Exchange Fantom

Fantom is a blockchain platform designed to solve the scalability issues faced by existing blockchain networks like Ethereum. It aims to provide fast and secure transactions at a low cost. Fantom utilizes a directed acyclic graph (DAG) consensus mechanism called Lachesis, which enables parallel transaction processing. This approach allows Fantom to achieve high throughput, making it suitable for various decentralized applications (DApps) and enterprise use cases.

Fantom excels in performance and streamlined transaction processing, boasting the ability to handle thousands of transactions per second. With transaction settlements taking only 1-2 seconds and costs amounting to fractions of a cent per transaction, Fantom offers superior scalability at a significantly reduced expense.

Fantom was founded by a team led by Dr. Ahn Byung Ik. The project was initiated in 2018 to address the scalability issues prevalent in existing blockchain networks. Dr. Ahn Byung Ik, who serves as the CEO of Fantom Foundation, is a South Korean entrepreneur and blockchain expert. He has a background in computer science and has been involved in various technology startups before founding Fantom.

The motivation behind founding Fantom was to create a blockchain platform that could handle a high volume of transactions quickly and cost-effectively, thus enabling the development of scalable decentralized applications (DApps) and supporting the broader adoption of blockchain technology. Fantom's team recognized the limitations of existing blockchain networks, such as slow transaction speeds and high fees, and aimed to overcome these challenges through innovative technology and design.

The project gained traction within the blockchain community due to its unique approach to scalability using the Lachesis consensus mechanism and its potential to significantly improve upon the limitations of existing blockchain platforms. 

Fantom utilizes a DAG-based consensus mechanism called Lachesis. Unlike traditional blockchain networks that use linear blockchains, Fantom's DAG structure allows for parallel transaction processing, increasing scalability and throughput. Lachesis implements an asynchronous Byzantine fault tolerance consensus algorithm. This means that the network can reach consensus on transactions even in the presence of faulty or malicious nodes without relying on synchronized clocks.

Fantom's main network, known as the Opera Chain, serves as the primary layer for transaction processing and consensus. It employs the Lachesis protocol to achieve fast and secure transaction validation.

TxFlow is Fantom's transaction scheduler that optimizes the ordering and execution of transactions within the DAG structure. It helps to maximize throughput while maintaining consistency and security.

Fantom supports smart contracts, allowing developers to build decentralized applications (DApps) on the platform. Smart contracts on Fantom are written in Solidity, the same programming language used on Ethereum, and are executed on the Opera Chain.

The platform's seamless integration with Ethereum allows users to acquire FTM tokens in ERC-20 standard, which seamlessly converts to native FTM upon receipt into their wallet. Additionally, an alternative version of FTM exists on Binance Chain, adhering to its BEP2 standard. However, it's important to note that only the native FTM is compatible with the Fantom OPERA mainnet.

Fantom aims to achieve a high level of decentralization through its governance model, allowing token holders to participate in decision-making processes related to network upgrades and protocol changes. This helps to ensure the long-term sustainability and resilience of the platform.

FVM is Fantom's virtual machine that executes smart contracts. It is compatible with the Ethereum Virtual Machine (EVM), allowing developers to deploy existing Ethereum smart contracts on Fantom with minimal modifications.

FTM is the native cryptocurrency of the Fantom network. It is used for transaction fees, staking, and participating in the governance of the network. The FTM token has a total supply of 3,175,000,000 FTM and as of March 8, 2024, the circulating supply is 2,803,634,836 FTM. 

FTM is available across multiple protocols, including ERC-20, BEP2, and Fantom's native OPERA tokens. This multi-protocol support enhances the accessibility and interoperability of FTM, catering to a diverse range of users and facilitating seamless integration with different blockchain ecosystems. Additionally, Fantom's OPERA tokens serve as the primary currency within the Fantom network, powering transactions, smart contracts, and governance mechanisms.

Fantom has a strong and active community of developers, users, and supporters. Additionally, the project has established partnerships with various organizations, including governments, universities, and enterprises, to promote the adoption and development of the Fantom ecosystem.

Fantom has also a clear roadmap outlining its development milestones and plans. Continuous development efforts are focused on improving the platform's scalability, security, and usability, as well as expanding its ecosystem through partnerships and integrations.

The Average Fees on the Fantom 

The average fees on the Fantom network are typically very low, often amounting to fractions of a cent per transaction. However, the specific fee for a transaction may vary depending on factors such as network congestion, transaction size, and the level of gas fees set by users. 

Rewards distribution is meticulously managed by an SFC (Staking and Rewards Contract) contract. Unlike traditional setups requiring hard forks, governance retains the flexibility to upgrade the SFC contract at any time. Currently, the breakdown of transaction fee distribution is as follows:

• 5% is burned, effectively reducing the total supply of FTM.
• 10% is allocated to the Ecosystem Vault, supporting the growth and development of the Fantom ecosystem.
• 15% contributes to the Gas Monetization program, further bolstering network sustainability.
• The remaining 70% is distributed among validators, serving as rewards for their role in securing and validating transactions on the Fantom network.

The FTM Token Wallets 

The FTM tokens can be held in most of the popular crypto wallets, including well-known options like Meta Mask, Atomic Wallet, My Ether Wallet, Ledger Nano S/X, Coinomi, Fantom Wallet, Exodus, Guarda Wallet, Coinbase Wallet, Bitpie Wallet, Huobi Wallet, Math Wallet, etc.