A guide to Fantom, a highly scalable blockchain platform for DeFi and crypto dApps
Fantom, what is it?
Fantom is a blockchain-based decentralized protocol that is designed to provide a general-purpose smart contract platform.
It has been built on Ethereum's ERC20 token standard and will be compatible with all other EVM blockchains, including Bitcoin and Litecoin.
Fantom aims to solve the problems of scalability, privacy, and high transaction costs by using side chain technology.
FTM Token
The Fantom FTM token is used to power the Fantom network for its fee-less transactions and decentralized applications.
The cryptocurrency is currently being developed by the company Fantom Foundation.
This foundation was established in Singapore in 2017 with a goal of developing a next generation public chain that can process tens of thousands of transactions per second.
It will also be used to incentivize users to participate in the Fantom ecosystem by rewarding them with tokens for completing certain tasks or by holding tokens in their wallets.
The token will also be used as an exchange of value between different currencies, products, products, content, and services within the Fantom ecosystem.
Fantom aim and objectives
Fantom’s main goal is to provide a more scalable and cost effective solution for developers who want to build dApps on top of the Fantom Protocol. To achieve this goal, they have created the following features:
● Side chain technology
● Proof of stake consensus algorithm
The Fantom platform uses the Ethereum Virtual Machine (EVM) to allow developers to create smart contracts and decentralized applications (DApps).
The EVM is capable of executing scripts using an international network of public nodes. This allows for better security over centralized systems, which are more prone to hacking attacks.
SpookySwap DEX on Fantom
SpookySwap is a popular atomic swap trading platform on Fantom blockchain that allows users to trade with each other without any third party interference or intervention from any other entity.
The SpookySwap BOO Token is a decentralized cryptocurrency that is based on the Ethereum blockchain and it is designed for use as a utility token.
The SpookySwap BOO Token will be used as the base currency for all transactions on the Fantom platform.
Fantom platform for lending and borrowing
Fantom also enables the lending and borrowing of cryptocurrencies. The process of borrowing and lending on Fantom is straightforward.
To borrow, an individual creates an agreement with the lender which includes terms such as duration, interest rate, collateral, and other loan specifics. Once this agreement has been created by both parties, the borrower will receive a loan in their Fantom wallet. The borrower can then use this loan to purchase any cryptocurrency they want from the exchange or send it to another Fantom user.
When a borrower wants to repay their loan they do so by sending the same amount of Fantoms back to the lender’s address minus any interest accrued during that time period.