Introduction of Fantom Digital Currency
What is a Fantom & FTM token?
In this article, we want to explain about the introduction of Fantom digital currency. Stay with us.
Fantom(FTM) is a network of an infinite number of decentralized computers (networks) that behave entirely independently of each other although having the same software logic.
Fantom uses Lachesis, an aBFT consensus and customization mechanism, enabling Fantom to be much faster and cheaper than older technologies.
In fact, Fantom is like a single platform that looks at different ways to use blockchain.
Undeniably, the mission of Fantom is to create compatibility between all trading units around the world and an ecosystem that allows real-time trading and data sharing at a low cost.
Fantom trading confirmation time is about one second.
Fantom’s aBFT consensus protocol delivers unparalleled
- Security and
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When it comes to speed, Fantom relies on its high-speed consensus mechanism, Lachesis,
which facilitates the tokens or digital assets to function at unprecedented speed.
Fantom also offers exceptionally high levels of security by using a leaderless Proof-of-Stake protocol to secure the network. Unlike many other existing projects, Fantom does not sacrifice safety and decentralization in favor of scalability.
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Decentralization: (Lies at its core )
The Lachie’s: aBFT consensus algo is capable of scaling to multiple nodes distributed across the globe in a permissionless,
open environment, providing a good degree of decentralization.
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Why use Fantom?
The problem with older blockchains is that they are built on old technology, which is not scalable.
For example, for a bitcoin transaction, you have to wait between 30 and 60 minutes to complete your transaction.
In contrast, the transaction speed of the Fantom is faster than the swipe card.
Fantom equals custom blockchains designed for speed, security and scalability.
These features allow users to create applications that they can use in the real world, Such as payments,
digital banking currencies and storage of medical information and another item.
Now let’s see how it does this. Nevertheless, Fantom solves the problem from the beginning with the help of the Lachesis mechanism.
Lachesis is a robust consensus mechanism that breaks down blockchain parts of the Fantom into smaller pieces.
Lachesis is much faster, less expensive and even safer.
The combination of speed, security and scalability make the Fantom an excellent option for banks, institutions and
other organizations that are not convinced by other blockchains.
Lachesis is at the core of the Fantom allows thousands of networks to be deployed on the Fantom network without any lack of speed and security.
That can customize each network to meet specific needs and form a completely decentralized network, secured using FTM tagging.
It does not matter if you need an accurate database for your medical records, financial and legal records, or use the Fantom network for a simple vote.
Fantom makes it a reality.
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Who owns the Fantom coins?
Fantom is a Korean company that has big plans to use DAG technology to transform cryptocurrencies.
Dr. Ahn Byung Ik, the CEO of Fantom, and his team have developed a tool to expand the role of cryptocurrencies.
He and his team believe Fantom is a new network that solves the existing scalability problems in traditional blockchains such as Ethereum, and they use a newly pioneered consensus mechanism that uses gossip to propagate consensus.
Fantom uses proof of stake to secure its network, and they believe that evidence of work is energy inefficient and isn’t a sustainable model for a network that they believe will be used for a long time to come.