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What is Fantom ?

Newton & KeplerFebruary 3, 2023

1 minute read

Fantom is a fast, scalable, and secure blockchain platform designed to support the development of decentralized applications (dApps). The Fantom network operates on a new consensus mechanism known as the “Lachesis Protocol,” which enables near-instant transactions with high throughput and low latency. This makes it ideal for use cases that require fast and efficient transactions, such as micropayments, supply chain management, and decentralized exchanges.

What is the Lachesis Protocol used by Fantom?

The Lachesis Protocol is a consensus mechanism that was developed specifically for the Fantom network. It is based on the Directed Acyclic Graph (DAG) data structure and uses a combination of Proof-of-Stake (PoS) and consensus nodes to validate transactions. The Lachesis Protocol enables the network to operate with near-instant finality, low latency, and high throughput. This makes it possible for the network to process thousands of transactions per second, which is significantly faster than traditional blockchain networks such as Ethereum and Bitcoin.

What is the FTM Token ?

FTM is the native cryptocurrency of the Fantom network. It is used to pay for transaction fees on the network and is also used as a means of value transfer between users. The FTM token is an important component of the Fantom network as it helps to secure the network and ensures that it remains decentralized. In addition to its utility as a means of payment, the FTM token also acts as an incentivization mechanism for node operators, who are rewarded for their contributions to the network.

What are the use cases for the Fantom network ?

The Fantom network has been designed to support a wide range of use cases, including:

Micropayments: The fast and efficient nature of the Fantom network makes it ideal for micropayments, which are small transactions that are typically used to pay for digital content such as music, videos, or online games.
Supply chain management: The Fantom network can be used to improve the efficiency of supply chain management by enabling real-time tracking of goods and ensuring the transparency and immutability of supply chain data.
Decentralized exchanges: The Fantom network can be used to support decentralized exchanges, which are platforms that allow users to trade cryptocurrencies without the need for a centralized intermediary.
Gaming: The fast and efficient nature of the Fantom network makes it ideal for gaming applications, where real-time interactions and low latency are essential.
DeFi: The Fantom network can be used to support decentralized finance (DeFi) applications, which are financial applications that are built on the blockchain and operate without the need for a centralized intermediary.

In conclusion, the Fantom network is a fast, scalable, and secure blockchain platform that was designed to support the development of decentralized applications. The Lachesis Protocol, which is the consensus mechanism that powers the network, enables the network to operate with near-instant finality, low latency, and high throughput. The FTM token is the native cryptocurrency of the Fantom network and is used to pay for transaction fees, incentivize node operators, and transfer value between users. The Fantom network has a wide range of use cases, including micropayments, supply chain management, decentralized exchanges, gaming, and DeFi.

Visit the Fantom Foundation website to learn more.