What is FANTOM?

The current cryptocurrency landscape can be confusing for those unfamiliar with its intricacies. Hopefully, this article will serve as a clear introduction to Fantom, its features, benefits, and possible future. Fantom is a powerful, highly scalable, and highly secure smart contract platform designed to overcome the limitations of previous blockchain platforms. Fantom is designed to be unlicensed, decentralized, and open source.

Fantom’s three defining features – unlicensed, decentralized, and open-source – deserve some explanation. The 2009 launch of Bitcoin is rightly presented as a leap forward in terms of technology and efficiency; Bitcoin is not without flaws, however, and the consensus mechanism – which powers the blockchain – is limited by design. The consensus mechanism (i.e. the process by which transactions are approved and added to the blockchain) is slow. In short, Bitcoin is safe, but its slow speed makes it difficult to realistically use Bitcoin for applications that require quick and fast confirmation – applications such as payments, commerce, data transfer, and a host of other functions that we rely on every day. to live.

Most current blockchain solutions deliver on three areas: scalability, security, and decentralization, more commonly known as the blockchain trilemma. According to conventional wisdom, it is not possible to optimize one part of the trilemma without sacrificing the performance of the other two. Think of a classic banking transaction like online shopping: it’s very fast, it’s very secure (depending on the security architecture), but it’s not necessarily scalable. For example, sending cash from one bank account to another can take several days, depending on the transfer method used (bank transfer or ACH). It is also not a very decentralized process and in some situations (eg international sourcing of raw materials) there is a high risk of fraud. In contrast, a Bitcoin transaction would be very secure, highly decentralized, and scalable, but not very fast.

Learn more about fantom.

Harry Yeh

Harry Yeh is the founder and Managing Partner of Quantum Fintech Group, one of the most trusted cryptocurrency hedge funds for high net worth investors. Since he started in the cryptocurrency industry with $500 and launched his first fund with $250,000 in 2013, Mr. Yeh built a successful OTC crypto trading company, managed several hedge funds and invested in various projects in the crypto space over the years. Hedge fund returns for investors are in a four-digit range with returns of over 1,200% in 12 months. He and his team currently manage more than $2.4 billion in assets across his network of hedge funds and private investments.

Fantom’s Technical Application

Fantom uses delegated proof of stake, is compatible with ERC-20 and smart contracts. Anything created on Ethereum can easily be passed to Fantom, and Republic Protocol builds a virtual machine bridge between Ethereum and Fantom’s blockchains. Yeh thinks Ethereum is equivalent to a 100 megabit network and Fantom is equivalent to a 10G network. This is because Fantom is able to help Ethereum achieve greater transaction processing capacity and is an optimal response to look beyond Bitcoin. Whether the transactions are made on Ethereum or Fantom, Yeh believes the most important thing is that users get the best possible execution price.

Check out: 10 Interesting Facts Everyone Must Know About Blockchain Technology