Fantom is a layer-1 blockchain platform for dApp development, smart contract execution, and decentralized finance (DeFi). It implements a unique consensus algorithm known as Lachesis. Developers can thus build peer-to-peer applications on Fantom, without creating and managing their own networking layers.
FTM is the native cryptocurrency of the network and has two use cases. One, it rewards and incentivizes validators for their efforts. Two, it facilitates distributed governance and decision-making.
Following are some of the key features of Fantom:
– Speed – Fantom processes and settles transactions within a second, while minimizing costs to under a cent.
– Security – Its globally distributed network of validators ensures optimal network security using proof-of-stake (PoS).
– Scalability – Fantom can process over 4500 transactions per second while the network can expand to a virtually infinite number of nodes.
– Interoperability – The platform supports the Ethereum Virtual Machine (EVM) and is compatible with every Ethereum-based asset and application.
– Customizability – Fantom has a modular design that allows full blockchain customization, adapting to various use-cases.