What is FTM and how does it relate to FANTOM ?
FTM (Fantom Token) is the native token of the FANTOM platform.
It is an ERC-20 token built on the Ethereum blockchain and is used to power the FANTOM ecosystem. FTM tokens are used to pay for transactions on the network, as well as to incentivize users to participate in the network. The FTM token also serves as a governance token, allowing holders to vote on changes to the network and protocol.
The FANTOM platform is a decentralized, open-source distributed ledger technology (DLT) platform that enables real-time transactions and data sharing across multiple blockchains. It uses a consensus algorithm called “Lachesis” which allows for near-instant transaction confirmations and low transaction fees. The platform also features smart contracts, allowing developers to create applications that interact with the blockchain.
The FTM token is integral to the functioning of the FANTOM platform, as it provides users with access to its services and incentivizes them to participate in its network. By holding FTM tokens, users can pay for transactions on the network, receive rewards for participating in consensus activities, and vote on changes to the protocol.
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