What is Fantom (FTM)?

Fantom (FTM) is a blockchain platform and cryptocurrency that aims to deliver quick, scalable, and secure decentralised applications (dApps) and smart contracts. Fantom aims to provide increased transaction speed, lower fees, and interoperability with other blockchains with its distinctive architecture and consensus mechanism.

The History of Fantom

Fantom was established in the beginning of 2018 with the goal of providing network users with affordable, quick, and secure transactional capabilities. Fantom Foundation, a company incorporated in the Cayman Islands with ongoing operations in South Korea, is in charge of creating Fantom. Dr. Ahn Byung Ik, a computer scientist, founded the project, and Michael Kong serves as the Foundation's CEO. Building a scalable, accessible platform for the blockchain users of the future with ever-increasing demands is at the core of Fantom's mission. Both proof-of-work (PoW) and proof-of-stake (PoS) architectures have a number of drawbacks that have come to light in recent years, including energy consumption and slow transactions for the former and decreased security and centralisation for the latter.

The Use Case of Fantom

Fantom aims to provide a platform for developing and deploying decentralised applications across a variety of industries, including finance, supply chain management, gaming, and more. It is suitable for use cases that call for high transaction throughput and low transaction fees due to its quick and scalable architecture.

Fantom aims to provide a platform for developing and managing financial applications, such as decentralised exchanges (DEXs), lending and borrowing platforms, stablecoins, and yield farming protocols. Decentralised finance (DeFi) is one of the main use cases for Fantom.