The reason why the price of Fantom (FTM) virtual currency rose 100%, what are Fantom and FTM tokens? Will it be the next dark horse? Which Defi or Dapps projects are using Fantom?

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Recently, there are counterfeiters with the same avatar and ID as me in the comment area to reply to comments, please do not be deceived. The true beauty of blockchain lies in the best way that its smart contracts are used to build more advanced, secure and reliable decentralized applications and financial solutions. These are becoming more and more fascinating, and many friends are becoming more and more curious. To reflect this curiosity, we will discuss Fantom and the FTM token today. While the prices of most altcoins are currently trading sideways, the FTM coin is up around 100% over the past week. The price of Fantom (FTM) has even risen by 500% in the past six weeks. So what exactly is Fantom? Fantom is a high-performance, scalable, secure and directed acyclic graph (DAG) powerful smart contract platform designed to overcome the limitations of older generation blockchain platforms. As such, the project also falls into the category of current Ethereum challengers, which also include Cardano (ADA), Solana (SOL), and Avalanche (AVAX), among others. Bitcoin, our crypto project, now has a proof-of-work consensus algorithm limited by design in favor of decentralization and security at the expense of speed. Bitcoin’s main area of ​​focus is the choice of decentralization and security, which affects speed in terms of transactions, so it is not suitable for fast payments, data transfers, asset transactions, or other transactions that consumers and businesses rely on in everyday life. The goal of Fantom is to overcome the limitations of previous generation blockchain platforms. This may not sound new. However, what makes this project stand out is the aBFT consensus mechanism Lachesis. Lachesis allows digital assets to run fast, claiming to offer significant improvements over current systems without sacrificing security and decentralization to support scalability. As such, blockchain promises to be faster and cheaper than older technologies, while being very secure and decentralized. In other words, like Solana, it claims to have solved the blockchain trilemma. Current solutions need to balance three components: scalability, security, and decentralization. This is called the blockchain trilemma, and I have mentioned it many times in the previous videos. Fantom’s modularity allows developers to port their existing Ethereum-based DApps to the Fantom Opera mainnet in minutes, greatly improving performance and reducing costs. So what is the Fantom Opera mainnet? It is a secure and fast environment that allows developers to build decentralized applications on top of it. It is completely unlicensed and open source. Powered by Fantom’s aBFT consensus algorithm. It is compatible with the Ethereum Virtual Machine (EVM) and provides full smart contract support through Solidity. Fantome ensures that each blockchain-powered network works independently of each other, which helps scale the performance of these networks independently without worrying too much about congestion. Network congestion has been the biggest reason for Ethereum’s inability to scale, resulting in high gas fees for all transactions that take place on its Ethereum 1.0 platform. Now ETH 2.0 is improving to overcome scalability issues. Dapps hosted on Ethereum suffer from slow network speeds and high gas fees, Fantom solves this scalability problem by giving each Dapps its own independent blockchain, just like each application has its own Like a personal computer. This modular and independent network layer enables Dapps on the fantom platform to have their own custom tokens and governance protocols. All of these application networks are interconnected into Lachesis, Fantom’s ultra-fast aBFT consensus that helps every application benefit from the speed and security of the underlying technology. There has been considerable debate surrounding Bitcoin’s so-called energy-intensive mining. This is mainly due to its underlying proof-of-work mechanism to verify and approve all transactions. Unlike Bitcoin and Ethereum 1.0 PoW, Fantom relies on a PoS consensus mechanism, so we can consider fantom to be environmentally friendly in its approach to securing transactions generated on its network. FTM Coin is the native cryptocurrency on the Fantom network. The scope of its application in the blockchain ecosystem is varied in this regard. FTM coins are used to secure the network through staking, governance, and payments. However, on Fantom, FTM Coin can also be used to mint fUSD and access DeFi tools. In turn, fUSD can be used to trade synthetic assets. As such, Fantom also offers a DeFi stack based on its aBFT consensus, making it faster and cheaper than Ethereum. Incentive program worth $320 million spurs Fantom price up. It’s now clear that this is an equally innovative proof-of-stake blockchain looking to build its own decentralized finance (DeFi), and that’s where the hype is evident. In fact, similar things can be observed on Cardano, Solana and Avalanche. However, the most recent increase in Fantom’s price is a newly launched incentive program worth $320 million. There is no doubt that Ethereum remains the industry-leading smart contract platform. However, competitors are gaining market share as high costs and network congestion continue to challenge the protocol. However, the Binance Smart Contracts (BSC) platform has shown this year that it mainly attracts users through attractive returns and profit prospects. The sustainability of all this has yet to be proven. But here and now, Ethereum challengers are the best-selling things along with NFTs. The price trend of FTM Coin perfectly demonstrates this. According to the incentive program just mentioned, developers building things on Fantom can apply for support from the Fantom Foundation and receive between 1 million and 5 million FTM based on the total value locked in the associated protocol (TVL). In order to be eligible for the reward, the protocol must maintain a TVL of more than $5000000 or a time weighted average (TWA) of $100,000,000 over an extended period of time. If at any time the TWA falls below the $5000000 minimum, the rewarded FTM will be suspended until the TVL is restored to the required minimum. Therefore, the incentive program is mainly for developers. But developers build dApps, and those in turn attract users. The back waves of the Yangtze River push the front waves, and it is not surprising that the ecosystem on the new generation blockchain has flourished. Which Defi or Dapps projects are leveraging Fantom? The first, Travala. It is a blockchain-based travel booking platform. Travala is leveraging Fantom’s blockchain platform to help travelers book more than 3,000,000 travel products around the world, including hotels, homes, flights, tours, and more, which will greatly boost Fantom adoption. The second, DABS. It is an innovative energy solution. Fantom has signed some cooperation documents with DABS. DABS is Afghanistan’s fast-growing national power company. It manages the production, import, transmission and distribution of electricity across the country. They have agreed to collaborate on the digitization and implementation of advanced audit software within DABS operations. This is a huge partnership in support of Smart Energy in Afghanistan and can help with greater adoption and validation of the Fantom platform. Fantom also has another collaboration with the Afghan government’s ACCI. They will work with them to improve the current software, incorporating cryptographic and blockchain tools, including document authentication for Certificates of Origin and Certificates of Quality. Additionally, Royal Star, one of the largest pharmaceutical distributors in Afghanistan, has partnered with Fantom to address the widespread problem of counterfeit medicines in the region.


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