Altcoins: Fantom (FTM) - What Is It? - A Deeper Look Into the Fantom (FTM) Platform

Binance Academy: "How to Add Fantom to MetaMask?"

Summary:

  • What is The Fantom Coin Platform and how does it work?
  • Advantages of the Fantom Coin exchange.
  • Fantom Coin’s past, present and future price positions.

Read next: Altcoins: GameCoin (GMEX) - What Is It? - A Deeper Look Into the GameCoin (GMEX) Platform 

The Fantom exchange

Using its unique consensus mechanism, Fantom is a directed acyclic graph (DAG) smart contract platform that offers developers decentralized financial (DeFi) services. Fantom, which claims to have decreased transaction times to under two seconds, intends to address issues with smart-contract platforms using its proprietary coin FTM. The Fantom Foundation, which is in charge of the company's product line, was established in 2018, and OPERA, Fantom's mainnet, is scheduled to launch in December 2019.

Fantom was developed as an Ethereum substitute and is an open-source decentralized smart contract platform for DApps and digital assets. By balancing scalability, security, and decentralization, Fantom hopes to overcome the drawbacks of earlier blockchain generations. In addition to a comprehensive staking incentive structure and integrated DeFi instruments, the project provides a set of tools to make the process of integrating current DApps simpler.

Fantom is a Layer-1 blockchain that makes use of an independent consensus layer called Lachesis as well as a consensus mechanism that was designed from scratch to enable DeFi and associated services based on smart contracts. Other layers, like as Opera, Fantom's EVM-compatible smart contract chain, are also secured using Lachesis. The long-playing mission of the project is to “grant compatibility between all transaction bodies around the world.”

One of Fantom's main advantages is its speedy transaction processing, which can handle thousands of transactions per second, settle them in one to two seconds, and only cost a few cents each transaction. Fantom offers greater scalability as a result, yet at a lesser price. Lachesis protocol and Opera are the two key technologies that make up the ecosystem. The Fantom network is protected by the main consensus layer, Lachesis, which offers both transaction speed and security.

An aBFT consensus engine called Lachesis employs the directed acyclic graph (DAG) algorithm. The network screens the participants, allowing only one third who are assigned due to incorrect or harmful behavior, without impairing network activities. Network data can be analyzed at various periods. The Asynchronous Byzantine Fault Tolerant (aBFT) Proof-of-Stake (PoS) consensus technique used by Fantom ensures that the entire network operates efficiently while providing optimum security. The PoS method, according to the authors of Fantom, is a leaderless phenomena; there are no leaders of blocks or players, and anyone is free to join (or leave) the network of nodes whenever it suits them.

Asynchronous, leaderless, Byzantine fault-tolerant, and nearly instantaneous finality are some of Lachesis' important characteristics. Opera is a permissionless, open-source application development layer or Fantom's mainnet deployment platform that hosts DApps. Fantom features a comprehensive set of smart contract capabilities thanks to EVM integration and support for the Solidity programming language, allowing users to smoothly connect with Ethereum platforms while keeping the benefit of Fantom's transaction efficiency. Opera adopts a PoS paradigm and leaderless validators because the Fantom Foundation found that removing block leaders enhances network security (validators do not determine which blocks are valid).

Fantom is a fast, safe, and affordable payment network that enables users to send money quickly and securely for a low cost. It also has on-chain governance, where users can cast votes using FTM tokens (one token equals one vote). Users have the option to rate their agreement or dissatisfaction with the features on a scale from 0 to 4. Fantom's native utility in-house PoS coin, or FTM, is used for payments, network fees, staking, and governance throughout the ecosystem. FTM serves as the foundation of transactions and enables fee collection, staking, and the user benefits that latter activity implies.

The current market capitalisation for Fantom is $739,363,515. There is a maximum supply of 2,545,006,273 FTM tokens, 2.55 billion of them are currently in circulation.

Past, present and future prices of The Fantom network (FTM)

The price of Fantom coin took more than 2 years to rise, the price saw an bullish trend throughout 2021 and reached its peak in early January of 2022, at a price of $3.008. Thereafter its price has been on a consistent downward trend to date.

Over the past few months, the global markets have been facing strong investor risk-off sentiment in the wake of the geopolitical tensions, Covid-19 lockdowns in China and supply chain issues. The cryptocurrency market has followed the trends of the greater market during these times, therefore the price of most cryptocurrencies have been falling, FTM does fall under this category.

According to some analysts, the future price of The Fantom network (FTM) could reach up to $1.16 by 2025 and could see a price of more than $8.14 by 2030. However, it is important to remember that this future price prediction is based solely on data and does not take into account factors such as investor sentiment and the ever changing market conditions, both of which make it difficult to make accurate future price predictions.

Altcoins: Fantom (FTM) - What Is It? - A Deeper Look Into the Fantom (FTM) Platform - 1 FTM Price Chart

Sources: finance.yahoo.com, coinmarketcap.com, stormgain.com

Binance Academy: "How to Add Fantom to MetaMask?"

Rebecca Duthie

Remote Editor and writer Intern
FXMAG.COM

Rebecca has a bachelors degree in Investment Management, a Post Graduate Diploma in Financial Planning and is currently enrolled in a Masters program in International Management with a Specialization in International Finance.