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Fantom is a smart contract platform that uses its own proprietary consensus algorithm to provide decentralised finance (DeFi) services to developers.=
Fantom, along with its in-house coin FTM, seeks to overcome challenges connected with smart-contract platforms, notably transaction speed, which creators claim has been decreased to under two seconds.
The Fantom Foundation, which supervises the Fantom product offering, was established in 2018.
Fantom is an open-source decentralised smart contract platform for DApps and digital assets which was developed as a substitute for Ethereum. The purpose of Fantom is to overcome the shortcomings of previous generation blockchains while balancing three components: scalability, security, and decentralisation. The project provides a collection of tools to make it easier to integrate current DApps, as well as a thorough staking incentive structure and built-in DeFi instruments.
Fantom is a Layer-1 blockchain that uses a separate consensus layer called Lachesis and a consensus mechanism that was made from scratch to make DeFi and other smart contract-based services possible. Lachesis is also used to protect other layers, like Opera, which is Fantom's smart contract chain that works with EVM.
One of Fantom's greatest strengths is its performance and quick transaction processing, which enables thousands of transactions per second to be settled in one to two seconds at a cost of fractions of a penny per transaction. So, Fantom has a higher level of scalability at a lower cost.
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