This piece was written and submitted by @LordFantomian – Help support community members by giving him a follow on twitter!
What does it do?
According to their website;
“Fantom is a high-performance, scalable, customizable, and secure smart-contract platform. It is designed to overcome the limitations of previous generation blockchain platforms. Fantom is permissionless, decentralized, and open-source.
Lachesis, its revolutionary aBFT consensus mechanism, allows Fantom to be much faster and cheaper than older technologies, yet extremely secure. Instead of centralizing all computing power and usage on a single decentralized ledger, the users of the Fantom ecosystem can deploy their own independent networks.”
Essentially Fantom can operate as the IT infrastructure of Smart City applications such as public utilities, government services, traffic management, telecommunications, as well as smart homes, healthcare, education, resource management and environmental management. They are set up for applications that require high volumes of data to be collected, stored and secured at a fast speed.
Where does FTM come into it?
The token is used for a few purposes:
- Securing the network (via stake)
- On-chain governance (by stakers)
- Network fees
- fMINT (to mint fUSD)
- Liquidity provider (for fUNI and fSWAP)
Fantom Foundation Ecosystem/Partners
The technology behind FTM … Read the rest