Fantom(FTM) is a blockchain platform designed for high-speed, scalable, and secure smart contract execution. It utilizes an innovative consensus mechanism called the Lachesis Protocol to achieve consensus asynchronously, making it suitable for a wide range of applications.
Fantom was founded in 2018 by Dr. Ahn Byung Ik, an entrepreneur with a background in technology and finance, who envisioned a blockchain solution to address scalability and usability challenges. In 2018, Fantom raised funds through an ICO. In 2019, the project launched its mainnet and released its consensus protocol. Fantom Opera, a layer-1 blockchain, went live in 2020. Partnerships with governments and enterprises showcased adoption potential.
Fantom continued to advance its ecosystem. The project gained traction in DeFi, offering high-speed transactions and low fees. The launch of the Fantom Finance platform demonstrated its capability to support various financial applications. Integrations with other blockchain networks highlighted its interoperability focus. Refer to Fantom's official website and recent news sources.
Fantom is undergoing a major transformation with the upcoming Sonic upgrade, set to launch in late 2024. This upgrade will introduce a new blockchain network called Sonic, featuring the native S token that will replace the current FTM token on a 1:1 basis. Sonic will provide significant improvements in transaction throughput (up to 10,000 TPS) and finality (around 1 second), along with enhanced storage efficiency through its new Carmen database system. The network will also feature the Fantom Virtual Machine (FVM), which delivers up to 65x higher performance compared to the previous EVM implementation. With these advancements, Fantom aims to position itself as a leading blockchain platform capable of supporting high-frequency DeFi applications, blockchain gaming, and real-time oracles.
Above are only for introduction, not intended as investment advice.
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Fantom is a blockchain platform designed to support the creation of decentralized applications (DApps). It's been operational for over four years, gaining prominence with its FTM coin peaking in value in late 2021. Fantom's unique appeal lies in its speed and efficiency. It utilizes a system where individual computers, or nodes, on the network independently verify transactions, preventing congestion and facilitating faster processing.
At the core of Fantom's technology is its novel Lachesis protocol, which forms the foundation of the Fantom Opera platform. This platform is a public, leaderless, asynchronous Byzantine Fault Tolerant (BFT) blockchain, characterized by its guaranteed deterministic finality. This means that once transactions are recorded on the blockchain, they are final and irreversible. The Lachesis protocol contributes to a smaller overall system size, theoretically making it quicker.
Fantom's overall system uses a Proof-of-Stake (PoS) consensus mechanism. In this system, participants are chosen to add blocks to the blockchain based on the amount of FTM cryptocurrency they hold. Holders of the FTM coin also have the ability to vote on changes to the network. Additionally, FTM is utilized as a payment method for those operating nodes on the Fantom network, and the coin can be bought, sold, and traded on various cryptocurrency exchanges.
In recent developments, Fantom has focused on incentivizing and rewarding projects that utilize its network extensively, especially those contributing to high gas fee usage. This initiative aims to increase demand for block space on the Fantom blockchain. However, it's also important to note that Fantom has faced challenges, including experiencing major hacks in its system. These incidents have impacted its market performance and raised concerns about security within its ecosystem.
Regarding its market performance, as of November 24, 2023, Fantom was trading at $0.30 per FTM, significantly below its all-time high of $3.48. Its current circulating supply was reported as 2,803,634,835.527 FTM. Predictions for its future price vary, with some sources suggesting potential growth, while others remain cautious due to past volatility and security issues.
In summary, Fantom presents an innovative approach to blockchain technology, focusing on speed and efficiency through its unique Lachesis protocol. While it offers potential for decentralized application development and has implemented strategies to incentivize network usage, it has also faced significant security challenges and market volatility.
Fantom belongs to the sector of Smart Contract Platforms. It's a decentralized, open-source platform that supports decentralized applications (dApps) and digital assets. Fantom, specifically known for its high speeds and low costs, operates as a Layer 1 blockchain network, compatible with Ethereum Virtual Machine (EVM). This categorization places it alongside other notable smart contract platforms like Ethereum, Solana, and Cardano.
The current situation and development prospects of the smart contract platform sector are quite dynamic. The global market for smart contracts was valued at USD 684.3 million in 2022 and is expected to grow at a CAGR of 82.2% from 2023 to 2030. This growth is driven by increasing adoption of blockchain technology, technological innovation, increased efficiency, cost savings, and the expanding demand for Decentralized Finance (DeFi).
Smart contracts, which are digital programs that execute actions when predetermined conditions are met, enhance efficiency and reduce the risk of errors and disputes. They find applications in a wide range of business processes, including insurance claims, real estate transactions, and even voting systems. Fintech is playing a crucial role in the smart contracts market, integrating smart contract technology with existing financial systems to streamline financial processes and reduce costs.
However, the sector faces challenges such as a lack of knowledge and understanding among potential users, a shortage of skilled professionals, and the complexity of smart contract systems. The COVID-19 pandemic has positively impacted the market, as the adoption of digital technologies increased significantly, with smart contracts offering secure and efficient ways to automate business processes.
In terms of market segments, Ethereum dominated the market in 2022, while Polkadot is anticipated to register significant growth due to its scalability and interoperability. Public blockchains were the dominant type in the market, but private blockchains are expected to see growth due to their enhanced privacy and security features.
Decentralized Autonomous Organizations (DAOs) and application logic contracts are significant segments within the market. DAOs distribute ownership and decision-making across a network of participants, while application logic contracts enable secure and autonomous device operations.
Large enterprises dominated the market in 2022, but small and medium enterprises are expected to grow significantly, benefiting from the cost-effectiveness and efficiency of smart contracts. The BFSI and retail segments are major adopters of smart contracts, with the former using them for peer-to-peer transactions and error-free insurance claim processing, and the latter for automating and streamlining supply chain management.
Geographically, North America led the market in 2022, and the Asia Pacific region is expected to emerge as the fastest-growing market. The industry is evolving rapidly, with trends like platform interoperability, customizable smart contract templates, low-code or no-code smart contract development, and integration with decentralized finance (DeFi).
In conclusion, Fantom is part of a growing and evolving smart contract platform sector, with its unique features contributing to the overall growth and innovation within this space. The sector faces challenges but also presents significant opportunities for development and expansion in various industries and regions worldwide.
The tokenomics of Fantom (FTM), including its allocation and supply schedule, are structured as follows:
In conclusion, Fantom’s tokenomics encompass a detailed plan for token allocation, supply schedule, creation, distribution, and management. The system is designed to support the network’s security, governance, and efficient operation, with an emphasis on incentivizing participation through staking and governance mechanisms. The distribution of tokens through various sales rounds and the structured allocation for different purposes reflect a comprehensive approach to managing the token supply and utility within the Fantom ecosystem.
The team behind Fantom and its funding history is quite diverse and significant. Team and Key Individuals:
1. Founders: Fantom was founded by Dr. Ahn Byung Ik, a South Korean computer scientist, and co-founder of the food-tech platform SikSin. Later, Michael Kong and Quan Nguyen were also key in establishing the Fantom Foundation in 2018.
2. Key Advisors and Contributors:
Several other experts and professionals form part of the Fantom team, including PhDs, engineers, business development directors, legal counsels, and marketing heads.
1. Initial Coin Offering (ICO): Fantom raised over $40 million in its ICO in 2018.
2. Token Distribution:
This information highlights the strong and diverse leadership at Fantom, along with a substantial funding history that has contributed to its development and growth.
I have gathered some key information about the development history of Fantom:
1. Launch: Fantom was officially launched in January 2018 by the Fantom Foundation, after extensive research and planning.
2. Lachesis Protocol and DAG Implementation: The Lachesis consensus protocol and a directed acyclic graph (DAG) were pivotal in Fantom’s functioning, helping the network achieve Byzantine fault tolerance asynchronously.
3. Opera Chain Development: In December 2019, Fantom developed its first layer, Opera Chain, which is compatible with the Ethereum Virtual Machine smart contract, allowing FTM to be available as an ERC-20 token standard.
4. Binance Chain Integration: In the second quarter of 2019, Fantom announced integration with Binance Chain, making FTM available as BEP-2 tokens on Binance Chain.
5. NFT Marketplace Launch: In September 2021, a founding member, Andre Conje, launched an NFT marketplace on the Fantom network.
6. Token Launch: In the last quarter of 2018, Fantom launched its native currency, FTM, which began trading at around $0.02. The initial coin offering (ICO) raised $40 million.
Unfortunately, I wasn’t able to locate a complete, detailed timeline of all significant events and milestones in Fantom’s development process. For a more comprehensive understanding, I recommend consulting the Fantom Foundation’s official website or detailed project reviews available on crypto-focused news and analysis websites.
Fantom has marked several significant milestones and developments since its inception, with notable events including:
These steps showcase Fantom’s commitment to innovation and growth, emphasizing the importance of a strong dApp ecosystem and financial stability as key drivers for its future developments.
Here is a list of important links related to Fantom, including official resources, wallets, explorer, APIs, and social media platforms:
Fantom Wallet (fWallet):
https://beta.fwallet.fantom.network/
Opera Explorer:
https://explorer.fantom.network/
Documentation:
https://docs.fantom.foundation/
Covalent API:
https://docs.fantom.foundation/
GitHub Repositories:
https://github.com/Fantom-foundation
https://github.com/Fantom-foundation
GraphQL API:
https://docs.fantom.foundation/
Social Media:
https://www.reddit.com/r/FantomFoundation/
These links provide access to a wide array of resources and platforms related to Fantom, catering to users, developers, and enthusiasts interested in the Fantom ecosystem.
The current valuation and future prospects of Fantom (FTM) and Bitcoin (BTC) can be understood through their recent market performance and expert analyses. Fantom (FTM) Valuation As of now, the live price of Fantom (FTM) is approximately $0.311455 USD, with a 24-hour trading volume of around $45,237,167 USD. Fantom has experienced a 3.23% increase in the last 24 hours. Its current CoinMarketCap ranking is #59, with a live market cap of $873,206,207 USD. It has a circulating supply of 2,803,634,836 FTM coins and a max. supply of 3,175,000,000 FTM coins. Bitcoin (BTC) Future Prospects
These analyses and predictions provide a glimpse into the potential future trends of Fantom and Bitcoin. It’s important to note that cryptocurrency markets are highly volatile and influenced by various external factors. Therefore, these predictions should be considered with caution and not as definitive forecasts.
Fantom(FTM) is a blockchain platform designed for high-speed, scalable, and secure smart contract execution. It utilizes an innovative consensus mechanism called the Lachesis Protocol to achieve consensus asynchronously, making it suitable for a wide range of applications.
Fantom was founded in 2018 by Dr. Ahn Byung Ik, an entrepreneur with a background in technology and finance, who envisioned a blockchain solution to address scalability and usability challenges. In 2018, Fantom raised funds through an ICO. In 2019, the project launched its mainnet and released its consensus protocol. Fantom Opera, a layer-1 blockchain, went live in 2020. Partnerships with governments and enterprises showcased adoption potential.
Fantom continued to advance its ecosystem. The project gained traction in DeFi, offering high-speed transactions and low fees. The launch of the Fantom Finance platform demonstrated its capability to support various financial applications. Integrations with other blockchain networks highlighted its interoperability focus. Refer to Fantom's official website and recent news sources.
Fantom is undergoing a major transformation with the upcoming Sonic upgrade, set to launch in late 2024. This upgrade will introduce a new blockchain network called Sonic, featuring the native S token that will replace the current FTM token on a 1:1 basis. Sonic will provide significant improvements in transaction throughput (up to 10,000 TPS) and finality (around 1 second), along with enhanced storage efficiency through its new Carmen database system. The network will also feature the Fantom Virtual Machine (FVM), which delivers up to 65x higher performance compared to the previous EVM implementation. With these advancements, Fantom aims to position itself as a leading blockchain platform capable of supporting high-frequency DeFi applications, blockchain gaming, and real-time oracles.
Above are only for introduction, not intended as investment advice.