Frequently asked questions

Question 1

What is Fantom (FTM)?

Accepted Answer

Fantom (FTM) is the native token of the Fantom network, which is a smart contract platform with a focus on high throughput. It is categorized as a layer 1 protocol. Fantom's goal is to address common blockchain challenges such as slow transaction speeds and limited scalability through its innovative consensus mechanism and architecture that allows for fast and scalable decentralized applications (dApps).

Question 2

When and who created Fantom (FTM)?

Accepted Answer

Fantom was founded by Ahn Byung Ik, a South Korean computer scientis. Fantom raised funds through an Initial Coin Offering (ICO) in 2018, where it raised $2 million with an ICO price of $0.04 per FTM. A significant milestone for Fantom was the launch of its mainnet in December 2019, which marked its transition to a fully operational blockchain network.

Question 3

How Does Fantom (FTM) Work?

Accepted Answer

Fantom uses a unique consensus mechanism known as Lachesis, which is a form of Asynchronous Byzantine Fault Tolerance (aBFT). This makes it possible for the network to achieve fast finality and high throughput. Fantom’s blockchain has a block time of approximately 1 second, making it possible for near-instant confirmation of transactions.

Question 4

What are Fantom's (FTM) use cases?

Accepted Answer

Fantom offers several notable features: Scalability: High throughput and fast transactions make Fantom suitable for various decentralized applications. EVM Compatibility: Fantom supports Ethereum Virtual Machine (EVM), allowing developers to seamlessly deploy smart contracts written for Ethereum. Security: The aBFT consensus mechanism secures the network against byzantine adversaries. Interoperability: The network's architecture allows interaction with other blockchains and ecosystems. Staking: Users can stake FTM tokens to participate in network consensus and earn rewards.

Question 5

Challenges of Fantom (FTM)

Accepted Answer

Despite its promising features, Fantom faces several challenges: Adoption: As with many new technologies, gaining widespread user and developer adoption is crucial. Competition: Competing with other scalable networks like Solana and Avalanche. Regulation: Being a global blockchain platform, it must navigate a complex regulatory landscape. Security: The network must continuously safeguard against potential vulnerabilities and attacks.

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