What is Fantom?
Fantom is a blockchain-based distributed ledger technology (DLT) platform that provides a new way to process transactions quickly and securely.
It is designed to be an open source, permissionless, and trustless platform that enables users to send and receive digital assets without the need for a third-party intermediary. Fantom uses a consensus algorithm called “Opera” which is based on directed acyclic graph (DAG) technology. This allows for faster transaction speeds than traditional blockchains, as well as scalability and flexibility.
The platform also utilizes smart contracts, allowing users to create their own applications on the network. The Fantom project was founded in 2018 by Michael Kong and Dr. Ahn Byung Ik with the goal of creating an ecosystem of interoperable blockchains that can be used for various applications such as payments, supply chain management, identity management, and more.
The team has since grown to include developers from around the world who are working together to build out the platform. Fantom has its own native token called FTM which is used to pay for transaction fees on the network. The token can also be used to reward users who contribute to the network by running nodes or participating in governance decisions.
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