Fantom $FTM rallies 4,000% in 5 months
- In the last couple of weeks there are some issues with the blockchain technology’s transaction speeds and network congestion. Good news is, Fantom (FTM) has a way to optimize transaction speeds.
- What makes Fantom unique is the consensus mechanism, Lachesis that allows developers to port their existing Ethereum-based dApps on Fantom Opera mainnet in a matter of minutes, substantially upgrading the performance and lowering the costs.
- It is building a DAG (Directed Acyclic Graph) based platform that could be used to power smart cities and all the services that constitute it
The global cryptocurrency market size is increasing and is projected to increase even more in the upcoming years. I could not imagine of a better time than now to explore the space. However, in the last couple of weeks there are some issues with the blockchain technology’s transaction speeds and network congestion.
Good news is, Fantom (FTM) has a way to optimize transaction speeds. Is this why is doing so well in the last couple of weeks? Probably. Truth is the coin has seen a 4000% upside since the beginning of 2021 and rumors say it can reach even higher by the end of the year and in later years.
What is Fantom (FTM)?
Fantom is a distributed ledger technology stack that is building a DAG (Directed Acyclic Graph) based platform that could be used to power smart cities and all the services that constitute it.
Fantom’s goal is to execute 300,000 transactions per second by being accessible to stakeholders of smart city data-driven smart contracts and dApp adoption. The Fantom team envisions the platform being used across a wide variety of sectors, including public utilities, smart home systems, healthcare, education, traffic management, resource management, and environmental sustainability projects.
Partnership with Formula One
In April 5, Forbes published an article with the title “Fantom Blockchain announces Formula One Sponsrship”.
AlphaTauri driver Pierre Gasly teamed up with Fantom and Quantum Fintech Group for the 2021 Formula One season.
On Twitter Gasly stated, “Very happy to be part of the Fantom Foundation adventure together with the Quantum FinTech Group. Fantom is the world’s first smart contract platform ready for mass adoption, allowing instant transactions and nearly zero cost.”
“In 2017, I looked at technologies that could overcome the limitations of earlier blockchain platforms, specifically scalability issues that would hinder a wider adoption. I identified in Fantom, that features a revolutionary aBFT consensus fully compatible with Ethereum, an ideal candidate for a blockchain platform that could scale and serve millions of users with almost instant and almost free transactions,” says Stelian Balta of Hyperchain Capital, another early Fantom investor.
Moreover, in the last two months Fantom has announced partnerships with Keep3r, Cover, Cream, Frax, Sushiswap, Yearn, FTX, Solana, Serum, Curve and Graph Protocol. Fantom claims to offer these projects seamless cross-chain ecosystem integration with increased through-put and transaction speed.
Fantom’s Lachesis algorithm
Fantom aBFT consensus algorithm is built on Lachesis which consensus mechanism, is the engine that powers the blockchain. Unlike other consensus like Nakamoto, Lachesis is much faster, secure and most importantly scalable.
- Asynchronous: Participants have the freedom to process commands at different times.
- Leaderless: No participant plays a “special” role.
- Byzantine Fault-Tolerant: Supports one-third of faulty nodes, including malicious behavior.
- Final: Lachesis’s output can be used immediately. There is no need to wait for block confirmations; transactions are confirmed in 1-2 seconds.
How does Fantom work?
Lachesis powers Fantom’s Opera mainnet deployment, that uses the Ethereum Virtual Machine (EVM) and it’s compatible with Ethereum.
The modularity makes Fantom exceptionally flexible. Developers can port their existing Ethereum-based dApps on Fantom Opera mainnet in a matter of minutes, substantially upgrading the performance and lowering the costs.
Only recently, Fantom Foundation had its latest network upgrade which can completely rewrite part of the code for ultimate optimization of user experience, making it the greatest improvement so far to the network in overall speed and efficiency. Fantom has been making waves in the cryptocurrency space due to its lightning-fast transaction processing speeds, and the upgrade still managed to improve performance time by reducing the time to finality to approximately 1 second.
Fantom FTM Chart
Fantom is down 4.39% at the time of writing at $0.77. The circulating supply is 2.5 billion of FTM coins and has a max supply of 3.1 billion. In the last two weeks alone, the coin has tripled in price and it might be on the way to hit $1.
The consensus mechanism that Fantom is using is what makes it unique and it is what attracts developers to its platform. 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.”