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ABOUT FANTOM

Fantom is one the fastest and cheapest blockchains to use and adoption has exploded since 2021, especially in the decentralized finance (Defi) industry.

SECURED?

Fantom uses a bespoke variety of proof-of-stake algorithm to provide services and secure its network. Known as Lachesis, it is an example of a so-called asynchronous byzantine fault tolerant (aBFT) consensus mechanism.

About Us

Fantom is a directed acyclic graph (DAG) smart contract platform providing decentralized finance (DeFi) services to developers using its own bespoke consensus algorithm.

What Is Fantom (FTM)?

Fantom is a directed acyclic graph (DAG) smart contract platform providing decentralized finance (DeFi) services to developers using its own bespoke consensus algorithm.

  • Together with its in-house token FTM, Fantom aims to solve problems associated with smart-contract platforms, specifically transaction speed, which developers say they have reduced to under two seconds.
  • Fam Finance, which oversees the Fantom product offering, was originally created in 2018, with the launch of OPERA, Fantom’s mainnet, coming in December 2019..

Who Are the Founders of Fantom?

Fam Finance was founded by South Korean computer scientist Dr. Ahn Byung Ik. Currently, the platform’s CEO is Michael Kong.

The team behind Fantom has extensive experience primarily in the field of full-stack blockchain development, and aimed to create a smart contract platform which privileges scalability, decentralization and security.

According to its official website, Fantom’s team also consists of specialist engineers, scientists, researchers, designers and entrepreneurs. Employees are located throughout the world, matching the ethos of a distributed platform.

What Makes Fantom Unique?

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  • Fantom attempts to use a new scratch-built consensus mechanism to facilitate DeFi and related services on the basis of smart contracts.
  • The mechanism, Lachesis, promises much higher capacity and two-second transaction finalization, along with improvements to security over traditional proof-of-stake (PoS) algorithm-based platforms.
  • Matching Ethereum, the project appeals to developers looking to deploy decentralized solutions. According to its official literature, its mission is to “grant compatibility between all transaction bodies around the world.”

How Is the Fantom Network Secured?

Fantom uses a bespoke variety of proof-of-stake algorithm to provide services and secure its network. Known as Lachesis, it is an example of a so-called asynchronous byzantine fault tolerant (aBFT) consensus mechanism.

By removing leadership among network participants, Fantom avoids low-cost attack risk, while staking adds further user incentives to secure operations using FTM token holdings.