Coin Healthcheck: Fantom (FTM)
About
Fantom (FTM) is the native token of the Fantom network, which was designed to overcome limitations of proof-of-work (PoW) blockchains and offer a faster, cheaper, and more secure alternative.
The platform was founded by Fantom Foundation in 2018, the same year the FTM token was issued. At the end of 2019, Fantom deployed the mainnet environment to build decentralized apps, called Opera (NASDAQ:).
State of Project
Fantom aims to solve the blockchain trilemma by finding the right balance among transaction speed, security, and decentralization. It uses a specific consensus algorithm (aBFT) that increases transaction speed and throughput.
The main use case of FMT is to secure decentralization of the Fantom network via a proof-of- stake (PoS) algorithm. Users can stake FMTs or lock them on the liquidity pool.
The Fantom token is also used for payments, fees, and on-chain governance.
FTM is available as a native mainnet token, as ERC-20 and BEP-2 tokens.
Competition:
There are multiple competitors in the “Ethereum-killer” category. and are among the most prominent.
itself is on the way to proof-of-stake.
Website & Whitepaper:
Decent website, blog, contacts, technical papers, community links.
Technical whitepaper provides a detailed explanation of technology, infrastructure, and use cases.
Whitepaper lacks updated roadmap.
Development stage:
Opera mainnet launched in 2019.
80+ dApps already deployed on Fantom.
Integrated Chainlink as its official oracle solution and price feed mechanism for the FTM.
Integrated with RenBridge for cross-chain transactions.
Integrated with Orion Protocol that aggregates CEX, DEX, and swap pools into one decentralized platform.
Partnership to bring Fantom blockchain applications to the Uzbekistan government’s IT infrastructure.
Partnership with SuperFarm to launch NFT drops, farms, and NFTs.
Roadmap:
Future development plans end with 2Q of 2020. No updates since.
Plans to launch native crypto exchange for FTM tokens by Q4 2021.
Fundraising:
ICO and presale ($0.0438) raised $39.6 million in 2018.
ICO return of investment at ATH was over 7,816.6%.
KYC requirements were mandatory for ICO.
Australia, China, South Korea, and United States were restricted from investment.
Capital distribution: development and application of ecosystem (50%), marketing (30%), operation expenses (20%).
Team
Team of 14 foundation members, led by South Korean computer scientist PhD Ahn Byung lk, a prominent entrepreneur who received the South Korean President Award for successful IT business, featured in South Korea’s major business outlets.
As of 2020, the new CEO and CIO is Michael Kong, who has been in the crypto space since 2016.
15 development team members.
12 advisory board members, including Steve Bellotti, with 22 years of international investment experience.
Venture Capital investors include Alameda Research, HyperChain Capital, Blockwater Capital, TCM,…
Read More: Coin Healthcheck: Fantom (FTM) By DailyCoin