What is Fantom (FTM)?
Fantom is a Directed Acyclic Graph (DAG)-based smart contract platform designed to provide decentralized finance (DeFi) services to developers. It utilizes a unique custom consensus algorithm to address scalability and speed issues, notably achieving transaction finality in under 2 seconds.
Founded in 2018 by the Fantom Foundation, the platform launched its mainnet, OPERA, in December 2019. Fantom aims to solve critical challenges in smart contract platforms, particularly focusing on transaction efficiency and security.
Who Founded Fantom?
Fantom was founded by Dr. Byung Ik Ahn, a Korean computer scientist. The current CEO is David Richardson, former CEO of Mid-Ocean Consulting. The team comprises experienced blockchain developers, engineers, and researchers globally distributed, aligned with the decentralized ethos of the platform.
What Makes Fantom Unique?
Fantom introduces Lachesis, an asynchronous Byzantine Fault Tolerant (aBFT) consensus mechanism, offering:
- High throughput: Scalable for DeFi applications.
- 2-second transaction finality: Faster than traditional PoS platforms.
- Enhanced security: Leaderless consensus reduces attack risks.
Its native token, FTM, serves multiple purposes:
- Transaction fees: Used for network operations.
- Staking rewards: Incentivizes user participation.
- Cross-chain compatibility: Supports ERC-20, BEP2, and Fantom’s OPERA mainnet.
Fantom raised $40 million in a 2018 token sale to fund development.
How Many FTM Coins Are Circulating?
- Total supply: 3.175 billion FTM.
- Circulating supply: 2.134 billion FTM (as of latest data).
- Release schedule: Remaining tokens unlocked progressively until 2023.
Staking plays a key role in FTM’s tokenomics, with rewards allocated to participants.
How is the Fantom Network Secured?
Fantom employs Lachesis, a PoS-based aBFT mechanism:
- No single leader: Eliminates central points of failure.
- Staking incentives: Users secure the network by locking FTM tokens.
Where Can You Buy Fantom (FTM)?
FTM is available on major exchanges like:
👉 Buy FTM on Binance
👉 Trade FTM on Gate.io
FTM tokens exist as:
- ERC-20 (Ethereum)
- BEP2 (Binance Chain)
- Native FTM (OPERA mainnet).
FAQ Section
Q: Is Fantom compatible with Ethereum?
A: Yes, Fantom supports Ethereum Virtual Machine (EVM), allowing developers to port Ethereum dApps easily.
Q: What is FTM used for?
A: FTM powers transactions, staking, and governance on the Fantom network.
Q: How fast are Fantom transactions?
A: Fantom achieves finality in ~2 seconds, outperforming many PoS platforms.
Q: Can I stake FTM?
A: Yes, staking FTM earns rewards and helps secure the network.
Q: What’s the max supply of FTM?
A: The cap is 3.175 billion FTM tokens.
Key Takeaways
- Fantom combines speed, scalability, and security for DeFi applications.
- FTM token integrates cross-chain functionality and staking rewards.
- The Lachesis consensus ensures decentralized and efficient operations.
For updates, visit Fantom’s official website.