Fantom solves the blockchain trilemma. The trilemma entails the trade-off between scalability, security, and decentralization. Bitcoin – the original cryptocurrency – focuses on decentralization and security but at the cost of scalability. Bitcoin suffers from a low speed of transactions which pose as a hinderance in the mass adoption of the cryptocurrency. Fantom is one such cryptocurrency that aims to solve the three problems which have plagued the blockchain world. Current developments are helping it surge upwards.
What is Fantom?
Fantom is a directed acyclic graph (DAG) which provides decentralized application and finance services through smart contracts. The Fantom Opera mainnet offers a safe and secure ecosystem for developers. It is an open-source and permissionless protocol developed by a South Korean computer scientist Dr. Ahn Byung Ik.
Fantom makes use of aBFT consensus mechanism which helps it solve all of the three problems. Asynchronous Byzantine Fault Tolerance is regarded as one of the most advanced technology in consensus protocols. The modular consensus blockchain layer Lachesis ensures unparalleled speed to the blockchain. The leaderless Proof-of-Stake protocol is used for security. Lastly, the aBFT protocol’s also gives Fantom unprecedented scalability. In short, the technology of the protocol solves the blockchain trilemma with Fantom having scalability, decentralization, and security at the same time.
There has been a lot of developments going on at Fantom’s network which has helped FTM surge upwards. The blockchain has recently integrated the decentralized oracles of Chainlink to further boost the decentralized space on the network. The oracle was originally launched on the testnet and after successful testing, were subsequently launched on the Fantom Opera mainnet. Chainlink’s price oracles are one of the top in the crypto space and can definitely help Fantom’s DeFi space.
Fantom has also delved into the CBDC space with proposing its own Central Bank Digital Currency. It is a common notion that countries are warming up to the idea of cryptocurrencies and many central banks are planning to launch their digital currency. Fantom is cashing in on the opportunity and has proposed its highly scalable, secure, and interoperable CBDC to the United Nations International Telecommunications Unit.
At the time of writing, FTM stands at a price level of $0.69. The price of cryptocurrency has been surging upwards. FTM established a new all-time high in the recent timeframes while the price has been up by 38% in the daily timeframe. The recent developments can certainly help Fantom boost in the upcoming days. According to the predictions of Wallet Investor, the cryptocurrency will be operating at a price level of $0.945 in a year’s time while the five-year price is expected to be at $2.428. Digital Coin Price suggests Fantom will end the year at a price level of $1.04 and reach towards $2.4 by 2026.