Contents<\/p>
- 1<\/span> The Fantom Team<\/a><\/li>
- 2<\/span> What Is Fantom (FTM)?<\/a><\/li>
- 3<\/span> How does Fantom (FTM) Work?<\/a><\/li>
- 4<\/span> Features of Fantom Protocol <\/a>
- 4.1<\/span> Fantom (FTM) Consensus<\/a><\/li>
- 4.2<\/span> Validator Node <\/a><\/li>
- 4.3<\/span> Witness Node <\/a><\/li><\/ul><\/li>
- 5<\/span> Fantom Governance <\/a>
- 5.1<\/span> Fantom Foundation<\/a><\/li><\/ul><\/li>
- 6<\/span> \u00a0What problems Does Fantom (FTM) Solve?<\/a><\/li>
- 7<\/span> Fantom (FTM) Benefits<\/a><\/li>
- 8<\/span> Fantom (FTM) Advanced Smart Contracts<\/a><\/li>
- 9<\/span> What Makes Fantom Unique?<\/a><\/li>
- 10<\/span> Fantom Token (FTM)<\/a><\/li>
- 11<\/span> How to Buy FTM <\/a>
- 11.1<\/span> Fantom Wallet<\/a><\/li><\/ul><\/li>
- 12<\/span> Fantom Review Conclusion<\/a><\/li><\/ul><\/div>\n
The Fantom Team<\/strong><\/span><\/h2>\n
Dr. Ahn Byung IK, a computer scientist from South Korea, is the founder of Fantom. He holds a Ph.D.\u00a0 in computer science and is currently the Leader of the (Korea Food Technical) Association.<\/p>\n
Dr. Ahn is a joint author of Fortune Magazine. Initially, he founded the SikSin food-tech platform. SikSin is a leading restaurant rating and recommendation app in Korea.<\/p>\n
However, Dr. Ahn is currently not associated with Fantom anymore. He did not even mention anything about the project in his LinkedIn profile.<\/p>\n
Michael Kong took over the project as the Chief Executive Officer (CEO). He has advanced experience in the blockchain space, working as a smart contract developer for several years.<\/p>\n
Before joining Fantom, he worked as the\u00a0 CTO (Chief Technology Officer) for the (blockchain incubator Block8). He is among the first developer to build solidity decompilers and detectors for identifying smart contract vulnerabilities.<\/p>\n
Also, Andre Cronje<\/a> is a notable member of the Fantom team. He is a DeFi<\/a> architect known as the Yearn Finance developer.<\/p>\n
Fantom\u2019s project team comprises researchers, engineers, specialist engineers, scientists, entrepreneurs, and designers, as seen on its official web page. They have reasonable experience in (full-stack) blockchain development.<\/p>\n
Their efforts are directed towards developing a unique smart contract platform that supports security, \u00a0decentralization, and scalability. Thus employees can work from different parts of the world. This shows a good example of a (distributed) platform.<\/p>\n
What Is Fantom (FTM)?<\/strong><\/span><\/h2>\n
Fantom is a 4th<\/sup> generation blockchain. A DAG (directed acyclic graph) platform for smart cities. It provides developers with DeFi services using its bespoke consensus algorithm. Unlike Ethereum blockchain, it provides both users and developers with current upgrades on usability and functionality.<\/p>\n
There is a foundation that oversees Fantom’s product offering. This foundation came into existence in 2018. Fantom\u2019s Mainnet and Opera were launched in 2019 December.<\/p>\n
The network supports different features like P2P (peer-to-peer) lending services and staking. With this, it tends to absorb some of Ethereum\u2019s share in the DeFi market in a few months.<\/p>\n
In addition, Fantom, with its native token, aims at solving the challenges related to the smart contract platforms. This challenge is the transaction speed which the Fantom developer claimed to have reduced to less than two seconds.<\/p>\n
They hope to be the backbone of the IT infrastructure for upcoming smart cities. Through the handling of 300 transactions in a second and reaching out to many service providers. The project believes it is the solution to securely store numerous volumes of data.<\/p>\n
It will achieve this goal by being easily accessible for Dapp adoption and a data-driven smart contract for stakeholders.<\/p>\n
The team foresees the platform to be useful across different sectors like smart home systems, healthcare, public utilities, traffic management, environmental sustainability projects, and education.<\/p>\n
How does Fantom (FTM) Work?<\/strong><\/span><\/h2>\n
Fanton is a DPoS blockchain (Delegated Proof-of-Stake) with multiple layers. The layers are Opera Core Layer, Opera Ware Layer, and Application Layer. These layers perform a specific operation that comprises the total operability of Fantom.<\/p>\n
Here are the individual operations of each layer:<\/p>\n
- \n
- Opera Core Layer<\/strong><\/li>\n<\/ul>\n
This is the first layer as well as the core in the Lachesis protocol. Its function is to maintain consensus through the nodes. It confirms transactions by using DAG technology. This enables the node to process the transactions metachronously.<\/p>\n
In Fantom\u2019s network, each transaction saves on every node after its processing. The operations are similar to the normal transaction saving in a blockchain. However, with the DAG technology, there\u2019s no need to save the data on every node.<\/p>\n
Through the use of the Lachesis protocol, Fantom can maintain validity by saving its transaction on Witness and validating nodes. The validating operation is based on the DPoS consensus protocol.<\/p>\n
- \n
- Opera Ware Layer<\/strong><\/li>\n<\/ul>\n
This is the middle layer in the protocol that sees the execution of functions on the network. Also, it issues rewards and payments as well as writes \u2018Story Data\u2019 for the network.<\/p>\n
Through Story Data, the network can track all its past transactions. This is a pertinent feature used in situations where there’s a need for infinite data access in a network. A typical example is in the healthcare field or supply-chain management.<\/p>\n
- \n
- Application Layer<\/strong><\/li>\n<\/ul>\n
This layer keeps the public APIs that enable developers to interface their dApps. The APIs ensure security and reliability as the network connects for transactions in dApps.<\/p>\n
Fantom (FTM) Advanced Smart Contracts<\/p>\n
Besides its outstanding features, Fantom inculcates some of Ethereum\u2019s best smart contracts in its network. This empowers Fantom smart contracts to perform some functions even beyond what is obtainable in Ethereum.<\/p>\n
The smart contracts are used for generating evidence base on behaviors and monitoring transactions\u2019 accuracy.<\/p>\n
Also, they are employed in executing pre-programmed instructions. Unlike in Ethereum, Fantom has the Story Data operability. This ensures an indefinite tracking of past transactions on the network.<\/p>\n
Features of Fantom Protocol <\/strong><\/span><\/h2>\n
Fantom (FTM) Consensus<\/strong><\/span><\/h3>\n
Fantom uses a \u201cmulti-layer Deleegatede Proof-of-Stake\u201d mechanism based on Directed Acrylic Graph (DAG). Due to this mechanism, Fantom can provide consensus to application snot minding its programming language. Fantom also uses an aBFT (asynchronous byzantine fault tolerance) consensus algorithm.<\/p>\n
This algorithm enables it to facilitate transactions faster than many other protocols, plus linear scalability. Apart from scalability and fast transaction, Fantom boosts security and decentralization in the crypto space.<\/p>\n
Validator Node <\/strong><\/span><\/h3>\n
The components of the network are solely in the care of Validator nodes. Any user of the protocol can be a part of this group.<\/p>\n
All a user need is to have 1 million FTM locked in the FTM wallet. As a Validator node, you don\u2019t have to check what other nodes are doing on Fantom. All you will do is to verify every new transaction from Lamport (a timestamped point).<\/p>\n
Witness Node <\/strong><\/span><\/h3>\n
This node validates transactions on Fantom through the Validator nodes\u2019 data. After validating the transaction, it goes into the blockchain.<\/p>\n
Fantom Governance <\/strong><\/span><\/h2>\n
Fantom uses its token to empower users to participate in the network. They could raise proposals concerning network upgrades, fees, system parameters, network structures, etc. All it requires is to have the FTM token. With enough tokens in your hands, you can increase your voting power.<\/p>\n
Fantom Foundation<\/strong><\/span><\/h3>\n
Fantom has a Foundation with headquarters in Seoul. The idea behind the network is to make a profit. It launched in 2018, and according to the company documents, Michael Kong is Fantom’s\u00a0 CEO.<\/p>\n
After updating the network with Go-Opera, fantom has been growing. As of May 1, 2021, Fantom has handled 3 million transactions. By\u00a0 May 13, Fantom has completed more than 10 million.<\/p>\n
\u00a0What problems Does Fantom (FTM) Solve?<\/strong><\/span><\/h2>\n
Fantom has the primary responsibility of creating a scalable and secure decentralized network.<\/p>\n
- \n
- More scalability in transactions <\/strong><\/li>\n<\/ul>\n
Through its operations, fantom is meant to handle some of the problems that developers and users normally encounter on Ethereum. The launching of\u00a0 Fantom offers almost an indefinite scalability in transactions.<\/p>\n
- \n
- Reduction of Energy consumption<\/strong><\/li>\n<\/ul>\n
Before the development of Fantom, the early cryptocurrencies (Bitcoin and Ethereum) operate with the Proof-of-Work consensus mechanism. This mechanism consumes a lot of energy and poses a threat to the environment as well.<\/p>\n
However, the arrival of Fantom puts a stop to the use of the energy-sapping PoW consensus mechanism. Validating operations with Fantom takes less energy through the use of the Lachesis consensus mechanism. This alternative makes Fantom more environmentally friendly and a better sustainable network.<\/p>\n
- \n
- Near-zero cost<\/strong><\/li>\n<\/ul>\n
The advert of Fantom brings a drastic cut in the crypto market fee structure on transactions. The cost of sending transactions through Fantom is almost negligible compared to using Ethereum.<\/p>\n
This near-zero cost is a great relief to users. Developers also leverage the low fee strategy of Fantom to give low-cost services.<\/p>\n
Fantom (FTM) Benefits<\/strong><\/span><\/h2>\n
Fantom users have a lot of benefits to enjoy when they identify with the Fantom network.<\/p>\n
E.V.M Compatibility:<\/strong> The fantom with its unique features claims to be ideal for Defi, payments, enterprise applications, and management of any supply chain.\u00a0 Developers do not need to learn any new language in programming, and it is totally (Ethereum virtual machine) EVM-compatible.<\/p>\n
Ethereum<\/strong>\u00a0Virtual Machine (EVM<\/strong>) is a virtual machine that allows the execution of transaction codes exactly as planned. To maintain a consensus through the blockchain, all Ethereum node runs on the (EVM).<\/p>\n
Flexibility: <\/strong>Fantom platform is flexible with the help of its efficiency and accessibility. With this feature, it can be used in many industries. Recently it is used in sectors like traffic management, resource management, smart home systems, health care, and education, among others.<\/p>\n
Scalable: <\/strong>The platform has a high-speed performance. It offers transactions almost instantaneously. Members TTF (time to finality) of around a second. As the project matures with time, developers have already set a goal of handing 300,000 transactions in a second (t.p.s).<\/p>\n
This goal will give Fantom an edge over other top payment processing networks like PayPal and VISA. VISA speed test, for instance, puts made the network poses a maximum transaction speed of 36,000 (t.p.s). Fantom\u2019s target is to provide ten times this speed.<\/p>\n
Fantom (FTM) Advanced Smart Contracts<\/strong><\/span><\/h2>\n
- Near-zero cost<\/strong><\/li>\n<\/ul>\n
- Reduction of Energy consumption<\/strong><\/li>\n<\/ul>\n
- More scalability in transactions <\/strong><\/li>\n<\/ul>\n
- Application Layer<\/strong><\/li>\n<\/ul>\n
- Opera Ware Layer<\/strong><\/li>\n<\/ul>\n
- 12<\/span> Fantom Review Conclusion<\/a><\/li><\/ul><\/div>\n
- 6<\/span> \u00a0What problems Does Fantom (FTM) Solve?<\/a><\/li>
- 4.2<\/span> Validator Node <\/a><\/li>
- 2<\/span> What Is Fantom (FTM)?<\/a><\/li>
![\"Fantom](\"https:\/\/deficoins.io\/wp-content\/uploads\/2021\/06\/Fantom-Review-1024x647.png)
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