentralized exchanges (DEXs) on the Fantom network, enabling users to trade tokens with low fees and high speed. Additionally, Fantom has been utilized in smart city initiatives in South Korea, demonstrating its potential for large-scale, real-world implementations beyond the cryptocurrency industry.

Supported Networks

Tangem Wallet supports Fantom on these networks

  • Fantom
  • Ethereum
  • BNB Smart Chain
  • BNB Beacon Chain
  • Solana

Fantom official links

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How to buy Fantom in Tangem Wallet.

The Tangem mobile app lets you buy cryptocurrency directly using a bank card and choose the best exchange rate.

1
Open the Tangem app by scanning the wallet and entering your access code or biometrics.
2
Select the desired cryptocurrency on the homepage and select "Buy."
3
You will be redirected to an on-ramp service offering fiat to crypto exchanges.

Fantom FAQ

Fantom is a high-performance, scalable, and secure smart contract platform designed to overcome the limitations of previous blockchain networks. Utilizing a unique consensus mechanism called Lachesis, it offers near-instant transaction finality and low fees. Fantom is compatible with Ethereum, allowing developers to deploy decentralized applications (dApps) seamlessly, while also ensuring greater speed and scalability.
  • Owning cryptocurrency can be important for several reasons: it provides a decentralized way to store and transfer value, offers potential for investment growth, enables participation in emerging financial technologies, and can be used for secure and private transactions.
  • A cryptocurrency wallet is a tool or device that allows you to store, manage, and use your cryptocurrency. It keeps your private keys secure and enables you to interact with various blockchain networks, including Bitcoin and Ethereum.
  • When choosing a cryptocurrency wallet, consider factors such as security, ease of use, and cryptocurrencies supported. Also determine whether you prefer a hardware or software wallets. Research reviews and compare features to find the best option for your needs.
  • Lachesis is an asynchronous Byzantine Fault Tolerant (aBFT) consensus mechanism, meaning it doesn't rely on a leader for transaction validation. This allows transactions to be confirmed in under two seconds, compared to the longer times required by traditional proof-of-work or proof-of-stake systems, making Fantom highly efficient.
  • Fantom's high throughput and near-instant finality are ideal for DeFi, where fast transaction speeds and low fees are crucial. The network's compatibility with Ethereum also allows developers to easily migrate existing DeFi projects to Fantom, benefiting from its superior scalability and performance.
  • Fantom achieves scalability through its DAG (Directed Acyclic Graph) technology, which processes multiple transactions simultaneously. Lachesis allows the network to maintain security and decentralization while scaling efficiently, avoiding the bottlenecks and high costs seen in some other blockchain networks.
  • Factors that could influence Fantom's adoption include its ability to attract developers to build on its platform, partnerships with other projects, and the continued success of DeFi and dApps. Additionally, improvements in blockchain interoperability and Fantom's ability to integrate with other networks could significantly enhance its value and popularity.

Why choose Fantom wallet with Tangem.

Private. No registration and KYC required to use the app. We don't track your data.

Secure. Your private keys are encrypted and never leave your device. Only you have control over your funds.

Innovative Design Options. Choose from a variety of elegant designs, including unique co-branded editions and our innovative ring-form factor wallet, ensuring both style and functionality.

24/7 Online Support. Fast support for your needs. Live chat and email support for customers from all over the globe.

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