Fantom (FTM): A DAG-Based Smart Contract Platform with a Promising DeFi Ecosystem

Fantom (FTM) is a smart contract platform based on Directed Acyclic Graph (DAG). This is a different technology than regular blockchain. Fantom offers high speed, cost and scalability, as well as compatibility with the Ethereum Virtual Machine (EVM).

Fantom also has a thriving DeFi ecosystem, with a variety of applications and protocols running on top of it. This article will explain what Fantom is, how it works, what its features and advantages are, and what ecosystems exist in Fantom.

What is Fantom (FTM)?

Fantom is a smart contract platform based on DAG, a technology that uses nodes and edges to store and manage data, without having to form chains or blocks. DAGs allow transactions to be carried out in parallel and asynchronously, without the need to wait for confirmation from the previous block.

This makes transactions at Fantom faster, cheaper and more efficient. Fantom was founded in 2018 by Dr. Ahn Byung Ik, a computer scientist from South Korea, who wants to create a smart contract platform that can solve the problems faced by traditional blockchains, such as being slow, expensive, and not scalable.

FTM is Fantom's native token, used for paying transaction fees, staking, and participating in network governance.

How Does Fantom Work?

Fantom uses a consensus protocol called Lachesis, which is a proof-of-stake (PoS) protocol that does not require leaders or miners. Lachesis allows each node to validate transactions independently, without having to rely on other nodes.

Lachesis also uses zero-knowledge proof (ZKP), which is technology that can prove the truth of information without having to reveal it. ZKP can increase the privacy and security of transactions on Fantom.

Fantom is also compatible with EVM, which is a machine that can run smart contracts written in the same Solidity language used by Ethereum. This makes it easier for developers to port or build applications on Fantom, without having to learn a new language.

Fantom also supports various standard tokens, such as ERC-20, ERC-721, and ERC-1155, which can be used to create digital assets, such as currencies, NFTs, and others.

What are the Features and Advantages of Fantom?

Fantom has several features and advantages that make it attractive as a smart contract platform, including:

Speed

Fantom can process transactions within one second, which is much faster than Ethereum which takes several minutes. This makes Fantom suitable for applications that require fast response, such as payments, trading, or gaming.

Cost

Fantom can offer very low transaction fees, namely around 0.01 US cents per transaction. This makes Fantom more economical and efficient than Ethereum which can charge fees of up to tens of US dollars per transaction, especially when the network is busy or congested.

Security

Fantom guarantees transaction security by using ZKP, which cannot be faked or manipulated. In addition, Fantom also inherits security from Ethereum, which is the largest and most powerful blockchain network in the world, with thousands of nodes and validators guarding it.

Decentralization

Fantom does not rely on third parties or central authorities to validate transactions. Users can choose validators they trust to process their transactions, and can withdraw their funds at any time from Ethereum.

Fantom also provides voting rights to users through an on-chain governance mechanism, which can be used to propose or vote on changes to the network.

What Ecosystems Exist on Fantom?

Fantom launched its mainnet in December 2019, under the name Opera. Since then, many applications and protocols have run on Fantom, demonstrating the potential and possibilities this platform offers.

Some examples of ecosystems that already exist at Fantom are:

DeFi 

Fantom has a rapidly growing DeFi ecosystem, with various applications and protocols that provide decentralized financial services, such as loans, exchanges, insurance, lotteries, and more.

Some examples of popular DeFi applications and protocols on Fantom are SpookySwap, SpiritSwap, Curve, Cream, Scream, Tomb Finance, and HyperJump.

NFT 

Fantom also supports the creation and trading of NFTs, which are unique, non-fungible digital assets. NFTs can be used to represent various things, such as art, music, games, collections, and so on.

Some examples of NFT platforms and projects on Fantom are Artion, FantomPunks, FantomStones, and Fantom Cats.

Gaming 

Fantom also has an interesting gaming ecosystem, with a variety of games that can be played on the Fantom network, whether competitive, social or educational.

Some examples of games on Fantom are PaintSwap, Fantom Go, Fantom Chess, and Fantom Football.

Conclusion

That was a brief explanation about Fantom, a DAG-based smart contract platform with a promising DeFi ecosystem. Fantom offers high speed, cost and scalability, as well as compatibility with Ethereum.

Fantom also has a diverse and growing ecosystem, with a variety of applications and protocols running on top of it. Fantom is a smart contract platform that crypto fans should pay attention to and learn from.

How to Buy FTM Tokens on Bittime

You can buy and sell FTM tokens in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappbeti. FTM is available on Bittime with pairing FTM IDR.

To be able to buy FTM/IDR tokens on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of Bittime assets is IDR 10,000. After that, you can make FTM purchases in the application. More complete guide on how to buy FTM on Bittime

Monitor price chart movements of FTM Network (FTM), Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

Read also:

What is Opera Mainnet (Fantom)?

What's that Liquid Staking (Fantom)?

Lachesis (Fantom), Revolutionizing Smart Contracts

What is the SPL Token Standard and Solana Token-2022

DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.