Fantom

What is Phantom (FTM)?

FTM is a native token Phantomwhich is open source Blockchain of the first level. If you’re interested in the current FTM price, check out the Fantom price chart above.

Because Phantom based on smart contracts The platform provides developers with various decentralized finance (DeFi) services, including the creation of decentralized applications and digital assets. It contains a sophisticated staking incentive system, built-in DeFi tools, and simplifies the dApps integration process.

Fantom was essentially designed as an alternative to the Ethereum blockchain. It aims to solve problems faced by other smart contract platforms. These include transaction speed, scalability issues, security issues, and so on.

In fact, in terms of transaction speed and scalability, Fantom provides users with fast and low-cost transactions. It manages to perform thousands of transactions per second and costs about $0.0000001 per transaction.

At launch in December 2019, Fantom was priced at $0.01. Volatility remained low until early 2021, when it began to fluctuate more frequently.

The Fantom network was developed Phantom Foundationwhich was founded by a computer scientist Dr. Ahn Byung Ik. The General Director of the Foundation is Michael Kong.

One of the most notable milestones was achieved in September 2021. Then the FTM price exceeded $1 for the first time since its official launch.

How does Phantom work?

They work in Phantom application development layer called Opera to allow users to host dApps without permission on the open source network. The Fantom Opera network supports smart contracts using Solidity language and is fully compatible with the Ethereum Virtual Machine (EVM).

As a result, Fantom offers a full set of smart contract functionality that allows users to interact with Ethereum platforms without sacrificing the efficiency of Fantom transactions.

Moreover, thanks to Lachesis protocol which Opera uses manages to achieve fast completion. The Lachesis protocol is an asynchronous Byzantine fault-tolerant (aBFT) Proof-of-Stake consensus mechanism based on directed acyclic graph (DAG) algorithm.

It can be easily integrated into programs written in any programming language. Lachesis can handle the state machine replication aspect, allowing developers to focus on building the application logic.

Each Lachesis validator node maintains a local DAG consisting of event blocks containing transactions. The exact final order of events is determined independently for each node using a DAG, which captures the “happened before” relationship between events. The DAG is divided into smaller DAGs known as erato maximize storage and retrieval.

Lachesis nodes do not send blocks to each other, as happens in most traditional consensus mechanisms. Instead, they simply exchange events. Essentially, this allows Opera to complete and settle transactions in a second.

Moreover, since Lachesis leaderless Proof-of-Stake mechanism, there are no leader nodes that determine the validity of blocks. This significantly improves network security.

Purpose of FTM coins

FTM is Fantom’s native token, used to secure the network, participate in chain governance, pay network fees, and make payments in general.

Because it works in Fantom Proof of Stake consensus mechanism, the main use case for Fantom coins network security by staking FTM tokens. To participate, validator nodes must have at least 3,175,000 FTM and stakers must have their FTM locked. Epoch’s rewards and commissions are provided as payment for the service to both nodes and stakers.

Fantom tokens are also required for intranet management because they are required to vote. FTM stakers can propose and vote on various improvements and changes to the network. Any decisions related to the network are made by on-chain governance, as Fantom is a decentralized ecosystem that is completely permissionless and leaderless.

FTM can also be used for coating network fees, for example, related to transactions, smart contracts and the development of new networks. This also increases the security aspect as Fantom’s low fees are enough to make it prohibitively expensive for an attacker to launch an attack.

Finally, Fantom’s high throughput, fast completion and minimal fees make FTM tokens ideal for sending and receiving payments. If you are planning to purchase Fantom Coins, please note that the FTM price may change. This is because, like the prices of other digital assets, Fantom tokens are affected by the volatility of the overall cryptocurrency market.

Supply of FTM coins

The maximum number of FTM coins is 3.175 billion. As a deflationary asset, Fantom’s price adjusts based on the number of tokens remaining in circulation. The supply is divided into different token standards to facilitate trading. FTM can be purchased as a native mainnet token, an ERC-20 token, or a BEP-2 token. Look at the chart above to see the current FTM price.