What is Fantom (FTM)? Fantom Cryptocurrency Overview

What is Fantom? Fantom is a blockchain platform that provides ledger services for businesses and applications. Blockchains built on Fantom are fast, secure, and highly scalable. What’s special about Fantom? How does Fantom work? Please join Weakhand to find out below in this article!

To understand more about Fantom, you can read the following articles:

• What is Solana (SOL)? Solana Cryptocurrency Overview
• What is NEAR Protocol (NEAR)? Near Protocol Cryptocurrency Overview
• What is Avalanche (AVAX)? Avalanche Cryptocurrency Overview
• What is Flow (FLOW)? Flow Cryptocurrency Overview

What is Fantom?

Fantom is a blockchain platform, designed to address the limitations of existing blockchains. Fantom is a blockchain network that provides ledger services for businesses and applications. Fantom is powered by Lachesis, a DAG-based aBFT consensus algorithm that has made Fantom much faster and cheaper than previous technologies while remaining extremely secure.

Chains on Fantom are fast, secure, and highly scalable. These features enable organizations, businesses, and individuals to develop decentralized applications that can be used in the real world, across multiple industries.

Mechanism of action

Some key features of Fantom

• Enable Smart contracts in a DAG-based system, using the Lachesis protocol.
• Nodes do not need to know about the existence of other nodes when participating in the network.
• Use Lamport’s time hiding to achieve terrain ordering of event blocks.

Fantom highlights

• Expansion: Each network built on Fantom is separate, the performance and stability of the networks are not affected by transmission and network congestion. Fantom has solved the scalability problem by providing each application with its own blockchain. Each separate blockchain can customize tokens and governance rules. Each network is fully customizable to your desired usage.
• Security: Fantom uses Proof of Stake to avoid centralization and save electricity. Lachesis provides organizational security for distributed networks, the consensus mechanism can also scale to hundreds of nodes increasing decentralization and increasing security.
• Openness: Fantom is open source so anyone can become a validator.

Lachesis Protocol

Lachesis is a groundbreaking aBFT consensus algorithm developed by Fantom. Main properties of the Lachesis algorithm:

• Asynchronous: Users have the freedom to process commands at different times.
• No leader: No users play special roles.
• Byzantine Fault-Tolerant: Functional when up to one-third of the nodes are faulty and malicious.
• Final: The output of Lachesis can be used immediately. Transactions are confirmed within 1 – 2 seconds.

Due to the above properties, any ledger built on Fantom is highly decentralized, secure, and has high throughput and low finality.

The platform is modular and compatible with other developer tools such as EVM or the Cosmos SDK. Can be integrated into any blockchain.

Proof of Stake

Validator nodes validate transactions and staked tokens act as one economic incentive for stakers to follow the protocol’s rules.

Because validators are anonymous so the network is decentralized and resilient to outside attacks, Fantom uses Proof of Stake to prevent Sybil attacks. A Sybil attack is where a malicious actor runs a large number of validators allowing them to have unsafe influence on the network. Proof of Stake makes it expensive to set up validators to avoid the above attacks, increasing the cost of the attack.

Fantom requires each validator to lock at least 500,000 FTM to prevent Sybil attacks from causing network insecurity.

Development Roadmap

October 25, 2023: Fantom Foundation officially launched and introduced an infrastructure update for the entire network called Fantom Sonic. Some special features of Fantom Sonic include:

• Fantom Virtual Machine upgrade provides even faster execution on Smart Contracts.
• Improved Carmen data storage facility, which reduces storage capacity by up to 90% and reduces costs for users.
• Improve Lachesis consensus mechanism in an optimized way.

With 3 improvements on the TPS on the Fantom network, it is expected to reach 2,000 or more and the storage requirement for Validators is also reduced from 11 TB to only 1 TB.

Core Team

Michael Kong – CEO & CIO

• 2012 – 2017: Michael Kong studied at Sydney University, majoring in Bachelor of Information Technology and Commerce.
• 2015: Michael Kong is a Web developer at Artone company.
• March – August 2016: Michael Kong is the founder of Horyzon LLC, an owner’s capital management platform built on blockchain.
• April – November 2016: Michael Kong is the Chief Technology Officer at Liberté & Co, an OTC cryptocurrency trading company in Australia.
• 2015 – 2017: Michael Kong is Director at Aiziko Co., Ltd., a web and mobile software development company.
• January – September 2017: Michael Kong worked as Chief Technology Officer at myStake.
• January – August 20118: Michael Kong worked as an advisor at the Enosi Foundation.
• 2017 – 2019: Michael Kong is the Chief Technology Officer at Digital Currency Holdings, a cryptocurrency investment fund.
• July – September 2020: Michael Kong worked as a teaching assistant at the University of Sydney, majoring in cryptocurrency and financial markets.
• 2018 to present: Michael Kong is CEO & CIO at Fantom Foundation.

David Richardson – Founder & Director

• 1993: David Richardson studied at Northwestern University, majoring in Law.
• 1991 – 1996: David Richardson worked as a director at Bermuda Trust Company Ltd.
• 1996 – 2002: David Richardson was Managing Director at MeesPierson Ltd.
• 2002 – 2004: David Richardson was Chairman of Oceanic Bank and Trust.
• 2004 to present: David Richardson is Managing Director at Mid-Ocean Consulting Ltd. an international tax consulting company.
• June 2018 to present: David Richardson and his colleagues founded Fantom Foundation.

Quan Nguyen – CTO

• 2002 – 2006: Quan Nguyen studied at Sydney University, majoring in Bachelor’s degree, Software Engineering.
• 2006 – 2009: Quan Nguyen continued his studies at UNSW University, majoring in Master of Philosophy – Computer Programming.
• 2010 – 2013: Quan Nguyen returned to continue studying in Sydney, majoring in Doctor of Philosophy, Graph Visualization.
• December 2009 – October 2010: Quan Nguyen worked as a part-time Software Engineer at Canon Information Systems Research Australia.
• February 2010 – February 2011: Quan Nguyen is a Software Developer at Capital Markets CRC Limited, a website about stock trading and financial market education.
• January 2013 – June 2016: Quan Nguyen is a Software Engineer at IBM, a digital experience company.
• August 2018 to present: Quan Nguyen came to Fantom Foundatio as a Software Development Specialist and in April 2020 he was promoted to the position of Technology Director here.

André Cronje – Director

• Year 2001- 2003: André Cronje studied at Stellenbosch University, majoring in Law.
• In 2005: André Cronje studied at CTI Education Group majoring in ISE, Information Systems.
• 2005 – 2006: André Cronje was a computer training instructor at CTI education group.
• 2010 – 2013: André Cronje was Chief Technology Officer at Mobile Game Card Applications, a mobile game application company.
• 2013 -2018: André Cronje worked as Head of Technology at Freedom Life, technology in financial services.
• March 2018 – September 2018: André Cronje worked as Blockchain Protocol Advisor for BitDiem, created a protocol framework on Ethereum.
• August 2018 – March 2019: André Cronje is a Blockchain Infrastructure Engineer at CryptoCurve.
• June 2018 – June 2019: André Cronje worked as a Technology Analyst at Lemniscap, a new cryptocurrency investment and consulting company.
• August 2018 – September 2019: André Cronje worked at Fusion Foundation as Head of Technology.
• 2018 – 2022: André Cronje is Head of Electronic Code Review at CryptoBriefing.
• October 2018 – 2022: André Cronje started working at Fantom Foundation as a Technical Consultant.
• January 2020: André Cronje and his partners founded Yearn Finance.
• January 2020 – February 2022: André Cronje worked as DeFi Architect at Ethereum.
• November 2022: André Cronje works as Director at Fantom Foundation.

Investor

The project successfully called for $40.1M through 3 rounds of capital with the participation of 13 investors.

• April 1, 2018: Fantom Foundation successfully raised $100k in ICO round.
• June 22, 2018: The project successfully raised $40M in Venture Round.

Tokenomics

Overview of Fantom tokens

• Token Name: Token Fantom
• Ticker: FTM
• Blockchain: Fantom
• Contract: Update..
• Token classification: Update ..
• Total supply: 3,175,000,000

Token Allocation

Token Release

FTM tokens have now been completely unlocked.

Token Use Case

FTM tokens are currently used for the following:

• Used for project management.
• Used to stake in the platform.
• Used as payment currency.
• Used to pay transaction fees.

Exchanges

Currently FTM tokens are being traded on most major exchanges such as: Binanc, Kucoin, Gate.io,..

Project Information Channel

• Website: https://fantom.foundation/
• Twitter: https://twitter.com/FantomFDN
• Discord: https://discord.com/invite/zS4Ek4WByA/
• Telegram:

Summary

The Fantom project was founded and developed by a dev team with rich experience in blockchain and finance. In the dev team, there is a Vietnamese person holding the position of Technology Director. Fantom is a Layer 1 blockchain platform that uses a consensus mechanism Its revolutionary aBFT enables Fantom to be much faster and cheaper than previous technologies, yet still extremely secure. Through this article Weakhand brought everyone information about the Fantom project.