Fantom (FTM) Live Price

What Is Fantom (FTM)?

Fantom is a decentralized, open-source, permissionless smart contract for digital apps and dApps (decentralized apps) created in 2018 and launched in 2019. 

This Layer-1 Blockchain uses an independent consensus layer and a scratch-built consensus mechanism (Lachesis) to facilitate DeFi and other related services over its smart contracts. 

The platform allows developers to use their native consensus algorithm instead of relying on FTM’s main consensus layer. In addition, every application developed using Fantom has its unique Blockchain, adding a sense of independence to its use. 

Together with its in-house FTM token, the platform intends to provide a reliable solution to the Blockchain Trilemma. FTM does so by adding a steady balance to the aspects of security, scalability, and decentralization. 

Like other Ethereum alternatives, Fantom intends to add more scalability while lowering the costs for its users. The legacy first-mover platform can now attain it in its Ethereum 1.0 iteration. 

The ecosystem primarily revolves around two leading technologies: Lachesis protocol and Opera.

Overall, the Fantom network can be best conceptualized as a parent network that comprises numerous independent child networks that host dApps of different sizes and shapes. The platforms’ infrastructure is held together via its aBFT (Asynchronous Byzantine Fault Tolerant) and PoS (Proof-of-Stake) consensus mechanism, which is responsible for maintaining the operational efficiency of the overall network without compromising on its speed. 

FTM Price

Fantom, or FTM, is one of the few tokens that simplifies the complexities of Blockchain like no other. However, the core fundamentals of the token weren’t accepted by investors until 2021. 

Talking of the price movement, FTM was initially launched at a price of around $0.20 but failed to make an impact for the next two years. Fast forward to 2021, and things changed post the congestion over the Ethereum Blockchain. 

At this point, the market sought heavy demands for alternative smart contract platforms, pushing the price for FTM tokens.

However, the token failed to keep up with consistent pricing and soon fell below a dollar again (spring 2022). While the market faced a crypto winter for most of 2022, Fantom was the only token to take a more significant hit than rival “Ethereum killers” Avalanche and Solana.

Overall, the price of the FTM tokens depends on the success and active collaborations of the Fantom platform. In addition, the project's tokenomics suggest that Fantom is an inflationary token, signifying that the token number of FTM tokens will increase over time. 

Still, the current market has a limited supply of 3.175 billion tokens, which is expected to get over by 2024. So once the new tokens are in circulation, we might witness another significant market movement from the token. 

A Brief History Of Fantom

As mentioned earlier, Fantom was founded in 2018. The project was the brainchild of Dr. Ahn Byung Ik, a South Korean computer scientist who raised US$40 million on 22 June 2018 to launch the project.

At the time of its launch, Fantom incorporated Lachesis as its consensus layer with the functionality to extend to new layers inside its ecosystem. Over time, the platform incorporated its first extra layer, Opera, in 2019. Opera was an EVM-compatible smart contract platform operated over a PoS (proof of stake) layer. 

In May 2019, Fantom announced its collaboration with the Binance Chain to promote cross-chain and multi-asset ecosystems. This collaboration added numerous Token standards, including versions of Binance Chain's BEP-2 and Ethereum ERC20. These specifications allowed the platform to implement popular Ethereum apps on Opera.

Fast forward to 2022, as of January 2022, Fantom moved to the position of third-largest Blockchain system after Ethereum and Bitcoin. 

What Makes Fantom Unique

Its unique scratch-build consensus mechanism is what makes Fantom unique. The platform revolves its operations around DeFi and related services based on smart contracts.

Its core mechanism Lachesis, promises scalable, real-time transactions (two seconds with finalization), along with improvements around security over the traditional PoS (proof-of-stake) algorithm-based platforms. Per its whitepaper, the project is on a mission to achieve transactional compatibility between different bodies worldwide.

How Does Fantom Work?

Operations over Fantom are simple. The project is a smart contract Blockchain designed to facilitate faster operations than its alternative, Ethereum. The network operates via a DAG (Directed Acyclic Graph) where transactions are expressed as graphs of Blockchain hashes.

Also, unlike the case with Ethereum, Fantom’s PoS (proof-of-stake) consensus mechanism, Lachesis, is independent. This allows the system to operate its transactions independently rather than operating them in different batches of transactions. 

Besides, Fantom is also compatible with the EVM (Ethereum Virtual Machine), allowing developers to move their projects to Ethereum. 

How Is The Fantom Network Secured?

There are several proof-of-stake algorithms to add to Fantom’s security. However, Lachesis’s aBFT (asynchronous Byzantine Fault Tolerant) consensus mechanism is the most stringent layer of security over the FTM ecosystem. 

FTM also avoids attack risk among network participants via user incentives on its ecosystem. 

Where Can You Purchase FTM?

The FTM token is tradable freely and can be listed over any prominent crypto exchange, including Gate.io, Binance, and OKEx Korea.