The Fantom Ecosystem
The Fantom Ecosystem, designed to offer fast, secure, and scalable transactions. It is built using a Directed Acyclic Graph (DAG) consensus algorithm,which allows for near-instant transaction finality and high transaction throughput.
It includes a variety of components, such as the Fantom Opera mainnet, which is the main blockchain network that allows for smart contract development and execution. It also includes a virtual machine for executing smart contracts called the Fantom Virtual Machine (FVM). As now presenting the The Fantom Ecosystem.
Unique Feature of Fantom
The use of “smart cities” as a use case for blockchain technology. The ecosystem offers tools and infrastructure for creating smart cities that use blockchain technology to enhance efficiency, security, and transparency.
Additionally, Fantom has a native cryptocurrency called FTM, which is used for transaction fees, staking, and as a medium of exchange. The ecosystem also offers a variety of other tools and services, such as a multi-currency wallet, a blockchain explorer, and a developer portal for building on the Fantom network.
The FTM Token
FTM is the native cryptocurrency of the Fantom blockchain ecosystem. It is used as the primary means of payment for transaction fees, and as a unit of account for other activities on the network such as staking, governance, and participation in DeFi protocols.
An ERC-20 token, which means it is compatible with the Ethereum network and can be stored in any wallet that supports ERC-20 tokens. However, FTM can also be used on the Fantom Opera mainnet, where it can be used to pay for transactions and participate in the ecosystem.
Use cases of FTM Token
- Payment of Transaction Fees: This includes fees for executing smart contracts, transferring tokens, and other actions that require interaction with the Fantom blockchain.
- Staking: FTM is used for staking on the Fantom network, where users can earn rewards in the form of additional FTM tokens for helping to secure the network through staking.
- Governance: FTM holders can participate in the governance of the Fantom network by voting on proposals and decisions related to the ecosystem. This includes deciding on changes to the network’s protocol, funding development initiatives, and more.
- Yield Farming: FTM can be used in a variety of decentralized finance (DeFi) protocols on the Fantom network, such as liquidity provision and yield farming. In these protocols, users can earn additional FTM tokens or other rewards for providing liquidity or performing other activities.
- Payments and Trading: FTM can be used as a means of payment and as a trading pair on various cryptocurrency exchanges.
