Fantom is a scalable blockchain network with an efficient platform for enterprise solutions, smart contracts and creating decentralized applications.
In this article you will learn:
- What is the Fantom project?
- Where to buy and how to store FTM?
- What technologies does Fantom use?
What is Fantom and what is its purpose?
Fantom (FTM) is one alternative blockchain that solves the problem of long and expensive transactions. On Fantom blockchain, as well as on Ethereum blockchain, it is possible to build various smart contracts and applications, with transaction processing speed on Fantom being many times faster than on Ethereum and lower cost.
Fantom originally had a rather ambitious goal, which was to use Fantom to build IT infrastructure in cities, and the transaction processing speed per second was to reach 300,000.
Fantom has many partnerships with well-known technology firms and government agencies around the world. Although so far the original goal has not been met, that has not stopped Fantom’s network from successfully accomplishing many of its other goals. Right now, Fantom Foundation’s focus is on DeFi and enterprise solutions such as supply chain tracking, smart home systems, healthcare, tokenized assets and digital currencies.
As ordinary, non-corporate users, we are more interested in the other components of this blockchain, namely the various decentralized applications built on Fantom and how to use this blockchain. But first, let’s understand the technology behind this blockchain.
Buying and storing
The easiest way to get FTM coins is to buy them on an exchange. But storing them on an exchange is not a safe way to get them. For security purposes it is better to use your own wallet and keep the funds there. There are many wallets available now and some of the popular ones: fWallet, online Fantom Wallet, TrustWallet, MetaMask, MathWallet.
Technologies used by Fantom
Fantom is a technology of a distributed register or a blockchain. Many people who are familiar with the notion of blockchain know that it is an unbroken chain of blocks where every block refers to the previous block. Each block records certain information, such as your transactions. All transactions entering the block are verified by validators using a certain consensus mechanism, which can vary from blockchain to blockchain. Once the block is fully populated or after a certain amount of time, the next block is created.
Often there are so many transactions that they do not fit in one block and the validators do not have time to process them, so you have to wait a long time for your transaction to be executed.
Fantom uses a type of distributed ledger that allows anyone to connect to the network and process transactions in parallel and have them processed asynchronously. That is, transactions are not processed in one block by some particular validator, waiting for confirmation and free space in the block, but are processed independently. This technology is called DAG (Directed Acyclic Graph).