About Fantom Defi Coin
Together with its in-house token FTM, Fantom aims to solve problems associated with smart-contract platforms, specifically transaction speed, which developers say they have reduced to under two seconds.
The Fantom Foundation, which oversees the Fantom product offering, was originally created in 2018, with the launch of OPERA, Fantom’s mainnet, coming in December 2019.
Fantom Defi Coin Defi Coin Facts
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Fantom is a high-performance, scalable, customizable, and secure smart-contract platform. It is designed to overcome the limitations of previous generation blockchain platforms. Fantom is permissionless, decentralized, and open-source.
Lachesis, its revolutionary aBFT consensus mechanism, allows Fantom to be much faster and cheaper than older technologies, yet extremely secure. Instead of centralizing all computing power and usage on a single decentralized ledger, the users of the Fantom ecosystem can deploy their own independent networks.
The birth of Bitcoin in 2009 represented a big step forward in technology and a further move towards a more efficient society. However, Bitcoin was not built to scale, and its consensus mechanism—the engine that powers the blockchain—is limited by design. Current solutions make trade-offs between three components: scalability, security and decentralization. This is known as the blockchain trilemma.
Bitcoin for example focuses on decentralization and security, which makes it less suited for any kind of transaction that requires speed and fast confirmation, like day-to-day payments, data transfer, asset trading or other transactions consumers and businesses rely on in everyday life.
Especially the legacy financial system, from the processes that happen in the back-end to consumer-facing solutions, requires high throughput and fast finality. Decentralizing these services at scale, while providing bank-grade security represents a challenge for the whole blockchain industry.
Fantom Defi Coin tackles the problem at the core: its high-speed consensus mechanism, Lachesis, allows digital assets to operate at unprecedented speed and delivers dramatic improvements over the current systems. Unlike other solutions, Fantom does not sacrifice security and decentralization in favor of scalability.
Indeed, the advantages brought by Fantom are not merely pure performance; its modular architecture allows for full customization of blockchains for digital assets, with different characteristics tailored to their use-case. Fantom also offers exceptionally high levels of security by using a leaderless Proof-of-Stake protocol to secure the network.
Fantom’s aBFT consensus, called Lachesis, is capable of scaling to many nodes around the world in a permissionless, open environment, providing a good degree of decentralization. It does not use Delegated Proof of Stake, and has no concept of “Masternodes”.
How Is the Fantom Network Secured?
Fantom uses a bespoke variety of proof-of-stake algorithm to provide services and secure its network. Known as Lachesis, it is an example of a so-called asynchronous byzantine fault tolerant (aBFT) consensus mechanism.
By removing leadership among network participants, Fantom avoids low-cost attack risk, while staking adds further user incentives to secure operations using FTM token holdings.
Where Can You Buy Fantom (FTM)?
Fantom Defi Coin FTM token is freely tradeable, and can be found on major exchanges such as Binance, Gate.io and OKEx Korea.
FTM exists on several protocols, with ERC-20, BEP2 and Fantom’s own OPERA tokens all circulating.
If you’re new to cryptocurrency and want to find out more about how to buy Bitcoin (BTC) or any other token, check out this information first.
How does Fantom work?
Lachesis represents one layer, the consensus, of the blockchain technology stack and can be plugged into any distributed ledger.
Lachesis powers Fantom’s Opera mainnet deployment, that uses the Ethereum Virtual Machine (EVM) and it’s compatible with Ethereum;
A fully-fledged, proprietary, open-source SDK called Fantom Virtual Machine is in the works and will be released in 2020. The modularity makes Fantom exceptionally flexible. Developers can port their existing Ethereum-based dApps on Fantom Opera mainnet in a matter of minutes, substantially upgrading the performance and lowering the costs.
Fantom is scalable
Each network built on Fantom is independent from one another. Their performance and stability are unaffected by traffic or congestion. The first generation of blockchain platforms (Ethereum and alike) opened the doors to smart contracts, conditional logic instructions that allow the execution of applications on the blockchain.
However, with more complex dApps and/or with the increase of the users, the whole network slows down. This happens because all the dApps use the same infrastructure. It’s similar to executing multiple applications on a computer: at some point the computer will choke and start to respond very slowly or even hang altogether.
Fantom solved the scalability issue by giving each application its own blockchain, similarly to running each application on different computers that are part of the same network.
Where is Fantom going?
Fantom Defi Coin is based on Lachesis, an innovative aBFT consensus. On top of that, we are creating a blockchain ecosystem along the whole blockchain technology stack.
We’re building the infrastructure for a more connected and efficient future where people will be able to take advantage of the technological breakthroughs to improve the quality of their lives.
We are humbled and proud to be part of the digital revolution that will eventually permeate all aspects of our lives, from payments and a fully digital economy to digital identity, medical records, to create a global scale internet of digital assets.
Why Choose Fantom Defi Coin
Almost instant transfers
Transactions on Fantom are finalized in a couple of seconds and cost a fraction of a cent.
Fantom’s validator nodes form a global, trustless, and leaderless Proof-of-Stake network.
Fantom can process thousands of transactions per seconds and scale to thousands of nodes.
Fantom is EVM compatible. Deploy and run your Ethereum dApps on Fantom.
A new DeFi experience
The all-in-one DeFi suite. Mint, trade, lend and borrow digital assets directly from your wallet. Near zero fees and instant transactions – DeFi for everyone.
Build on Fantom
Start building on Fantom using Solidity and the tools you’re already familiar with: Remix, Truffle, and MetaMask.
Fantom supports the EVM and you can deploy your dApps just like on Ethereum. Access to the documentation and connect with the developer community.