Fantom FTM Price

History of Fantom

• In 2018, Fantom Foundation Ltd. was registered in South Korea. The author of the project is Ann Byung Ik, better known in his own country for developing the restaurant rating app named SikSin.
• Later in 2018, private investment rounds were held, in the process of which it became possible to attract the attention of venture capital funds.
• The public Fantom token sale was held in the summer of 2018. The FTM project announced itself as the first smart contract service based on DAG. The token sales managed to raise more than $39 million.
• The Fantom test network was officially launched at the end of 2018.
• Since February 2019, the project has been managed by the Fantom Foundation team, which includes several dozen programmers and managers working under the leadership of Australian blockchain developer Michael Kong. The main technical consultant of the project is Andre Cronje, the creator of yEarn Finance and Keep3r Network.
• In fall 2021, the Fantom ecosystem ranked among the top ten blockchain platforms by amount of blockchain funds blocked, with more than a million unique addresses in the network.

Fantom Technologies

Instead of the standard Proof-of-Work or Proof-of-Stake, this network uses its own consensus mechanism, called Lachesis. Lachesis is an aBFT consensus algorithm developed by the Fantom team.

Simply put, Lachesis offers third-party participants to build applications and conduct transactions on the network without validating the network itself.

BFT is the ability of any decentralized network to reach consensus and continue operating despite the wrong data or malicious presence. But PoW gets its share of criticism because of its energy consumption or slowness.

However, aBFT is first class when it comes to consensus mechanisms. The network can remain decentralized, secure and scalable at the same time, unlike classical BFT, where only 2 of 3 conditions can be implemented.

As for DeFi applications, Fantom at the moment supports:

• Liquid staking: you can use stacked FTM tokens as collateral for DeFi applications.
• fMin: In Fantom, you can mint dozens of synthetic assets, including cryptocurrencies, national currencies, and commodities.
• fLend: You can lend and borrow digital assets to trade and earn interest without losing access to held FTMs.
• fTrade: You can trade fantom digital assets without leaving your wallet. This provides a fully automated and decentralized AMM replacement.

Fantom Opera

Fantom Opera is an inclusive open-source platform that hosts dApps software. Among the distinguishing features of the Opera network we should mention an extensive range of smart contracts features.

In addition, the environment interacts with the Ethereum virtual machine and even works with the Solidity programming language, which is used for smart contracts in the Ethereum network.

Fantom developers launched the Opera network in order to overcome the limitations of old-style blockchains. Before that period, blockchains were based on the PoW mechanism with stochastic finalization, which required a significant amount of time to complete transactions. Bitcoin had an average finality rate of one hour. Ethereum had it somewhere around six minutes. At the same time, Opera FTM takes one to two seconds.

The Phantom architecture has a protocol divided into three layers, each with its own responsibilities. These are the Opera Core layer, the Opera Ware layer and the Application layer.

Story Data is a way that Fantom tracks all past transactions, unlike Ethereum, where tracking past transactions is limited. Each transaction and execution of a smart contract in Fantom stores a small piece of data called Story Data, which is used in transaction tracking functions.

This separation reduces the load on the network. For example, the execution of smart contracts does not load the part of the blockchain that is responsible for block formation. As a result, Fantom can process up to 300,000 transactions per second. Moreover, the fee for transferring tokens from one wallet to another is about one ten-millionth of a cent.

These innovations are largely aimed at the development of decentralized applications and the Fantom DeFi-ecosystem. The blockchain is designed in such a way that increasing the number of applications does not overload the network. Ethereum runs all applications on a single decentralized computer. Fantom creates a new decentralized computer for each application.

Summary

Fantom is a promising project with great potential for growth. Its success will depend on how well its ecosystem develops, as well as the overall state of the market. Future growth factors include new partnerships and the planned release of the new Fantom Virtual Machine (FVM), which will make the network even more scalable. FVM development is being conducted in collaboration with the University of Ense and the University of Sydney.