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Note: this cryptocurrency is not available for withdrawal to external crypto wallets. It can be bought, held, and sold on Uphold.
Native token of the FANTOM smart contract platform, Fantom (FTM) is a multi-purpose asset. It runs that network. It’s staked, used to pay network fees and for governance.
The platform is geared toward developers who want to be able to replicate their smart contract creation/deployment efforts on Ethereum – only faster and less expensively – by way of FANTOM's proprietary OPERA CHAIN. It’s said to be uniquely designed for processing blocks on a large scale, as opposed to one at a time (as with the Ethereum and Bitcoin networks).
Using smart contracts, developers can create decentralized applications (dApps) that power decentralized finance (DeFi) platforms, of which there are hundreds, run in decentralized fashion, upending traditional financial services, which are run centrally. Smart contracts also underpin the exploding realm of non-fungible tokens (NFTs), with smart contracts emerging as an ideal means of authenticating digital ownership.
Fantom uses a Proof-of-Stake (PoS) node community consensus-reaching approach considered more energy efficient than Proof-of-Work (PoW) consensus protocols associated with ETH and BTC.
It has modeled itself on the Directed Acyclic Graph (DAG), using the core DAG architecture as a means to overcome slow transaction speeds and high fees found on Ethereum.
From the FTM white paper: “The platform intends to distinguish itself from the traditional block ledger-based storage infrastructure by attempting to employ an improved version of existing DAG-based protocols.”
How? The FANTOM platform adopts a new protocol known as the “Lachesis Protocol,” a DAG-based asynchronous non-deterministic algorithm that runs the Opera mainnet of Fantom. The main purpose of Opera mainnet is to enable the use of smart contracts through Ethereum's EVM (Ethereum Virtual Machine).
Fantom supporting the EVM means dApps can be deployed just as they would be on Ethereum. Fantom can handle thousands of transactions per second. Transaction fees are measured in fractions of pennies. In spring 2021, Fantom crossed 3 million transactions. It’s considered to be the industry’s fastest network, according to.
The Fantom ecosystem now comprises 80-plus dApps, including NFT platforms, decentralized exchanges (DEXs), including SpookySwap, and cross-chain bridges as well as lending/borrowing platforms. One noteworthy example of the latter: Geist, a decentralized non-custodial liquidity market protocol with a total value locked (TVL) that took off after launching in October 2021.
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