All about Fantom, the best alternative to Ethereum

If you know about cryptocurrency, you probably know about Ethereum or follow the Bitcoin price, but you may have yet to hear of Fantom.

The platform was built as an alternative to Ethereum, specifically for its smart contract capabilities. Fantom is celebrated for being an excellent choice for app and software developers who want to share DApps.

Created in 2019, Fantom's native token is FTM, which is traded on many major cryptocurrency exchanges. The platform is known for being extremely fast and can perform up to 10,000 transactions per second. Fantom operates with Fantom's Lachesis, a variant of the DAG algorithm, making it exponentially faster than other currencies like Ethereum or EOS. Another major advantage of the Fantom operating system is its ease of scalability. The platform was built specifically to be scaled rapidly. Its unique consensus algorithm allows for asynchronous consensus, meaning transactions can be completed and verified in parallel. Fantom's technology can provide security, speed, and scalability in tandem.

The Fantom network is powered by FTM, which is needed to perform transactions on the platform, such as creating smart contracts and deploying DApps. FTM can also be traded as currency to pay for goods and services. Fantom is primarily used to trade, purchase, and deploy smart contracts and DApps, so FTM also incentivises network participants. FTM is given to validators for verifying and validating transactions made on the network and to developers when others purchase, use, and trade their DApps.

Like Ethereum, Fantom is a decentralised network free from censorship. This makes it highly attractive to developers who want to produce apps and software without regulations or constraints. Decentralisation also offers an added level of security and makes the platform highly resistant to attack. While Fantom is often compared to Ethereum, its fundamental purpose is different. Ethereum pioneered complete decentralisation with built-in extra capabilities like smart contracts and DApps.

It was built to be a direct competitor to Bitcoin, taking Bitcoin's concept and elevating it to run faster, smoother, and complete additional functions. Fantom was explicitly constructed as a scalable, sustainable smart contract platform. The platform was not meant to compete with Bitcoin or Ethereum but to provide a specific service in a streamlined fashion without the complications of other blockchains. It is a unique crypto project that appeals to particular users.

Like all other cryptocurrencies, Fantom's price is in constant flux. However, the Fantom price is markedly less volatile than other currencies. Its all-time high is $0.431, and its all-time low is $0.397. Since its highs and lows are so close in number, it is safe to say that FTM holders are in a more predictable position than traders of other cryptocurrencies. The total supply of FTM tokens will increase, but the inflation rate will decrease. This mechanism was put in place to ensure that the value of FTM does not become diluted in the future.

Fantom is a strong alternative for those who use Ethereum for DApps and smart contracts. The currency is a look into the future of the crypto market.