What is Fantom ?
Fantom (FTM) is a decentralised acyclic graph (DAG) smart contract platform. DAG networks are specially-designed structuring tools used to record crypto transactions not in a blockchain format but in a vertices-and-edges format. This makes transactions easier to manage and optimise, increasing the network’s overall efficiency.
Fantom, as a network, lets users build NFTs and decentralised appl and provides smart contract solutions. Typically offering enterprises high-speed transaction services, Fantom specialises in getting blockchain transaction times down to a mere 2 seconds!
Primary features of Fantom
- Speed, security, and decentralization: FTM uses a permissionless protocol and asynchronous Byzantine Fault Tolerance (aBFT) to achieve this.
- Scalability: FTM achieves this by functioning as a high-intensity DAG network.
- Smart contracts: FTM uses Ethereum’s EVM (Ethereum Virtual Machine) to enable smart contracts for its users.
Is Fantom a promising cryptocurrency?
Fantom (FTM) uses a new and improved consensus mechanism to reduce transaction times and make smart contracts efficient. This mechanism, Lachesis, provides higher congestion handling capacity to the network while also improving PoS protocols. Fantom’s development team is looking to get into the decentralised solutions space with its motto, to “grant compatibility between all transaction bodies around the world.”
How to use Fantom coins?
- FTM tokens can be used for staking and earning regular returns through block rewards on the network.
- FTM tokens can also be used as governance coins for decentralised decision-making.
- Users also use Fantom (FTM) tokens to engage in high-speed transactions worldwide.
Pros & Cons of Fantom coin
- Fantom is supported by a lot of institutional investors and VCs.
- FTM tokens are highly functional and can be used for staking, transferring value, and governance purposes.
- FTM tokens returned more than 1,350% to its investors from July 2021 till date.
- It faces many challenges when it comes to competing with top coins like Ethereum on NFT creation and staking.
- It is not very well-established at the moment and experiences frequent and significant changes in price over the short term.
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Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user's own risk.