Fantom

What is Fantom?

Fantom is a scalable, high-performance smart-contract platform. It is intended to address the shortcomings of earlier generations of blockchain platforms.

Fantom is a permissionless, decentralized, and open-source network management system.

Fantom's unique aBFT consensus process, Lachesis, enables it to be far faster and cheaper than prior technologies while remaining exceptionally safe.

What is FTM?

FTM is the primary currency used on the Fantom network.

Fantom intends to address existing public distributed ledger solutions' scalability difficulties.

According to Fantom's whitepaper, they use DAG (Directed Acyclic Graph) technology to compensate for the long transaction speeds associated with traditional blockchain technologies such as Bitcoin and Ethereum.

Fantom is pitching itself as a speedier and more affordable alternative to Bitcoin and Ethereum (for money transactions) (for development platforms).

How does it work?

Fantom addressed the issue of scalability by assigning each program its own blockchain, analogous to operating each application on separate machines connected to the same network.

Each blockchain is self-contained and can have its own set of tokens, tokenomics, and governance rules. However, because they are all connected to Lachesis, Fantom's ultra-fast aBFT consensus, all the blockchains may interact and benefit from the underlying technology's speed and security.

Each network is totally customizable based on its intended use.

If we consider Ethereum to be a decentralized computer, then Fantom is a network comprised of an endless number of decentralized computers. They all follow the same principle, yet are totally self-contained. They can, however, communicate freely with one another. Fantom is, in other words, a network of networks.