The Fantom (FTM) Cryptocurrency is a DAG or a directed acyclic graph intelligent contract platform that provides the Defi (decentralized finance) services for the developers to use its bespoke consensus algorithm. With its in-house token, the Fantom Cryptocurrency, it focuses on solving the different problems associated with the innovative contract platforms, precisely transaction speed that the developers claim they have reduced to under two seconds.
What is Fantom (FTM) cryptocurrency?
The Fantom Foundation that oversees the Fantom product offering was initially created in 2018, with the launch of OPERA, which is the Fantom’s manner, and came in the year 2019.
Fantom is an open-source, decentralized innovative contract platform for digital assets and decentralized apps created as an alternative to Ethereum.
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Fantom aims to overcome the limitations of previous generation blockchains and balance the three components: security, scalability, and decentralization. The project further offers a set of tools that help simplify the process of integrating the existing decentralized apps and a detailed staking reward system and built-in Defi instruments.
FTM Cryptocurrency is a layer one blockchain that uses a scratch-built consensus mechanism and an independent consensus layer called Lachesis that will help to facilitate Defi and related services based on smart contracts. Lachesis also provides security for the other layers, including the Opera, Fantom’s EVM compatible innovative contract chain. The long-playing mission of the project is to grant compatibility among all the transaction bodies present all over the world.
One of the main strengths of Fantom is its performance and efficiency of transaction processing. It can perform thousands of transactions every second, and the cost is a fraction of a cent per transaction. As a result, it provides higher scalability but a much lower price. The ecosystem of Fantom is based on two leading technologies- Opera and Lachesis protocol. The Lachesis protocol is no doubt, the core consensus layer whose function is to secure the Fantom (FTM) Cryptocurrency network by providing security and transaction speed. Lachesis is a BFT consensus engine that uses a DAG (directed acyclic graph) algorithm. As a result, the network data can be processed at different times. Furthermore, the network filters the participants, allowing only one allocated due to malicious behaviour without compromising the processes of the network.
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Who are the founders of Fantom (FTM) cryptocurrency?
A computer scientist founded the Fantom Foundation from South Korea named Dr. Ahn Byung Ik. Currently, the CEO of the Fantom platform is Michael Kong. The Fantom team has extensive experience, primarily in full-stack blockchain development. It focuses on creating an innovative contract platform that privileges decentralization, scalability, and security. According to the official website, the team also consists of some specialist scientists, engineers, researchers, designers, and entrepreneurs. The employees are located worldwide, matching the ethos of a distributed platform.
What makes Fantom (FTM) cryptocurrency unique?
The Fantom (FTM) Cryptocurrency attempts to use a brand new scratch-built consensus mechanism to facilitate Defi and other related services based on smart contracts.
The tool, Lachesis, and the improvements to security over the traditional POS (proof of stake) algorithm-based platforms. Matching the Ethereum, the Fantom (FTM) Cryptocurrency project appeals to the developers looking to deploy the decentralized solutions. As per the official literature, the mission of this project is to grant compatibility among all the transaction bodies present all over the world. Its in-house token, Fantom (FTM) Cryptocurrency, forms the backbone of transactions and allows the collection of fees and staking activities, along with the users’ rewards. Through the token sales in 2018, the Fantom (FTM) Cryptocurrency raised around $40 million to fund development.
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Fantom (FTM) cryptocurrency live data Today’s live Fantom price is USD 0.959763 with a twenty-four-hour trading volume of USD 273,889,850. Here, the FTM is updated to the USD price in real-time. As a result, Fantom (FTM) Cryptocurrency is down to 4.52% in the last twenty-four hours, and the currency ranking is at 43.
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