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About Fantom (FTM)

Fantom is a high-performance, scalable, and secure smart-contract platform designed to overcome the limitations of previous-generation blockchain platforms. FTM is the native utility token of the Fantom network, used for staking, governance, payments, and fees. Operating on an aBFT consensus mechanism, Fantom aims to provide fast transaction speeds with low costs, making it suitable for DeFi applications and real-world use cases.

    Fantom Frequently Asked Questions (FAQ)

      What is Fantom's key solution to the scalability issues faced by traditional smart contract platforms?

      Fantom's key solution to scalability issues is its consensus mechanism called Lachesis, which is an aBFT (Asynchronous Byzantine Fault Tolerant) protocol. This enables much faster transaction speeds and higher throughput compared to traditional blockchains, with near-instant transaction finality. It operates independently of the transaction layer, allowing for greater customization and scalability.

      How does Fantom's bespoke consensus algorithm improve transaction speeds?

      Fantom's bespoke consensus algorithm, Lachesis, uses an asynchronous Byzantine Fault Tolerant (aBFT) approach to achieve high transaction speeds. It allows for nodes to process transactions independently and asynchronously, resulting in faster confirmation times as nodes do not need to wait for the entire network to agree on a single state. This aBFT mechanism ensures that transactions are final as soon as they appear on the blockchain, eliminating the need for multiple confirmations and speeding up transactions significantly compared to traditional blockchain consensus mechanisms.

      When was the Fantom Foundation created and when did the OPERA mainnet launch?

      The Fantom Foundation was created in 2018, and the OPERA mainnet launched in December 2019.

      What are the main objectives of Fantom in the blockchain industry?

      The main objectives of Fantom in the blockchain industry are to provide a high-speed, scalable, and secure platform for decentralized finance (DeFi) and related applications. It aims to resolve issues associated with smart-contract platforms, such as transaction speed and costs, by implementing its own bespoke consensus algorithm. Overall, Fantom strives to drive adoption of blockchain technology by offering an efficient and user-friendly experience.

      How does Fantom's Layer-1 blockchain differ from other blockchains?

      Fantom's Layer-1 blockchain is distinguished by its use of a high-speed consensus mechanism called Lachesis, which enables much faster transaction processing and improved scalability compared to traditional Proof of Work (PoW) or Proof of Stake (PoS) blockchains. It achieves near-instantaneous transaction finality, and has a leaderless, permissionless, and asynchronous system, allowing for greater security and decentralization.

      What are the benefits of Fantom's Lachesis protocol for its network?

      The benefits of Fantom's Lachesis protocol include high throughput, enabling near-instant transactions with low costs. It achieves improved decentralization and security using aBFT consensus, making the network resistant to attacks. Additionally, it ensures finality, meaning transactions are finalized as soon as they're added to the blockchain, preventing reversals or double-spending.

      How does the Asynchronous Byzantine Fault Tolerant (aBFT) Proof-of-Stake (PoS) consensus work in securing Fantom's network?

      Fantom's aBFT PoS consensus mechanism allows the network to achieve consensus even if some participants are malicious or fail. Validators stake FTM tokens and take turns proposing new blocks. The network operates in a leaderless, asynchronous environment, enabling faster and more secure transactions. Safety and liveness are ensured without relying on immediate message delivery. The aBFT system secures the network by allowing it to remain robust and operational, even if up to one-third of the validating nodes are defective or hostile.

      What are the unique features of the Opera layer in the Fantom network?

      The Opera layer in the Fantom network provides a high-throughput, permissionless, and open-source environment for decentralized applications. Its unique features include employing the Lachesis protocol for achieving consensus, offering near-instant transaction finality with low fees, and supporting Ethereum Virtual Machine (EVM) compatibility which allows for easy porting of Ethereum DApps and smart contracts. Additionally, it enables staking, on-chain governance, and a modular architecture for further customizations and improvements.

      Who is responsible for developing and maintaining Fantom?

      The Fantom Foundation, a team of engineers, scientists, and researchers, is responsible for developing and maintaining the Fantom platform.

      What makes Fantom's approach to consensus unique compared to traditional PoS algorithms?

      Fantom's uniqueness lies in its consensus mechanism, Lachesis, which provides a higher degree of scalability and security compared to traditional Proof of Stake (PoS) algorithms. It implements an asynchronous Byzantine Fault Tolerant (aBFT) approach to achieve consensus without compromising on decentralization, enabling near-instant transaction finality and reducing the possibility of network forks. This is distinct from traditional PoS algorithms that often require some form of coordination between nodes and can experience longer confirmation times and the risk of centralization.

      Can you explain the different versions of Fantom (FTM) tokens in circulation?

      Yes, Fantom (FTM) has two different versions of tokens in circulation: the Opera mainnet FTM and the ERC-20 FTM. The Opera mainnet FTM is used within the Fantom Opera blockchain for staking, governance, and network fees. The ERC-20 FTM is an Ethereum-based version that can be used in the wider Ethereum ecosystem, compatible with Ethereum wallets and DeFi platforms. Both versions can be swapped using the Fantom bridge, allowing users to move tokens between the Ethereum blockchain and the Fantom blockchain.

      What is the total supply of Fantom (FTM) tokens and what are its tokenomics?

      The total supply of Fantom (FTM) tokens is fixed at 3.175 billion FTM. Its tokenomics structure includes staking rewards, platform fees, and governance mechanisms. Inflation and deflationary mechanisms are in place to ensure network security and sustainability, with the possibility of staking rewards decreasing over time. Users can stake FTM to participate in network security and governance, and transaction fees contribute to rewarding validators. The supply may also be affected by periodic burns to reduce the total supply and potentially increase scarcity.

      How does the Fantom network mitigate risks of low-cost attacks?

      The Fantom network uses a proof-of-stake model along with its leaderless asynchronous Byzantine Fault Tolerance (aBFT) consensus mechanism called Lachesis, which mitigates the risks of low-cost attacks by requiring validators to stake FTM tokens to participate in network operations. The aBFT mechanism ensures high security and liveness, and the staked FTM creates an economic barrier to attacks, as acting maliciously would result in financial penalties, such as the loss of staked FTM. Additionally, Fantom's aBFT consensus allows nodes to process transactions quickly and independently, making the network more resistant to coordinated attacks.

      What role does staking play in the Fantom network?

      In the Fantom network, staking is crucial for maintaining security and achieving consensus. Validators lock up FTM tokens to participate in the network's Proof-of-Stake system, which helps to validate transactions and create new blocks. By staking, participants can earn rewards, contribute to the network's integrity, and engage in governance decisions.

      Who founded the Fantom Foundation and who is the current CEO?

      The Fantom Foundation was founded by Dr. Ahn Byung Ik, and as of writing in early 2023, Michael Kong was the CEO.