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Everything You Need to Know About Fantom

What is Fantom?

The core mission statement of Fantom is to help cryptocurrency break out into the market, and it aims to do so by rectifying the key problems of leading cryptocurrencies. While Bitcoin and Ethereum struggle with slow, expensive transactions and considerable environmental footprints, Fantom is energy efficient and module-based. Whereas the early blockchains have little ability to scale, Fantom can add new blockchains and increase its technical resources to facilitate fast, efficient exchanges even with growing demand.

Who Created Fantom?

Ahn Byung Ik is the CEO of the Fantom Foundation, the team of blockchain engineers, programmers, and crypto experts behind Fantom. Ahn has a Ph.D. in computer science from South Korea’s Yonsei University, as well as experience as a research engineer working in distributed systems.

When Was Fantom Launched?

Fantom’s proof-of-concept testnet launched in December 2018. While the full launch was supposed to take place in Q2 2019, it encountered a modest delay out to December 2019.

How Does Fantom Work?

Fantom’s key innovation lies in its uniquely scalable, modular system of blockchain networks and the Lachesis consensus mechanism. Essentially, the key problem of Ethereum and Bitcoin that have resulted in higher transaction fees and longer waiting times is that the amount of activity overburdens them. With Fantom, each application has its own, separate blockchain, with broad freedoms to customize the blockchain in question.

Each blockchain serves as a module built on the Lachesis consensus mechanism, ensuring consistency between all networks. Furthermore, Fantom uses proof of stake rather than proof of work, which drastically reduces electricity consumption compared to mining Bitcoin or Ethereum. Staking 1,000,000 FTM is enough to enable anyone to run a validator node. These validator nodes offer up their computing power to facilitate transactions and receive payment in fees from the networks. If your holdings are lower, you can delegate FTM to a validator node and earn a share of transaction fees as interest.

How to Keep Your Fantom Safe?

You can keep your FTM safe by holding it in a wallet and securing your password, by placing it with a reputable exchange, or by staking it with the Fantom Network. The Fantom Foundation prides itself on offering bank-level security, and it has suffered no breaches to date.

Is Fantom a Good Investment?

We are not a source of investment advice, but we can report the pricing trends behind Fantom. Within a year of Fantom’s full launch, the price had grown from less than $0.01 to break the cent barrier and become worth $0.02. It’s ridden high on the 2020-2021 bull market, growing hundreds of times over in value to fluctuate between $1.30 and $3 during the highest and lowest points in the market.

Fantom’s underlying value in the form of its scalable networks and high security means that it’s a contender to help cryptocurrency break out into general usage. There’s no guarantee of this, given the stiff competition in terms of smart blockchains, but it is a possibility. The last purpose to consider FTM for investment is the generous interest you can earn by staking with the network and delegating your Fantom to a validator node. The Fantom Foundation offers more in-depth insight into how FTM works at https://admin.fantom.foundation/intro-to-fantom/

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