Fantom is a blockchain network for smart contracts involving digital assets (like NFT) and decentralized applications or dApps. Fantom operates under the same tenets as other blockchain networks like Ethereum. Fantom is an open-sourced, permissionless, and decentralized blockchain platform.
The launch of Opera – the Fantom blockchain mainnet took place in the last quarter of 2019. Opera operates an open source, permissionless system for the development and hosting of dApps with smart contracts supported by Ethereum blockchain.
Developers of Fantom designed a network architecture that provides a delicate balance between decentralization, cost, security, and scalability. The security of the Fantom infrastructure is preserved by Lachesis, an Asynchronous Byzantine Fault Tolerant (aBFT) consensus mechanism which also helps in optimizing the speed of the Fantom blockchain network. In addition to aBFT, the operational efficiency of the Fantom infrastructure is also held together by a Proof-of-Stake (PoS) consensus mechanism.
Transactions and finality on Fantom network are processed quickly. This is so because while the independent nodes of the network communicate occasionally about events and transactions, the ratification of finalized blocks is not up to the nodes.
Also, because of the leaderless PoS consensus mechanism in place, no node can assume the role of a block leader or singularly influence the general state of the network.
The Fantom node network operates a free-to-come and free-to-leave system with participants coming and going at any time. No Fantom node is greater than the other, all nodes have an equal status under the consensus protocol.
The Fantom blockchain ecosystem is powered by FTM which is its native utility token. FTM can be used in making payments, paying fees, governance, and staking on the Fantom network. As at the time of writing this post, a total of 3.175 billion FTM coins were produced with as much as 2.5 billion already in circulation.
675 million FTM coins (the remainder) are billed to be distributed in the form of Fantom staking rewards. FTM is not just the Fantom mainnet utility token, but this coin is also available as the Binance ecosystem BEP-2 token and the Ethereum ecosystem ERC-20 token.