Fantom is a blockchain network that was created by Ahn Byung Ik, a South Korean computer scientist, who built it as a part of the Fandom Foundation in October 2018, and later it went live in December 2019. Following, let’s dig deeper into the Fantom!
Several blockchains have boomed in the digital market in recent years and provided everything that Ethereum does along with solving issues accompanying the network. Among them, Fantom is a smart contract-enabled blockchain that offers a dynamic infrastructure for dApp creations.
The network architecture of the Fantom mainnet, called Opera, offers a feasible solution to the Blockchain Trilemma by providing standard scalability, security, permissionless, and decentralization on the development of decentralized applications (dApps).
FTM is the native token of Fantom, and it is used for staking, on-chain governance, and platform charges within the network. As it is using a unique combination of Proof-of-Stake (PoS) and Asynchronous Byzantine Fault Tolerance (aBFT) consensus mechanism, also called Lachesis consensus mechanism, it acquires a highly secured atmosphere.
Fantom offers a more than tailormade DeFi development option that is a leaderless PoS consensus mechanism named Lachesis, the network structure. That protects the Fantom Network and ensures both security and transactional speed. The Lachesis is an aBFT consensus mechanism, which means that the network data can be executed at diverse times. Its transactions and finalizations are completed within a fraction of seconds and do not require waiting for laborious block confirmation as practiced in Proof-of-Work (PoW) networks or decentralized consensus mechanisms.
A lot of first and second-generation blockchains offer only decentralization and security which were not developed for scalability. They resulted in slower transactions, especially when a new node was added to the blockchain network. As Fantom addressed the ‘blockchain trilemma’, it stabilizes the speed, security, and decentralization utilizing the unique Lachesis consensus.
The Opera FTM - It establishes on Fantom’s mainnet Opera Chain and is used highly for staking, network fees, and on-chain governance.
ERC-20 - As we know, it is an Ethereum token that allows users to trade and stake the FTM tokens on Ethereum-based platforms.
BEP-20 - The Binance blockchain token facilitates the FTM transactions on Binance Decentralized Exchange (DEX) as these are not the same as Binance Smart Chain.
And, if users want to stake on the Fantom Native farms, it is needed to have the Opera FTM. So, they can utilize a bridge service on the Opera FTM token, staking in different networks and platforms into Opera tokens. Here are a few examples.
Utility of FTM Tokens
Utilizing FTM token’s open-source nature and adaptability, it is predominantly used for a wide array of activities. And, one of the biggest applications of the FTM token is its security network and dApps.
It has an environment-friendly eco-system; results do not require much processing power. The Opera FTM empowers on-chain governance participation. And, the FTM tokens could be utilized for payment backups with high throughput, fast process, and reduced fees.
As seen, the Fantom FTM Token is a one-stop solution for all the contemporary decentralized finance demands. Accordingly, it offers 2 main products as described below, on its DeFi shite.
fMint - It is the gateway of Fantom and the process of collateral locking used as a proof of payback fUSD.
fLend - It is used for lending and borrowing digital assets to the liquidity pool and getting gained via interest.
fTrade - The fTrade can only be used for swapping tokens or to trade sFTM (staked FTM) to other currencies.
Liquidity Stake - It could be used for the lending and borrowing process, because the sFTM Tokens are ‘liquid’, they can be used throughout the ecosystem of Fantom with multi protocols.
The Fantom is being considered as one of the most successful platforms out there in the blockchain domain. According to experts, Fantom is dynamiting its own strength by signing deals with several South Asian countries. Therefore, there would be an increased transaction and demand for the FTM Tokens that will increase their value certainly.
Fantom has its own fast, secure, and more reliable wallet. As it is an advanced web application, and also can be installed, and be operated on multiple devices, they are computers and mobile phones, it can smartly be accessible with multiple platforms like Windows, macOS, or Linux. And, it is very light as its mass data is stored in the cloud with an underlying framework installed in that multi-devices.
The fresh integrations and upgrades of Fantom are the things that make the network completely stand out from all rivals. As Fantom has its Fantom Virtual Machine (FVM), the database is equivalent to the Ethereum Virtual Machine (EVM) but has additional capabilities to evolve its overall performance, it provides a high value to its holders all the time. Furthermore, Fantom also offers a lot of distinct features and benefits to DeFi users, while sustaining a decentralized and secured network on the blockchain.
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