What is Fantom (FTM)?

Fantom (FTM) is a blockchain platform based on the Directed Acyclic Graph (DAG) consensus system that is designed to solve the scalability and versatility issues of existing blockchain solutions. It uses the Lachesis Protocol to provide a more efficient solution to the scalability limitations of existing blockchains by allowing transactions to be verified and processed asynchronously. The total supply of FTM is 3.175 billion, with 2.1 billion currently in circulation and the remainder reserved for staking rewards. FTM is available as native mainnet token, as ERC-20 token, and as BEP-2 token and can be purchased on all major cryptocurrency exchanges. To benefit from staking rewards, it is recommended to store FTM in a secure wallet. In August 2024, Fantom announced its transition to Sonic, marking a significant upgrade in performance and scalability. The rebranding introduces the Sonic chain and the S token (S), designed to process over 10,000 transactions per second with one-second finality. FTM holders have the option to exchange their tokens for S at a 1:1 ratio, with the existing Fantom Opera network continuing to function for those who choose to remain on the current system. This shift aims to enhance transaction efficiency and expand the network's capabilities while maintaining a smooth transition for existing users.

For What is FTM Used For?

The primary token of the Fantom network is FTM, which is used to secure the network through staking, for governance, for payments, and for fees. On Fantom, money transfers take place in around 1 second and cost about $0.0000001. The FTM token is also necessary for on-chain governance, as it is required in order to participate in the voting process. Additionally, FTM is used for network fees, such as transaction fees and fees for deploying smart contracts or creating new networks. Following the transition to Sonic, the S token (S) will serve similar roles within the Sonic network, including transaction fees, staking, validator operation, and governance participation. Additionally, the S token will facilitate cross-chain interactions with Ethereum, further expanding the network’s interoperability.

Who Created Fantom (FTM)?

Fantom (FTM) was created in 2018 by Michael Kong, Dr. Ahn Byung Ik, and Dr. Ahn Byung Jun. Michael Kong is the CEO and Co-Founder of Fantom, and has over 10 years of experience in the tech industry. Dr. Ahn Byung Ik is the CTO and Co-Founder of Fantom and is an expert in distributed systems and algorithms. Dr. Ahn Byung Jun is the Chief Scientist and Co-Founder of Fantom and is an expert in distributed computing, blockchain, cryptography, and security.

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