Fantom FTM Price

What is Fantom (FTM)?

Fantom (FTM) is a highly scalable blockchain platform designed for decentralized applications (dApps) and digital assets. Launched in 2018, it aims to provide fast, secure, and scalable solutions for developers and users. Fantom utilizes a unique consensus mechanism called Lachesis, which is an asynchronous Byzantine Fault Tolerant (aBFT) protocol that allows for near-instant transaction finality and high throughput, capable of processing thousands of transactions per second. As of 2024, Fantom has gained significant traction, with over 1 million transactions processed daily and a growing ecosystem of dApps across various sectors, including DeFi, NFTs, and supply chain management.

Who are the Founders of Fantom?

Fantom was founded by a team of four key individuals: Ahn Byung Ik, who serves as the CEO, and Dr. Michael Kong, the CTO, along with other co-founders including Dr. Geunsoo Kim and Dr. Youngsuk Kim. Ahn Byung Ik has a background in software engineering and has worked in various blockchain projects, while Dr. Kong, who holds a PhD in computer science, has extensive experience in distributed systems and blockchain technology. The team's diverse expertise has played a crucial role in the development and success of the Fantom platform.

How does Fantom Work?

Fantom operates on a Directed Acyclic Graph (DAG) structure, which differs from traditional blockchain architectures. This structure enables parallel transaction processing, which contributes to the platform's high scalability. The Lachesis consensus mechanism allows nodes to validate transactions asynchronously, meaning that they do not need to wait for every node to reach consensus before confirming a transaction. This results in significantly reduced confirmation times and increased throughput. Additionally, Fantom supports Ethereum Virtual Machine (EVM) compatibility, allowing developers to easily port their Ethereum-based dApps to the Fantom network, thus expanding its ecosystem.

Key Components of Fantom's Architecture

Fantom's architecture includes several key components: the Opera Chain, which is the mainnet, and various other subnets that can operate independently. The platform also incorporates smart contracts and a native token, FTM, which is used for transaction fees, staking, and governance. The integration of these components allows for a robust and flexible environment for developers and users alike.

Top Use Cases of Fantom

Fantom has established itself as a versatile platform with multiple use cases, including:

• Decentralized Finance (DeFi): Fantom hosts various DeFi protocols, including lending, borrowing, and yield farming platforms. Some notable projects include SpookySwap and Yearn Finance, which leverage Fantom's speed and low transaction costs.
• Non-Fungible Tokens (NFTs): The platform supports NFT marketplaces and projects, allowing artists and creators to mint and sell NFTs efficiently. The low fees and fast transactions make Fantom an attractive option for NFT creators.
• Supply Chain Management: Fantom is being used to enhance transparency and traceability in supply chains. Its fast transaction capabilities allow for real-time tracking of goods and services.
• Healthcare Solutions: The platform is also being explored for managing healthcare records and ensuring data integrity, leveraging its secure and decentralized nature.

How to Keep your Fantom Safe?

To ensure the safety of your FTM tokens and assets within the Fantom ecosystem, consider the following best practices:

• Use Hardware Wallets: Storing your FTM tokens in a hardware wallet, like Ledger or Trezor, provides an extra layer of security against hacks and malware.
• Enable Two-Factor Authentication (2FA): If you're using exchanges or online wallets, always enable 2FA for an added security measure.
• Keep Software Updated: Regularly update your wallets and software to protect against vulnerabilities and exploits.
• Be Wary of Phishing Scams: Always double-check URLs and avoid clicking on suspicious links in emails or messages that claim to be from Fantom or related services.
• Backup Your Wallet: Ensure you have backups of your wallet's recovery phrase or private keys stored securely offline.