Additionally, this blockchain project capitalizes on scalability. This blockchain allows developers to launch their sidechain projects quickly. The main chain of Fantom hosts the sidechains in the network. The company is led by Michael Kong and his full-stack blockchain development team. Fantom not only features smart contract functionality but also offers a safe and highly secure system of transaction and trading accounts with no middlemen involved.
To address Byzantine scenarios, Fantom uses an aBFT algorithm with a directed acyclic graph (DAG) consensus, which is a graph directed to one way, without circles connected to other edges. In other words, a node’s information can only travel to another one in a single way. One of the next-generation platforms to address several limitations of the existing blockchain networks is Fantom (FTM).
The older and more prevalent ERC-20 token can be stored in any ERC-20 compliant wallet, such as MetaMask or MyEtherWallet / MyCrypto. The new BEP-2 token needs to be stored in a Binance chain wallet, https://www.tokenexus.com/ which you need to create before you can use the Binance Bridge to convert the ERC-20 tokens to BEP-2 tokens. And the native Opera FTM token can be stored in the native fWallet created by Fantom.
In essence, Fantom is the first DAG-based Layer-1 blockchain and smart contract platform that offers several functions for DeFi users. Among them are minting, trading, lending, borrowing digital assets, staking, and much more. The platform also offers solutions for the typical Fantomcoin issues regarding blockchain, like scalability and confirmation time. The Fantom protocol is expected to bring several benefits for the DeFi environment with its FVM system, and thus, enhancing the features of blockchain technologies and their overall performance.
What is Fantom?
Each transaction processed is saved on every node in the network, similar to the way a blockchain saves transactions. The difference is that with DAG technology the data isn’t required to be saved on every single node. Fantom has worked hard to deliver a superior solution for DeFi and trading. Thanks to the DAG-technology used in Fantom it is superior to many other DeFi platforms. Fantom benefits from its short confirmation time that provides finality in under 2 seconds, and from its low fees.
- It focuses on decentralization, scalability, and security.
- Besides making networks particularly resilient to DDoS attacks, aBFT also lowers the transaction’s latency, resulting in a faster network.
- According to our Fantom price prediction, the token is anticipated to have minimum, average, and maximum prices of around $2.55, $3.11, and $3.67, respectively.
- This is because it allows each application to run on its own sidechain.
- As proof of the flexibility of Fantom the team was able to quickly pivot and make Fantom DeFi capable.
This website is using a security service to protect itself from online attacks. The action you just performed triggered the security solution. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. It has also witnessed its ups and down many times, but what it now seems to be set is as if it is racing to make a record. Till the end of the first half of 2019, Fantom price has marked upside movement, but after hitting a high of $0.034 in June 2019, the FTM crypto started correcting downwards.
What is special about Fantom?
Fantom is being traded on 8 cryptocurrency exchanges, including Binance and KuCoin. $ 57.57M worth of Fantom changed hands in the last 24 hours. If you wish to purchase FTM, check our guide on how to buy Fantom in 6 steps. Racing up to climax will not be difficult for Fantom holds as additional short-term and long-term price targets can be found to buy Fantom or sell FTM. Starting with a minimum of $0.82 in the long term and $1.00 as the average price, it may cross $1.18 and gain future results.
The team has announced Fantom to be the world’s first DAG based smart contract platform that solves the issues surrounding scalability and confirmation times that plague existing blockchain projects. Fantom is set to rival projects such as EOS and Zilliqa as a highly scalable, smart contract provider. Blockchain algorithm being the center stage of the Fantom cryptocurrency, the entire phenomenon and fundamental focus of this cryptocurrency is the programmability.
The platform offers several benefits for DeFi users with its aBFT consensus protocol and addresses issues like delays, confirmation time, speed, and scalability. The Fantom protocol is bringing several benefits for the DeFi environment with its FVM system. Thus, it is enhancing the features of blockchain technologies and their overall performance. Fantom is a next-generation blockchain solution and acts as a blockchain 3.0 project.
There are wallets accessible to be downloaded on your computer, tablet or phone. To use Fantom you would need to go to their website and as Fantom has different services for their clients they provide tutorials for each one of them. If you decide to connect your wallet you can click on the pink button and it will ask you to connect your MetaMask wallet or your ledger.
How is the Fantom network secured?
When buying crypto, make sure to pick the trade you feel generally good with and trade the pair the platform permits. Consensus results in batches of confirmed event blocks, where each batch of events is called a block. Finalized blocks forming the final chain are calculated from event blocks independently on each node.
- The DAG is able to use the happens-before relationship among events to calculate the final order of events independently on each node.
- This gives the network super-fast smart contract executions.
- The company is led by Michael Kong and his full-stack blockchain development team.
- They only need to find a merchant that accepts FTM tokens.
- Before we start with a detailed Fantom price prediction, check out the overview.
- The main chain of Fantom hosts the sidechains in the network.