In this episode of BeInCrypto’s Video News Show, host Jessica Walker will take a deeper look into what’s behind the incredible growth behind Fantom.
Its native token, FTM, has surged 14% in 24 hours to hit an all-time high. It’s one of the many projects called ‘Ethereum Killers’ because the platform allows users to build decentralized apps and also permits its users to create their own NFT tokens. It also wants to solve problems related to smart contracts platforms. But why is Fantom on everyone’s radar all of a sudden?
What is Fantom?
Let’s start with the fundamentals of the project. Fantom is a “directed acyclic graph” smart contract platform that provides decentralized finance services to developers using its own consensus algorithm. Fantom aims to solve problems associated with smart-contract platforms, specifically transaction speed, which developers say they have reduced to under two seconds.
The Fantom Foundation, which oversees the Fantom product offering, was originally created in 2018, with the launch of OPERA, Fantom’s mainnet, coming in December 2019.
The Fantom team
The Fantom Foundation was founded by South Korean computer scientist Dr. Ahn Byung Ik. Currently, the platform’s CEO is Michael Kong.
The team behind Fantom has extensive experience in the field of full-stack blockchain development, and sought to create a smart contract platform that privileges scalability, decentralization and security. According to its official website, Fantom’s team also consists of specialist engineers, scientists, researchers, designers and entrepreneurs.
Fantom uses a custom-built consensus mechanism to facilitate DeFi and related services on the basis of smart contracts. The mechanism, called Lachesis, promises much higher capacity and two-second transaction finalization, along with improvements to security over traditional proof-of-stake (PoS) algorithm-based platforms.
Matching Ethereum, the project appeals to developers looking to deploy decentralized solutions. According to its official literature, its mission is to “grant compatibility between all transaction bodies around the world.”
Its in-house token, FTM, forms the backbone of transactions, and allows fee collection and staking activities, along with the user rewards the latter represents. Through token sales in 2018, Fantom raised almost $40 million to fund development.
Let’s talk a little bit about the token itself. Fantom’s FTM token is freely tradable, and can be found on major exchanges such as Binance, Gate.io and OKEx Korea. FTM exists on several protocols, with ERC-20, BEP2 and Fantom’s own OPERA tokens all circulating.
The token has managed to consistently break bars and continue to shock investors and the crypto community at large. Fantom’s FTM price went from $2.31 on October 19 to $2.93 on October 25, 2021. With a 7.5 billion market cap, the token has tripled in the last 30 days. And the momentum doesn’t seem to be slowing down.
Another reason for those holding FTM to jump for joy is how well the Fantom Starter has been developing. FantomStarter is a launchpad designed to support and grow blockchain projects in the Fantom Opera network. They are following in the footsteps of early blockchain launchpads like DAOMaker and Polkastarter that provide strategic investments and structure for blockchain projects and products. This platform enables investors to participate in the most promising projects and products with solid business plans to win top blockchain opportunities.
Unlike previous launchpads, FantomStarter allows blockchain projects to integrate projects on most major blockchains including Ethereum, Polygon, Binance Smart Chain as well as Fantom. Developers must submit their project’s business plans before entering a vetting process.
When accepted by the FantomStarter team the project will be eligible to access FS incubator in the way of financing, marketing, developer advisory, auditing and strategic planning. Registration for the FCFS phase of the FantomStarter public sale went live yesterday and provided another boost to Fantom.
The Fantom Developer Conference happening in Abu Dhabi is another factor that has been pointed out as one of the reasons for its surge. In detail, the conference started yesterday and ends on October 29. Developers, founders, investors, engineers, economic pioneers globally will gather for what the organizers termed ‘the most exclusive blockchain events anywhere.
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