Things You Should Know About The Cryptocurrency: Fantom

What is Fantom?

Fantom is an open-source, decentralized smart contract platform for dApps (decentralized apps) and digital assets. It is a strong blockchain network contender against Ethereum. It aims to maintain decentralization, scalability, and security over the blockchain network. Competing against Ethereum, it works towards delivering lower costs and greater scalability than Ethereum 1.0.

Fantom uses the Asynchronous Byzantine Fault Tolerant Proof-of-Stake consensus algorithm, which increases security while optimizing performance. There has been a tremendous increase in the value of its native FTM coin. And it is still projected that its value is likely to go up in the coming months.

Why the Fantom Fanbase?

Fantom and its native cryptocurrency, FTM, are gaining a lot of traction. So let’s take a look at why this Fantom fanbase and the future it holds.

Fantom provides the features Ethereum provides and better. It allows for the implementation of decentralized apps, smart contracts, and digital assets. It provides the benefits Ethereum provides, with added security and scalability. So, the fact that it is seemingly a strong contender for Ethereum is what is driving its popularity.

Since the rise of decentralized apps, Ethereum has held a very strong position in the blockchain sector. If Fantom lives up to the hype, then more people will invest in it, leading to a rise in its price. A lot of other cryptos of the sort have created a lot of buzz initially, which has eventually fizzled out. So we have yet to see how everything turns out to Fantom and its investors.

Final Thoughts

Fantom, with its rising popularity and being called a competitor to Ethereum, provides a platform for decentralized apps, smart contracts, and enterprise applications. It even provides some added benefits to what Ethereum has to offer with its better security and scalability. We’ll have to wait and see where all of this hype leads this cryptocurrency.

At Kointrack, we provide information on the ongoing trends in the crypto market and make blockchain technology accessible to more people.