I’d like to post a series of articles under the name of “Crypto Classic”. It’s more like educating myself. But it could be helpful for some community members too.
Fantom (FTM) is a cryptocurrency and blockchain platform that aims to provide fast, scalable, and secure decentralized applications (dApps) and smart contracts. It is designed to overcome the limitations of existing blockchain networks, such as high transaction fees, slow confirmation times, and scalability issues.
Fantom utilizes a directed acyclic graph (DAG) consensus mechanism called the “Lachesis” protocol. This protocol enables the network to achieve fast block finality and high transaction throughput. The Fantom platform is compatible with the Ethereum Virtual Machine (EVM), which means that developers can easily port their existing Ethereum smart contracts to the Fantom network.
One of the key features of Fantom is its ability to process transactions quickly and at low costs. The network claims to achieve a transaction confirmation time of one to two seconds, and its fees are significantly lower compared to other popular blockchains like Ethereum.
The native cryptocurrency of the Fantom network is called FTM. FTM is used as a means of exchange within the ecosystem, for paying transaction fees, and for participating in network governance. Users can acquire FTM by purchasing it from cryptocurrency exchanges where it is listed.
Fantom has gained attention and popularity due to its focus on scalability and interoperability. It aims to support a wide range of applications, including decentralized finance (DeFi), supply chain management, and social media platforms, among others.
I wish all the success in your crypto investment. Good luck!