What is Fantom?
Fantom is a high-performance, open-source platform that enables developers to build and deploy decentralized applications (dApps). It operates on a directed acyclic graph (DAG) consensus mechanism, which offers significantly faster transaction speeds and lower fees compared to traditional blockchain networks.
How it Works
Fantomâs DAG-based architecture allows for parallel processing of transactions, eliminating the need for block confirmation times. This results in near-instantaneous finality, making it suitable for applications that require real-time transactions, such as payments, gaming, and supply chain management.
Brief History
The Fantom Foundation was established in 2018 with the goal of creating a scalable and efficient blockchain platform. After raising funds through an initial coin offering (ICO), the team began developing the Fantom protocol. In 2019, the mainnet launched, and the network has been steadily growing and expanding its ecosystem since then.
Distinctive Features
Speed and Scalability: Fantomâs DAG-based consensus mechanism enables it to process thousands of transactions per second, making it one of the fastest blockchain platforms available.
Low Transaction Fees: The networkâs efficient architecture results in minimal transaction costs, making it attractive for developers and users alike.
Interoperability: Fantom is compatible with the Ethereum Virtual Machine (EVM), allowing developers to easily port their dApps from Ethereum to the Fantom network.
Security: The network employs a multi-layered security approach, including Byzantine Fault Tolerance (BFT) consensus and regular audits to ensure the safety of funds and data.
Governance
Fantomâs governance model is based on the FTM token, which is used for voting on network upgrades and proposals. Token holders can participate in the decision-making process, ensuring that the networkâs development aligns with the needs and interests of the community.
Fact Sheet
Project Fantom Smart contract EVM-compatible Official Website https://fantom.foundation/ Audits https://fantom.foundation/ ICO date 2018 Documentation, Whitepaper https://fantom.foundation/ Social Accounts Twitter: @FantomFoundation
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