What is Fantom (FTM)?

Fantom is a highly sought-after smart-contract platform, renowned for its innovative approach to resolving the scalability challenges faced by other blockchains. At the heart of its success lies the Lachesis consensus mechanism, designed to tackle the blockchain trilemma by simultaneously addressing decentralization, security, and scalability concerns.

By doing so, Fantom stands apart from other platforms, offering developers the opportunity to build decentralized applications and execute smart contracts without compromising on any essential aspect. Central to the ecosystem is the native token, FTM, which serves multiple critical functions. It empowers users to participate in the network through staking and voting on crucial decisions, while also facilitating seamless payments and covering transaction fees on the Fantom network.

This comprehensive integration of the FTM token further solidifies Fantom's position as a groundbreaking platform, empowering both developers and users alike in a highly efficient and decentralized environment.

Who are the founders of Fantom?

Fantom, the brainchild of computer scientist Dr. Ahn Byung Ik and Advisor Matthew Hur from South Korea, emerged as a visionary solution to address the scalability constraints of second-generation blockchains like Ethereum. Founded officially in 2018, the Fantom Foundation successfully raised an impressive $40 million through two funding rounds, showcasing widespread interest in the project. The platform's testnet made its debut in December 2018, setting the stage for further development and refinement.

Notably, Fantom garnered continued support and funding from prominent blockchain investment firms, solidifying its position as a promising blockchain project. Leading the way was Alameda Research, contributing a substantial $35 million, followed by HyperChain Capital with $15 million and BlockTower Capital with an impressive £20 million investment.

What makes Fantom unique?

Fantom's revolutionary approach to solving scalability issues lies in its cutting-edge consensus mechanism, Lachesis. This leaderless system not only provides finality but also ensures Asynchronous Byzantine Fault Tolerance, allowing the network to scale without compromising on security. As a result, transaction settlement on the Fantom network is exceptionally efficient, with FTM transfers taking just one second to clear and incurring only fractions of a penny in processing fees.

The platform's developer-friendly environment enables the creation of decentralized applications (dApps) and the execution of smart contracts, fostering a vibrant ecosystem of projects and protocols. Notably, numerous dApps have already found a home on the Fantom network, ranging from application providers to influential players in the decentralized finance (DeFi) space. Among these are 1inch, facilitating cross-chain swaps, SushiSwap, one of the largest decentralized exchanges, as well as BitGem and Bitlootbox, contributing to the NFT market, and Travala, a travel booking service embracing cryptocurrency.

Integral to the entire ecosystem is the native FTM token, which serves multiple crucial roles. With a proof-of-stake model, Fantom encourages users to stake their FTM tokens, becoming validators and earning rewards in FTM in return. Moreover, owning and staking FTM grants users the ability to participate in the platform's decentralized governance, allowing them to have a say in crucial decisions that shape Fantom's future.

Beyond its role in staking and governance, FTM serves as a versatile means of payment on the network. Users can swiftly and cost-effectively send FTM over the Fantom blockchain compared to traditional blockchain networks. Additionally, FTM tokens are utilized to cover network fees for transactions and the deployment of smart contracts, further emphasizing their importance in facilitating a seamless and efficient user experience.

Explain the network security of Fantom.

Fantom ensures network security through its innovative Lachesis consensus mechanism, utilizing Asynchronous Byzantine Fault Tolerance (ABFT) to achieve consensus even in the presence of malicious nodes. The platform employs Delegated Proof-of-Stake (dPoS), where validators are elected by staking FTM tokens, promoting decentralization and encouraging responsible behavior. Double-spend protection, security audits, and continuous development further bolster the network's resilience. The decentralized nature of Fantom and regular software upgrades contribute to a secure and reliable platform for building decentralized applications.

What are the recent developments of the Fantom blockchain?

Fantom has introduced the Gas Monetization program to provide sustainable income to high-quality dApps on their platform. Participating projects receive a 15% share of the gas fees they generate, similar to the ad-revenue model in Web2 platforms. To further incentivize dApp developers, Fantom has introduced a quarterly bonus for the top twelve earning projects. The bonus is distributed based on tiers, with the top three projects receiving 40% of FTM, the next three receiving 30%, the following three receiving 20%, and the final three receiving 10% of FTM. This initiative aims to reward and retain talented builders, ensuring the network's growth and sustainability while promoting a healthy ecosystem for developers and validators on Fantom.

To read more information on Fantom (FTM), visit Suncrypto Price Explorer.