What is Fantom?

Fantom uses FTM as its primary utility token to power its directed acyclic graphs (DAG) smart contract platform. The platform facilitates the creation of advanced decentralized applications and digital assets.

History of Fantom
Fantom is a DeFi project conceptualized and developed by the Fantom Foundation, established by renowned South Korean computer scientist Dr. Ahn Byung Ik. The DeFi ecosystem will be powered by smart contracts to allow developers to build scalable, secure, and superfast decentralized applications. A proprietary consensus mechanism, known as the aBFT, was developed by the development team to achieve this.

What is Fantom (FTM) used for?
The FTM token is the native utility token and governance token of the Fantom network. It is used for payments, rewards, and fees. Additionally, the token is used to secure the network and make governance decisions for the protocol’s future through staking.
In total, there are 3.175 billion FTM available, but only 2.1 billion are in circulation at the moment. Staking rewards are reserved for the remainder of the tokens. There are currently two types of FTM tokens available: ERC-20 and BEP-20.

How does Fantom (FTM) work?
Fantom was designed to overcome the shortcomings of popular blockchain networks like Ethereum. As a result of Ethereum’s proof-of-work consensus and high gas fees, DeFi has had difficulty going mainstream. As a result, Fantom created a decentralized and independent DAG network for decentralized apps (dApps).
Through the Ethereum Virtual Machine (EVM), the Fantom mainnet is powered by an asynchronous, non-deterministic algorithm called Lachesis. An advantage of DAG chains is that they make networks completely independent. As a result, the congestion in one part of the network does not affect the functioning of the rest of the chain. Fantom dApps can take advantage of this feature by being able to create their own blockchain networks with governance rules and tokenomics of their choice.

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