CRYPTO NEWS AGREGATOR
Mon, Oct 4, 2021 7:21 AM by Max E.

Rolling Stocks: Fantom Crypto - A Smart Crypto for Smart Cities

Fantom crypto

Fantom Crypto History and Team

The beta version of Fantom Crypto went live in June 2018. The mainnet was launched in December 2019. 

The founder and the first CEO of Fantom Foundation were Ahn Byung, Ph.D. in Computer Science and President of the Korea Food Technology Association. Michael Kong is currently the CEO of the Fantom Foundation. He has many years of experience in the blockchain industry as a smart contract specialist. Prior to joining Fantom, he was the Chief Technology Officer of the Block8 blockchain project

The Fantom Crypto team includes blockchain architect André Cronier, who is well known as the developer of the Yearn Finance.

The Fantom team consists mainly of South Koreans. In South Korea, the project has a big community and strong support.

Fantom Coin

The native token of the project is FTM. It was created using the ERC-20 standard. There were also network versions of BEP-2 and Xar, built to improve network compatibility. With the launch of the mainnet in December 2019, a bridge was created to convert other types of tokens into Fantom native tokens. 

There are several scenarios for using FTM. Tokens are used in staking, to participate in voting on network governance issues, and to pay network fees for transactions and deploy smart contracts.

Traditional mining on computing devices is not supported, but FTM tokens can be earned by staking. To become a validator, a user must block one million coins, in addition, he can place up to 15,000,000 coins on his node.

Fantom Coin Mission

Fantom's mission is to create a complete IT infrastructure for cities. With Fantom, service providers can unite into a smart network, offering customers scalable solutions and high-speed data transfer.

Smart cities are not the only area of application. Also, attention is paid to the areas, such as smart houses, community facilities, health protection, education, road traffic, resource management, ecology.

In all these areas, blockchain solutions can be implemented that accelerate and facilitate data transfer.

FTM Technology

The network is based on the directed acyclic graph (DAG) model, designed primarily for the functioning of smart contracts. Fantom uses the Lachesis consensus algorithm, which combines Proof of Stake (PoS) and aBFT algorithms. The Lachesis consensus protocol is embedded in the Fantom Opera Chain, a separate scalable blockchain that features high transaction speed. 

The Fantom network has a multi-level structure and each level has its own mechanism for confirming and storing data.

  • Opera Core Layer is the first or the basic level that controls the conduct of operations in the network using the Lachesis consensus algorithm.
  • Opera Ware Layer is the protocol layer responsible for executing smart contracts, writing "Story Data" and issuing payments.
  • Opera Application Layer is responsible for generating public API keys for dApps to work and user interaction with a distributed network.

This architecture allows the ecosystem to operate much faster than traditional blockchain networks, in which all tasks are dumped on one level.

Each node stores a local acyclic directed graph (DAG), divided into separate blocks of events, which are separated into signed and unsigned. Any blocks from the last 2-3 previous cycles are considered confirmed, while new blocks are not confirmed.

Each block contains financial transactions performed for a certain period of time. The blocks that have passed the test are structured into a single chain. The DAG captures the chronological sequence of blocks, allowing you to calculate the exact order of events on any of the network nodes.

To optimize storage and retrieval, the DAG is divided into subgroups, each called an epoch. Each epoch consists of many blocks, completed in a certain period of time.

In this scheme, new events are used by witnesses to simultaneously vote for events in the previous 2-3 review sessions, which allows for faster consensus and reduced network load.

Fantom Opera Chain is compatible with Ethereum EVM, making it easy to migrate dApps from Ethereum to the Fantom blockchain. Also, Fantom Opera Chain is integrated with the Cosmos SDK and can be integrated with other blockchains as a consensus module. 

Fantom offers a comprehensive suite of DeFi products as well as development products. The following major DeFi apps are available with instant transactions and almost zero fees:

  • fMint allows you to issue dozens of synthetic assets.
  • fLend: Allows you to lend and borrow digital assets for trading and interest.
  • fTrade is a decentralized and non-custodial AMM marketplace.

Fantom Coin Advantages 

  • Uniqueness: Fantom was the first cryptocurrency project to use DAG technology.
  • Scalability: Fantom protocol scales easily to thousands of nodes without compromising security or privacy.
  • Demand: IoT space is evolving very quickly, and a solution like Fantom can be very useful.
  • Low fees for platform users: the average fee is $ 0.0000001 per transaction.
  • A large and strong team with good professional training.

Where To Buy Fantom Coin?

You can buy or sell FTM on 70 trading platforms. For a complete list of exchanges and exchange pairs, see https://www.coingecko.com

Is Fantom coin a Good Investment?

FTM is the world's first DAG-based platform that solves scalability and bandwidth issues. It is somewhat ahead of its time because it was developed for usage in smart cities of the future. Nonetheless, Fantom is already integrated with Chainlink, Ontology, Royal Star Pharma projects and cooperates with the Afghan government. To achieve success, it should withstand the competition with Ethereum, ADA, and other decentralized finance platforms. While the token costs $ 1.26, it's time to include it in your investment portfolio.


The content of this article is for informational purposes only and should not be construed as investment advice. We ask you to do your research.

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