What is Fantom?
Fantom is a massively distributed, autonomous computer that anyone can use. A high-performance, DAG-based smart contract platform, Fantom allows for infinite scalability and compatibility with all types of blockchains.
What are Fantom ICO details?
Fantom ICO was held in June 2018 and raised 39,400,000 USD. The price for 1 FTM was set at 0.04306 USD (0.00008634 ETH). 40% of the total supply was available for sale.
What’s the current circulating supply and the total supply?
The current circulating supply is 2,073,092,552 FTM. The total supply is 3,175,000,000 FTM.
When will Fantom mainnet go live?
Fantom will release multiple mainnets. The first one is set for release in Q3 2019.
What does multiple mainnets mean? What are the benefits?
The first generation of blockchain platforms (Ethereum and alike) opened the doors to smart contracts, conditional logic instructions that allow the execution of applications on the blockchain. However, with more complex dApps and/or with the increase of the users, the whole network slows down. This happens because all the dApps use the same infrastructure. It’s similar to executing multiple applications on a computer: at some point the computer will choke and start to respond very slowly or even hang altogether.
Fantom solved the scalability issue by giving each application its own blockchain, similar to running each application on different computers that are part of the same network. Each blockchain is independent of one another, and can have custom tokens, tokenomics, and governance rules. However, being all plugged into Lachesis, Fantom’s uber-fast aBFT DAG-based consensus, all the blockchains - mainnets - can interact with each other and benefit from the speed and security of the underlying technology. Each mainnet is completely customizable according to the specific usage. In fact, a mainnet used to track supermarket coupons does not need the level of security of a digital identity mainnet, for example. In this case, the supermarket coupons mainnet can only have a few validator nodes and be completely functional and secure enough; on the other hand, a digital identity mainnet would require a much higher level of security, therefore applying higher standards for validator nodes. Nevertheless, the two mainnets would be completely interconnected thanks to Fantom’s cross-chain interoperability.
Who are Fantom’s competitors?
Fantom is an advocate for openness, transparency and trans-project collaboration. However, for information purposes, here’s a list of relevant projects that are working on achieving similar goals.
Ethereum. It is the first major blockchain platform but not easily scalable at this moment. They’re working on implementing sharding and side-chains that will take another 1-2 years to be fully functional.
Cosmos. Next-gen blockchain ecosystem and a fascinating project. It is the most direct competitor of Fantom. Cosmos’ approach is very similar to Fantom’s, with multiple interconnected blockchains. However Tendermint, its consensus mechanism, is not as advanced as Lachesis and does not work too well with a higher number of validators.
Hedera Hashgraph. Similar project but it is a permissioned network. In other words, centralized.
Other projects, not yet released: Polkadot, Dfinity, Dexon.
What are Fantom’s use cases?
Fantom use cases are limitless. They include:
- payments and financial transactions
- digital asset transfers
- stablecoin issuance
- digital identity
- prediction markets
- decentralized exchanges
- health care, medical records and real time medical research
- smart city management
- traffic management and data analysis
- smart home
- resource management
- food traceability
- supply chain
- much, much more
Is Fantom a DAG?
Fantom’s Lachesis aBFT consensus is a DAG. On top of it, the output can be a regular blockchain or a DAG.
Below a more thorough explanation by Andre Cronje:
Let’s clear up two nomenclatures first:
1. Blockchain the category; and
2. Blockchain the structure
A blockchain is a DAG.
Directed (moves in one direction only)
Acyclic (you can't return to a node from the current node) Graph
All blockchain (structures) are DAGs.
A DAG can be a blockchain (category).
Within the DAG world there are different kinds of implementations:
- Storage DAG - like Avalanche, where the UTXO are stored in DAGs
- Block DAG - Ghost / Spectre / Phantom, similar to UTXO for Avalance
- Consensus DAG - Fantom / Hashgraph (and derivatives) where the output can still be a normal blockchain (structure) or it could be another DAG (structure)
- Account level DAG - Nano
- Transaction level DAG - IOTA
What is Lachesis?
Lachesis is Fantom’s consensus mechanism. It is the most advanced, fast and secure consensus mechanism to date.
Lachesis is an open-source software component intended for developers who want to build peer-to-peer (p2p) applications, without having to implement their own p2p networking layer from scratch. Under the hood, it enables many computers to behave as one; a technique known as state machine replication.
Lachesis is designed to easily plug into applications written in any programming language. Developers can focus on building the application logic and simply integrate with Lachesis to handle the replication aspect. Basically, Lachesis will connect to other Lachesis nodes and guarantee that everyone processes the same commands in the same order. To do this, it uses p2p networking and an asynchronous Byzantine Fault Tolerant (aBFT) consensus algorithm.
- Asynchronous: Participants have the freedom to process commands at different times.
- Leaderless: No participant plays a special role.
- Byzantine Fault-Tolerant: Supports one third of faulty nodes, including malicious behavior.
- Final: Lachesis's output can be used immediately, no need for block confirmations, etc.
What are the staking requirements?
- 1 FTM minimum to delegate
- No security deposit
- No lock period
- No maximum number of validators a user can delegate to
- Maximum number of tokens that can be delegated to a validator: 15 times the number of tokens the validator is staking
What are the requirements to run a validator node?
A validator node must maintain a minimum stake of 3,175,000 FTM at all times.
After the launch of the mainnet, the foundation will guarantee a floor (measured in USD) in FTM equal to the operational cost of a validator using foundation-approved hardware. Although block rewards alone should cover hardware costs, the guarantee is to ensure that the network encourages high performing, optimal hardware from the beginning.
What rewards are to be expected from staking?
~15% annually for the first year for a Validator node, ~12.5% for a delegator, paid daily, assuming that 70% of the total supply is staked. If less FTM is staked the rewards will be higher. Rewards will decrease about 1% every year for 4 years total. After 4 years the validator nodes will be able to sustain their costs with transaction fees alone.
How does Fantom staking model work?
In order to earn FTM, a FTM holder has two options:
- Running a validator node, or
- Delegating to a validator node
Validator nodes actively participate in the consensus of the network to validate transactions. A validator must, at all times, maintain a minimum stake of 3,175,000 FTM (0.1% of the total supply).
Regular users can delegate their holdings to a validator node. The delegating user will have their tokens locked but does not have to run dedicated staking software. The minimum stake in this case is only 1 FTM.
Validators will earn fees through three mechanisms:
Returns (Validator) = block rewards + transaction fees + delegated fees
Delegators will earn fees through two mechanisms:
Returns (Delegator) = block rewards + transaction fees - delegated fees
The total reward given to a validator is calculated with the formula below:
Daily Validator Reward = Total Daily Attributable Reward * (validation staked tokens + 15% * total tokens delegated) / validator weight (tokens staked by, and delegated to, the validator)
The total reward given to a delegator is represented by this formula:
Daily Delegator Reward = Daily Validator Reward * (0.7 * tokens delegated / validator weight)
Will BEP2 and ERC20 FTM coexist with mainnet tokens?
Yes BEP2, ERC20 and mainnet tokens will all coexist.
How can I swap between BEP2 and ERC20 FTM?
You can use the BNBridge: https://bnbridge.exchange/FTM
To swap from ERC20 to BEP2:
Fill in your receiving Binance Chain wallet address in ‘BNB Receive Address’ and click on next.
Once you have submitted a successful token swap request, you will be prompted with instructions on the next steps. You will need to deposit the ERC20 FTM from an Ethereum address of which you control the private key into the account provided by BNBridge.
You will receive the swapped tokens in a few seconds.
To swap from BEP2 to ERC20:
Fill in your receiving Ethereum wallet address in ‘ETH Receive Address’ and click on next.
Once you have submitted a successful token swap request, you will be prompted with instructions on the next steps. You will need to deposit the BEP2 FTM from a Binance Chain address of which you control the private key into the account provided by BNBridge.
You will receive the swapped tokens in a few seconds.
What exchanges is Fantom listed on?
Currently Fantom is officially listed on Binance, Bittrex, Kucoin, Bitmax, Gate.io, Bibox, IDEX, OKEx and Coinall.
How can I store Fantom safely?
Fantom ERC20 token can be stored in any wallet that supports Ethereum, including Ledger Nano S/X and Trezor. Fantom BEP2 can be stored in Binance’s Trust wallet app.
What is FantomPay?
FantomPay is a crypto-to-fiat payment solution built on Fantom. You will be able to easily pay and receive payments online or in store with zero fees and instant confirmation.
What is fantom.global?
fantom.global is a website funded, designed, and built by the Fantom community. Embracing the decentralized nature of the blockchain ecosystem, more than 100 individuals donated FTM and time to build this resource with the goal of explaining in simple terms what Fantom is.
How can I stay up-to-date with the latest news from Fantom Foundation?