FTM is a coin of a Fantom platform. It is a permissionless, decentralized, and open-source smart contract platform, which tends to exceed the opportunities of the existing blockchains. It has a new consensus mechanism called Lachesis. This technology makes the platform cheaper and faster. It does not use Delegated Proof-of-Stake and has no “masternodes”, instead it is capable of scaling nodes all around the world.
The FTM coins can be used in several ways, such as staking, governing, payments, and fees. Nodes and stakers are rewarded for active participation. Payment transfer takes about 1 second. The fees are extremely low, one transaction costs around $0.0000001. There are also some other network fees. However, it seems to be very low, it is said on the website it is enough to protect customers from attacks.
Stakers of the FTM token are allowed not just to vote, but also to propose new implementations. The Fantom ecosystem is growing rapidly. On the official website it is possible to look through the whole list of partnerships and integrations.
Fantom was founded by Dr. Ahn Byung Ik, a computer scientist from South Korea. Fantom’s mainnet was launched in December 2019. The idea behind this project is to create infrastructure for the future. Fantom partnered with the Binance Chain to develop interoperability. Later the focus of the team changed to the integration of DeFi projects. At this point the network has a very big international team.
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