Fantom: A Unique Crypto Coin and Platform

Fantom is a cryptocurrency with a unique and captivating branding backed by a robust technology. This article will explain the Fantom Network, its unique features, and its incentive program for developers.

Directed Acyclic Graph (DAG)

Fantom uses a DAG instead of a traditional blockchain. In a blockchain, each block contains data and must have a block before and after it. In a DAG, there are multiple computers in a network, and they gossip back and forth about transactions with nearby computers. This method allows the network to reach a consensus on the ledger and the data stored.

This approach has its pros and cons. One significant advantage is that transactions are confirmed faster, as they don't have to wait for previous transactions. This feature also increases transaction finality.

Consensus Mechanism

Fantom uses a unique Proof of Stake (PoS) model called Lachesis. To become a validator, a participant must stake at least one million Fantom coins, which is a considerable investment. This requirement does not necessarily promote decentralization, but it may not be the top priority for the Fantom Network.

To attack the network and create fake transactions, an attacker would need to control about a third of the network, making it less secure than other cryptocurrencies. However, users can delegate their Fantom coins to validators they trust to participate in the DAG. Delegating requires a minimum of one Fantom coin, and users can earn staking rewards based on their chosen lock-up period.

Speed and Finality

The Fantom Network is fast, supporting up to 4,500 transactions per second, including basic transactions and smart contracts. Transaction finality is a crucial feature, and it is measured in the time required for a transaction to be confirmed. On the Fantom Network, finality is around one to two seconds. Transaction costs are also low, with each transaction costing less than a penny.

EVM Compatibility

Fantom is Ethereum Virtual Machine (EVM) compatible, which means that projects built on Ethereum can be easily ported to the Fantom Network with minor tweaks. This compatibility has attracted popular dApps like Curve Finance, SushiSwap, and Cream.

Incentive Program for Developers

Fantom offers a substantial incentive program for developers, promising around 370 million tokens (worth about half a billion dollars) to those who create unique and useful applications on their network. This approach is different from other platforms like Matic and Avalanche, which give away tokens to users as advertising. Fantom's strategy is to incentivize developers to create projects that encourage users to hold their money in the system.

Branding and Community

Fantom's branding is exceptional, with a spooky and ghostly theme throughout the network. This captivating branding extends to dApps like SpookySwap, a decentralized exchange, and Scream Finance, similar to Aave. Content creators have also embraced the Fantom Network, creating dedicated channels and platforms to promote the project.

Governance

Fantom's governance system is unique, as it allows users to vote on a scale of one to four for new ideas instead of a simple yes or no. To implement a new idea, it must have at least 66% of the voting power. This approach offers a more nuanced way to express support for proposals.

Team Background

The Fantom Foundation is led by a team of experts in various fields, including engineering, science, research, design, and entrepreneurship. The team's CEO is Michael Kong, and its members are distributed across the world, aligning with the principle of decentralization. Other key members include David Richardson as Executive Chairman, Andre Cronje as Core Contributor/Director, and Quan Nugyen, Ph.D., as CTO. The rest of the team consists of researchers, engineers, marketing, business development, and community management professionals, all contributing to Fantom's vision for a more democratic and efficient future.

Current and Upcoming Project Development

Fantom has launched several initiatives to promote its ecosystem. Some of them include the Fantom Hackathon, which invites innovative dApp developers to compete for a prize pool valued at over $200,000. They also introduced Fantom Academy, a series of lessons aimed at helping developers build on Fantom, covering topics such as Solidity basics, Chainlink VRF, and gas optimization. Additionally, Fantom has partnered with various projects, such as CryptoRefills, DAMX, Flux Exchange, Hector Network, and Lava, to expand its platform offerings. As Fantom continues to grow and develop, users can expect more partnerships, initiatives, and integrations in the near future.

Fantom Price Analysis

As of November 24 2024 Fantom has a marketcap of $2.5B. This is {{percentagefromath}} from its all time high of $3.46. In terms of its tokenomics, there's a total supply of 3.2B with 88% currently outstanding. Keep in mind Fantom has a fully diluted value of $2.8B which many investors might interpret as overvalued.

Of course, don’t trust price predictions alone, always check the Coinrotator token screener to follow the trending market.