Fantom (FTM) is a next-generation blockchain that aims to solve the scalability and performance issues present in traditional blockchain networks. It was founded in 2018 by Michael Kong and aims to provide fast, secure, and reliable blockchain solutions to businesses and developers.
Fantom's Technology
Fantom's technology is based on the DAG (Directed Acyclic Graph) architecture, which is different from the traditional blockchain's architecture. DAG technology was popularized by IOTA and focuses on the concept of 'Tangle'. It is a data structure made up of nodes and edges, where a node represents a transaction and the edge represents the confirmation of the transaction by other transactions.
The DAG architecture makes the Fantom blockchain faster, more secure, and scalable than the traditional blockchain networks. Unlike the traditional blockchain where transactions are processed in blocks, the Dag-chain allows for multiple transactions to be processed simultaneously, which increases the number of transactions that can be processed.
The Fantom Team
The Fantom team is composed of seasoned professionals who are committed to the development of the blockchain industry. Michael Kong, the CEO of Fantom, is a blockchain developer with over ten years of experience in the field. The team comprises of business developers, blockchain developers, and project managers, all of whom focus on the development and adoption of Fantom's technology.
FTM Token
FTM is the native currency of the Fantom blockchain. It is used to pay transaction fees and incentivize the validators on the network. Validators provide computing power to the network and get rewarded with FTM tokens for their efforts. FTM tokens are also used for staking. Stakers provide security to the network and get paid in FTM tokens for their efforts.
Fantom vs Ethereum
Ethereum is currently the most popular smart contract platform and is widely used for decentralized applications (dApps) and decentralized finance (DeFi) applications. Ethereum's scalability limitations, high transaction fees, and network congestion have made it expensive and slow to use.
Fantom, on the other hand, provides a faster, more secure, scalable, and cheaper solution for dApps and DeFi applications. It has a faster transaction processing time, lower transaction fees, and supports smart contracts, making it an ideal platform for developers and businesses.
Conclusion
Fantom is an innovative blockchain network that is designed to offer a reliable and scalable solution to businesses and developers. Its DAG architecture, faster transaction processing time, lower transaction fees, and smart contract support make it an ideal platform for dApps and DeFi applications. The team behind Fantom is highly experienced and committed to the development of the blockchain industry. As a result, we can expect to see more future developments from Fantom in the years to come.
