Fantom is a smart contract platform designed to handle decentralized applications (DApps) and enterprise-grade solutions with high performance, scalability, and security. By utilizing a unique consensus mechanism called Lachesis and a groundbreaking blockchain known as Opera, Fantom enables exceptionally fast transaction times and low costs. These characteristics make Fantom a suitable choice for a wide range of use cases, from decentralized finance (DeFi) and supply chain management (SCM) to identity verification.
FTM is the native cryptocurrency of the Fantom blockchain. It is used to pay transaction fees, secure the network through staking, and participate in network governance. FTM holders can stake their tokens to help validate transactions and, in return, receive rewards. Additionally, FTM can be used within various dApps built in the Fantom ecosystem, giving it a central role in the network's functionality and growth.
Fantom operates through the Lachesis consensus mechanism, which enables high transaction speeds on the blockchain and short confirmation times within the network. Instead of relying on traditional block structures, Fantom uses a Directed Acyclic Graph (DAG) to process transactions in parallel. This means transactions can be confirmed within a few seconds, significantly faster than many other blockchain platforms. Fantom also has a modular architecture, allowing developers to create customized blockchains, such as their own separate blockchains (subnets), for specific applications.
Why does Fantom exist?
Fantom was created to address the scalability issues and high transaction costs common in older blockchain networks, such as Bitcoin and Ethereum. By offering a faster and more cost-effective platform, Fantom aims to promote the adoption of blockchain technology in everyday applications and various industries, including DeFi (decentralized finance), supply chain management, and smart cities. Fantom's innovative technology enables a more cohesive and efficient digital economy where decentralized solutions can develop and succeed.
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Fantom's website: https://fantom.foundation/
Fantom's white paper: https://fantom.foundation/fantomResearchPapers