Merchants in South Korea are using apps powered by the platform to transact business with customers, even for real world goods like take out, with Fantom reportedly a major point-of-sale provider in South Korea, partnering with thousands of restaurants to help merchants and customers settle transactions and do business. Fantom was built by blockchain engineers with fast transactions and low fees in mind. FTM coin is used to settle remittances or payments, record transactions, maintain account ledgers, and incentivize and support the deployment of smart contracts, which are specially made apps saved forever on the Fantom blockchain, that can be called by any device on the network using the blockchain's protocol to call the app and run it or ask a node on the network to run it. Scroll to the top of the page for the latest data on FTM price. Staking rewards will continue to be distributed to participating Fantom nodes daily until the year 2024.įTM price is affected by its underlying business, supply/demand economics, and capital inflows. The entire supply of FTM coin was issued at the token generation event (TGE) or initial coin offering (ICO), including some 31% of the token generation as a reserve for rewards for staking, and 3.6% in a strategic reserve with no vesting schedule. FTM Coin's total outstanding supply is capped. The project originally issued a supply of 3.175 billion Fantom coins. Today the team working for the Fantom Foundation includes members from all around the world, including Europe and South Africa as well as Asia and Australia, using Slack, Telegram, and conference calls to coordinate. Then made the pivot to first form a distributed financial system on a decentralized blockchain as the nucleus for their software solutions after the emergence of cryptocurrencies. The team had transportation network management, smart homes, smart schools, and smart hospitals in mind as they began the project. Unique in how the team came up with the idea, was how Fantom was originally envisioned- as a software infrastructure for smart cities, to smartly manage the probably unavoidable "Internet of Things" as devices continue to become more connected and array more capable and different functionally articulate sensors. The idea behind FTM was to create a scalable, fast, secure, decentralized blockchain for computing, and to deliver the value of an efficient novel blockchain architecture to its users through low transaction fees. in computer science from Yonsei University. Ahn is a South Korean engineer and computer scientist with a Ph.D. Ahn Byung Ik, Matthew Hur, and others in a collaboration between developers in South Korea and Australia. These alternative software architectures are built to solve scalability issues faced by other blockchains, like real time transactions for rapid network scalability to serve a mass user base.įantom Coin was created by Dr. They include a Directed Acylic Graph (DAG) based protocol as the consensus mechanism. The token was designed with new cryptographic protocols that innovated on the ones made famous by Bitcoin (BTC) for decentralized ledger keeping, and Ethereum for decentralized computing. Fantom links better performance to lower fees with innovative blockchain solutions. Fantom Coin was developed with the goal in mind of creating instant transactions and lowering transaction costs. Its creators hoped to create a highly versatile and capable, blockchain-powered network for decentralized data sharing and implementing smart contract apps. It aims, as Ethereum (ETH) and other blockchains do, to create a distributed blockchain platform ideal for a flourishing ecosystem of decentralized applications (dApps). It functions as a utility token and store of value for the Fantom network. Launched to test net in 2018 with a main net launch in Dec 2019, Fantom Coin (FTM) is the native cryptocurrency of the Fantom blockchain and Fantom ecosystem.
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