What is Phantom?
Fantom is a high-performance, scalable and secure smart contract platform that addresses the limitations of existing blockchains such as Ethereum. Unlike the traditional blockchain structure, it uses directed acyclic graph (DAG) architecture. This innovative approach enables Fantom to achieve significantly faster transaction speeds, lower fees and improved network efficiency.
Fantom's Key Features:
Directed Acyclic Graph (DAG) Architecture: Fantom's DAG structure eliminates the need for miners and block confirmation times, resulting in near-instant transactions and minimal fees.
Lachesis Consensus Mechanism: Fantom uses the Byzantine Fault Tolerance (BFT) consensus mechanism called Lachesis to ensure network security and data integrity. Lachesis relies on validators to verify transactions and maintain the state of the network.
Opera Mainnet: Fantom's mainnet, Opera, is designed for high throughput and scalability. This allows a wide range of decentralized applications (dApps) to run smoothly.
FTM Token: The native token of the Fantom network, FTM serves various purposes such as transaction fees, staking rewards, and governance participation.
Why is Phantom Important?
Fantom addresses the scalability trilemma that many blockchains face by providing decentralization, security, and scalability simultaneously. This makes it a promising platform for creating next-generation dApps and fostering a vibrant ecosystem.
Who Uses Phantom?
Developers: Leverage Fantom's high-performance and low-cost environment to create innovative dApps across a variety of industries such as DeFi, gaming, and NFTs.
Users: Individuals interact with dApps built on Fantom to enjoy the benefits of fast transactions, low fees, and a user-friendly experience.
Investors: Investors hold FTM tokens for potential value growth and earn rewards by participating in staking opportunities to contribute to network security.
When was Fantom Founded?
The Fantom project was launched in 2018 by Dr. Founded by Ahn Byung Ik. Mainnet Opera launched in December 2019.
How Does Phantom Work?
Fantom's DAG architecture eliminates the concept of blocks and miners, instead using a network of validators to verify transactions and maintain the state of the network. Transactions are sequenced and interconnected using a directed loop-free graph, which enables parallel processing and significantly faster transaction speeds.
How much is Phantom?
The price of FTM varies depending on market conditions and supply-demand dynamics. As of April 18, 2024, FTM is trading around 0.66 USD. It is important to remember that cryptocurrency prices are volatile and extensive research is necessary before making any investment decisions.
Additional Considerations:
Sonic Upgrade: Phantom is currently undergoing a major upgrade called Sonic, which aims to further increase its performance and scalability.
DeFi Ecosystem Growth: Fantom's DeFi ecosystem is rapidly expanding and attracting more and more dApps and users.
Community Involvement: Fantom has an active and supportive community that contributes to the development and management of the project. This community plays an important role in Fantom's success.
Phantom's Future:
Fantom has the potential to play an important role in the future of blockchain technology. DAG architecture addresses scalability and performance issues better than traditional blockchains. It provides a fertile environment for the development of innovative applications in areas such as DeFi, NFTs and gaming.
