What is Fantom and How does it Work? FTM for Beginners

What is Fantom and How does it Work? FTM for Beginners

The video provides an in-depth look into Fantom, a decentralized, open-source smart contract platform designed to support decentralized applications (dApps) and digital assets. It positions itself as a more efficient and faster alternative to Ethereum, leveraging a powerful proof-of-stake consensus mechanism to address scalability issues.

The video explains how Fantom aims to compete with Ethereum in the decentralized finance (DeFi) space by solving the crypto “trilemma” of scalability, security, and decentralization. Fantom’s unique architecture and consensus mechanism, along with its compatibility with the Ethereum Virtual Machine (EVM), allow for seamless importation of dApps between platforms. The use of a directed acyclic graph (DAG) algorithm enables nodes to independently confirm transactions, which are then compiled into finalized blocks for confirmation on the wider Fantom network.

This guide is designed to elucidate the workings of Fantom and the FTM coin, highlighting its potential to contribute to the digital infrastructure of future smart cities.