Cryptocurrency Fantom (FTM): a revolution in the world of decentralized applications

Fantom foresaw the future - the era of decentralized applications.

In the cryptocurrency space, there are various digital assets. Some are primarily viewed as investment instruments. Others function as utility tokens in the digital economy. The third category aims to complement or even replace traditional currencies such as the euro or the pound sterling.

However, Fantom stands out with its focus on decentralized applications (dApps). It is a whole ecosystem of technologies and tools aimed at supporting the integration of smart contracts into applications. The Fantom platform is designed for the fast and cost-effective deployment of smart contracts, allowing dApps to fully realize their potential.

Ambitious? Undoubtedly. Inspiring? Certainly. Exciting? Absolutely.

Let's delve into the details of this innovative smart contract platform and explore the unique vision that underlies it.

The essence of Fantom (FTM)

The Fantom Foundation describes its project as "a high-performance, scalable, and secure platform for smart contracts."

The platform consists of several key components.

The foundation is the Fantom Opera blockchain. It is an open network of a directed acyclic graph, compatible with the Ethereum Virtual Machine. This allows it not only to run existing smart contracts but also to create new ones that interact with contracts on the Ethereum network.

Transaction verification on the Fantom network is carried out through Lachesis - a leaderless Proof of Stake system that utilizes a unique asynchronous consensus mechanism with Byzantine fault tolerance. ABFT checks differ in speed and lower costs compared to Proof of Work-based consensus or traditional Proof of Stake schemes. ABFT systems complete transactions in seconds rather than minutes.

Each dApp based on Fantom operates in its own blockchain network. These blockchains can have individual tokens, economic models, and governance rules. They all benefit from the Lachesis consensus mechanism and are capable of interacting with dApps working across different Fantom blockchain networks. This is why Fantom is sometimes referred to as the "network of networks."

EVM compatibility allows Opera blockchains to execute Ethereum smart contracts and integrate with Ethereum-based dApps.

The utility token Fantom (FTM) is used for rewarding validators, conducting financial operations, providing governance rights, and paying network fees. The token (FTM) is available on major cryptocurrency exchanges, including Gate.