Today, Fantom has changed its focus to DeFi and enterprise solutions related to supply chain tracking, healthcare, central bank digital currency (CBDC), and tokenized assets. Fantom has quite a decent degree of success in this category as they partner with various Technical firms and government agencies.
Fantom also has hundreds of millions of dollars in total value locked. These achievements are made possible through Andre, the project academic guidance who crafted the DeFi designs. Fantom has been released on the chain of governance process due to a puzzle conducted earlier this year. As a result, Fantom is now a complete cryptocurrency. Fantom EVM–compatible blockchain enables users to mint, borrow, lend, and trade digital assets directly from their wallets. Fantom promises to be the all-in-one DeFi suite for users.
WHAT IS FANTOM?
ORIGIN
Fantom was originally founded in early 2019. It was founded by the South Korean Computer Scientist Dr. Ahn Byung Ik. As of today, a South Korean Scientist known as Micheal Kong is the CEO of the platform.
USES
Fantom is a scalable blockchain platform for DeFi, crypto dApps, and enterprise applications. It is used for staking, network fees, governance, and collateral to use the Fantom Finance Ecosystem. Fantom is EVM compatible, and as a result, you can deploy and run your Ethereum dApps on Fantom. EVM(Ethereum Virtual Machine) is known to have some issues regarding transaction rate, and the issue can be addressed on Fantom.
Generally, Fantom is a scalable and decentralized platform to solve high transaction costs and low transaction speed using an acyclic graph framework.
Fantom is aimed at solving the issue of blockchain trilemmas like speed, security, and decentralization. Fantom is also enthusiastic about granting compatibility between all transaction bodies around the world.
FANTOM NETWORK
Fantom operates on Lachesis that secures the Fantom network. This network ensures speed and security in transactions. Lachesis is a mechanism that allows network data to be processed at different times. It also ensures one-third of the participants without causing a glitch to the network process. Lachesis enables the ease of transactions within a second, unlike the Proof of Work (PoW) Network. It doesn’t go through the rigorous confirmation process of the PoW network.
The Lachesis has a network node that contains a Directed Acyclic Graph (DAG) that documents the account of blocks and all transactions. It also ensures each node achieves inward alliance independently.
The independent Fantom nodes will communicate among themselves about all transactions and events. The communication system doesn’t indicate the finalized block or overall state of the event. This system process results in seconds.
HOW DOES FANTOM WORK?
Fantom is aimed at solving the current issues of blockchain in the crypto world. The Fantom platform also has an advantage over other major blockchains because it is decentralized, scalable, and open source. A distinct element of Fantom is that its network is independent; an area of network congestion does not affect other parts of the network.
Fantom lowers the cost and increases the performance rate of Decentralized apps (DApp). This process is made possible through Lachesis – a DAG-based non-deterministic algorithm. This Algorithm enables the Opera Minnet of Fantom. The Opera Minnet enables the use of smart contracts through EVM (Ethereum Virtual Machine). Fantom is made of a decentralized system, unlike Ethereum that uses a single decentralized machine.
The main problem Fantom solves is the ‘Blockchain Trilemma.’ The issue happens due to the balance between speed, security, and decentralization, unachievable at once. Fantom increases the speed of the entire process by using Byzantine Fault Tolerance (BFT) and a permissionless protocol to achieve decentralization and security.
HOW FANTOM SOLVES Ethereum’S ISSUES?
Ethereum is the first crypto to introduce smart contracts, and almost 80% of applications are built on this network. The Ethereum network is congested due to this reason, and users do complain about high fees. As stated earlier, Fantom is a network that is designed to solve the problems of Ethereum. These problems include speed, security, and decentralization. People want cryptocurrency that is fast, secure, and affordable. Fantom ticks all the boxes in this regard.
Fathom is a network that solves the problem of scalability in Ethereum. Fantom features two core technologies to solve the issues of scalability. These technologies include Lachesis Technology and opera Minnet.
What makes Fantom be on the leading way is its ability to process a thousand transactions in seconds. The speed at which Fantom operates makes it a great match. Fantom has solved the Ethereum scalability issue by assigning each application their blockchain making it a network. It enables transactions to be processed in a parallel model. Unlike the ancient crypto that uses a single processor, it uses the directed acyclic graph (DAG).
What is a Fantom token, and where to buy it?
The Fantom token, also known as FTM, functions as the exchange policy of Fantom Network. Aside from being a form of exchange, it can also secure the Fantom Network through staking. The Fantom token has increased in price due to its growing popularity and essence. The Fantom Token falls under the category of alternative coin that has shown a huge sign of growth and potential.
The Fantom network has performed extremely well since its inception. It falls under the category of currency that functions in smart cities. It is also a currency used for different payments and network fees. The year 2021 has been incredible for Fantom tokens. The Fantom token is termed “Ethereum Killer ” after “Cardano ” and “Solana ”.
The Fantom token is waxing stronger day by day. It increases from 35.48% in a single day. Fathom has increased its scalability, and the speed can grow to more than 300k per second. Leading blockchains like Chainlink, Raviton, and Brand Protocol have collaborated with it. The synergy with other blockchain is the cause of the surge in price. The coin has the potential of reaching USD 2.5 by 2025.
Where Can You Buy The Fantom Token?
Fantom exchanges are traceable and can be accessible on popular centralized and decentralized platforms such as:
- • Binance
- • FTX
- • Kucoin
Cryptocurrency communities are very much interested in Fantom tokens. They simplify the mode of purchase by making it available both in flat and in cash. The Fantom token has a market rank of 96. The total market cap is USD 603.42m and a total circulating supply of 2.5 bn.
CONCLUSION
A thorough study of the growth, impact, and future potentials of the Fantom Network shows that it has come with a long-lasting solution to the decentralization and scalability of blockchains. Also, the Fantom network has provided Ethereum developers the ability to build their speed, security, and decentralized network using the smart contract.
The Fantom team is making efforts towards getting more people connected in a digital economy. They aim at making payments and personal records become digital assets.
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Written by: Narender Charan
