There are numerous blockchain projects spread across the crypto space, many of which aim to solve specific issues found within some of the biggest blockchain networks currently available on the market.
Fantom blockchain is one such blockchain that aims to solve scalability security and decentralization found within blockchain networks.
Today, we are going to go over just about everything that you need to know when it comes to the Fantom network, as well as its native cryptocurrency token, FTM.
- Fantom is a decentralized, permissionless as well as open-source smart contract platform for decentralized applications (dApps) as well as digital assets.
- The Fantom blockchain mainnet went live in December of 2018, and its network architecture aims at providing a viable solution to what is known as the Blockchain Trilemma.
- The FTM Token is the native Fantom token used within the network
- Fantom is a lot more scalable while also having a lot fewer costs when compared to other Ethereum alternatives, and it is one of the first platforms to allow users to create and deploy their independent networks instead of relying on Fantom’s main consensus layer.
- You can easily connect to the Fantom network through the utilization of the blockchain-as-a-service solution known as NOWNodes.
What is Fantom?
Fantom was developed as a Layer-1 distributed ledger with the main goal and intention of offering a seamless way for developers to be able to deploy smart contracts on top of the network. To do this efficiently, the network utilizes what is known as an advanced Direct Acyclic Graph or DAG for short, which involves seamless interaction of computer nodes within a network to ensure fast and secure transactions.
Through Fantom, you can gain access to a lot of use-cases within Decentralized Finance (DeFi), such as the fWallet, which is a fantom wallet that allows users to store and deposit FTM, fUSD, which is a Fantom-based stablecoin that can be used for trading, lending and borrowing with fLend.
Then there’s fLend, which is a liquidity pool that lets users lend or borrow cryptocurrencies, alongside fSwap, which is a decentralized asset trading platform that lets users swap between different tokens.
Fantom also features a native utility token known as the FTM Fantom token, which is responsible for the process of powering the entire Fantom blockchain ecosystem. Here, the FTM tokens are used for staking, governance payments, and even fees within the network. Any user within the network is given the opportunity to participate within it with a minimum stake of 1 FTM through the process of having FTM in a Fantom wallet address. If you are curious as to how to get Fantom token, you can do so on many cryptocurrency exchanges.
Fantom Network Structure
In order for the Fantom (FTM) network to be able to operate, it utilizes a distinct Proof-of-Stake (PoS) consensus model, which is an independent layer known as the “Lachesis Protocol.”
The main way through which this method was developed is to allow the protocol to get integrated within the Ethereum Virtual Machine (EVM) compatible smart contract chain known as the Fantom Opera Chain.
What this does is allow several projects to be built on top of the Fantom Opera Chain, which can then enjoy many basic functionalities found within Fantom, such as swift transactions or minimal transaction costs, whilst also maintaining a high level of security.
The Lachesis Protocol is one that offers near-instant finality, which means that each transaction is confirmed and finalized only within the span of just a few seconds, without any need for waiting for confirmation times such as the ones found within blockchain networks that utilize Proof-of-Work (PoW). By avoiding this lengthy block confirmation process, the aBFT system is much quicker as well as scalable when compared to others.
Each network node within the Fantom system has its own Directed Acyclic Graph (DAG), which is responsible for the process of recording the chronology surrounding the event blocks, as well as the respective transactions, where each node achieves internal consensus fully independently.
What this also allows for is for the confirmed batches of the event blocks to be compiled within finalized blocks, which then get formed on the wider network. The finalized blocks are composed of the confirmed event blocks from the independent nodes.
Diving a bit deeper into Opera, it is a deployment platform responsible for hosting decentralized applications (dApps) that operate on top of the network. As such, Opera is fully permissionless as well as an open-source environment that is specifically tailored towards development.
It features the full range of smart contract capabilities found within competing networks and even supports the Solidity programming language that’s native to Ethereum, which means that it enables easy integrations with the Ethereum Virtual Machine (EVM).
What this essentially means is that any application that is built on top of the Fantom network can be designed to be interoperable with Ethereum whilst still maintaining the transaction efficiency found within the Fantom network.
Pros and Cons of FTM Token
Pros of FTM
- Fantom combines many great features found within standalone projects in order to build a platform that solves the Blockchain Trilemma.
- Fantom FTM token is a token that can be used for staking, governance, and for the payments of fees within the network.
- Fantom has a dedicated development team that has consistently pushed updates and developments toward the network.
Cons of FTM
- Fantom has a large number of competitors within the specific solutions that it aims to solve.
- The use-cases for Fantom as a network have not yet fully been explored, and this is something that will change throughout a long-term period and time frame.
How to get Connected to Fantom Network
If you are interested in connecting with the FAntom network, you need to ensure that you can keep track of what occurs within the FTM network 24/7. This means that your wallet, exchange, analytical platform, or decentralized application will need to have constant access to data about the block height, for example, the transaction status, wallet balances, and a lot more.
The NOWNOdes FTM explorer will help you synchronize with the blockchain network and will provide you with any data that you request from it in real-time.
In fact, to begin with, NOWNodes, all you have to do is visit the official website and get your free blockchain API key simply by connecting to the website with your email.
You will be able to receive the API key within seconds, and with it, you can start using the FTM block explorer in an instant. If you have a genuine interest in utilizing NOWNodes, you can visit the official documentation in order to learn how to execute a request with your API key.
The Fantom token crypto is the native cryptocurrency token that is responsible for the process of powering the entire Fantom blockchain ecosystem. This is due to the fact that each FTM token can be used for the process of staking, governance, payments, and even for fees on the network.
The Lachesis consensus mechanism used within Fantom is what truly makes it special due to the fact that it enables it to be a lot faster as well as a lot cheaper when compared to other blockchain technologies, whilst also maintaining a high level of security in its overall environment.
Fantom (FTM) is a token and not a coin. It is the cryptocurrency and native utility token that drives the Fantom blockchain. It follows the ERC-20 token standard for the Ethereum ecosystem, alongside the BEP-20 token standard for the Binance ecosystem.