Exploring Fantom (FTM): The Fast, Cheap, and Green Cryptocurrency

What is Fantom (FTM): Introduction

Fantom is a layer-1 blockchain that is committed to achieving scalability, decentralization, and security. While a number of blockchains have now claimed to have done so, it’s generally difficult to achieve all three at the same time. Generally, blockchain technology will be a trade-off, optimizing two of these at the expense of the other. This is known as the “blockchain trilemma”, something which Fantom aims to solve with it’s fast, cheap and green technology.

What sets Fantom apart?

The Fantom blockchain boasts some impressive metrics. including:

• 850k Transactions per day
• 230k Active monthly users
• 250+ dApps
• 3.2M Addresses

As well as this, Fantom currently only consumes 0.00003 kWh per transaction, making it one of the most energy efficient blockchains in existence today. It also achieves finality almost instantaneously, settling transactions in just 1-2 seconds. This is particularly important for real-world applications.

Fantom achieves this through its consensus mechanism and asynchronous transaction processing.

Directed Acyclic Graph and Asynchronous Transaction Processing

The Fantom network relies on a consensus algorithm called Lachesis. Like Hedera Hashgraph, it uses directed acyclic graph (DAG), instead of a conventional blockchain.

Unlike most blockchains, which store transactions in blocks one after another, a DAG allows for multiple transactions to be confirmed at the same time and in parallel. This means that transactions can be processed more quickly and efficiently, even throughout periods of high network congestion.

Fantom’s Lachesis consensus algorithm also enables it to achieve true finality. On the Fantom network, a transaction irreversibly finalizes as soon as two-thirds of the network has seen the transaction. This process occurs in just under a second on average, enabling faster transaction processing times.

EVM Compatible

Some would call Fantom a potential “Ethereum-killer”, and like many of Ethereum’s competitors, Fantom is EVM-Compatible. This means that developers can easily migrate dApps built for the Ethereum eco-system to Fantom’s network.

FTM: The Native Token

FTM is used to secure the network through staking, payments and network fees and on-chain governance.

See Also

Near Protocol Explained: What is the Layer 1 Ethereum Killer?

The total supply of FTM is 3.175 billion.

Fantom (FTM)

Price

$ 0.666209

Fantom (FTM) is Deflationary

It’s important to note that Fantom has inbuilt deflationary mechanisms. 100% of the included transaction fees in each block are burnt, which reduces the overall supply of FTM. The Special Fee Contract (SFC) is responsible for maintaining lists of validators and distributing rewards. The SFC contract uses this data to mint 70% of burned fees and add them to validator rewards.

Fantom: Final Thoughts

In summary, Fantom is a high-performance, scalable, and energy-efficient blockchain that uses DAG technology and its Lachesis consensus to achieve fast and secure transaction processing.

It also offers EVM compatibility and has its native token FTM, which is used for network security and governance. With its impressive metrics, Fantom has the potential to become a leading blockchain platform and is worth keeping an eye on in the fast-evolving world of blockchain technology.