What is Fantom – TheGWW.com

This article was written by Bryce MacCarthy.

Fantom is a fast, cheap, scalable, decentralized, and secure blockchain platform. Fantom not only supports DeFi development but also expands to meet the requirements of institutions and governments such as financial markets, institutional finance, CBDC (Central Bank Digital Currency), real estate, healthcare intelligent, etc. Fantom uses Lachesis, an innovative aBFT consensus mechanism, to implement notable features such as speed, security, scalability, and EVM compatibility. The main characteristics of this algorithm are:

  • Asynchronous: Users are free to process orders at any time.
  • Without reader: no one can control the system alone.
  • Byzantine Fault Tolerant: Works even if 1/3 of the node is bad or malicious.
  • Final: the transaction is confirmed in just 12 seconds. It can be seen as immediate.

On September 6, 2021, Fantom introduced a separate category in their blog: Spotlight on the Fantom ecosystem – a program created to allow the various Fantom projects to interact directly with the Fantom Foundation, thus creating a close link between the 3 participants: the Fantom Foundation, the project itself and its community. Most recently, Fantom Ecosystem Spotlight featured SpiritSwap – one of the biggest projects on Fantom. As you can see, the projects featured on Ecosystem Spotlight are mostly the core ecosystem legos: Grim Finance, Scream, SpookySwap, Geist Finance,… and now there’s SpiritSwap. Imagine the next protocols presented. Will you see them as trustworthy as any other protocol here? If the answer is “yes”, then Fantom Ecosystem Spotlight has shown its effectiveness.

In September 2021, Fantom launched a category on their blog. This is the Fantom Ecosystem Spotlight, a program that was created to allow various Fantom projects to interact directly with the Fantom Foundation, thus creating a close relationship between the three participants: Fantom Foundation, the project itself and its community. Recently, Fantom Ecosystem Spotlight announced SpiritSwap, one of Fantom’s biggest projects. As you can see, most Ecosystem Spotlight projects are basic ecosystem legos. GrimFinance, Scream, SpookySwap, Geist Finance and more. And now we have Spirit Swap.

How does Fantom (FTM) work?

Fantom (FTM) recognizes the limitations of current blockchains in the crypto world and plans to overcome them. The decentralized, scalable, license-free and open source FTM platform gives it an edge over major blockchains. Fantom reduces costs and increases performance of decentralized applications (DApps) via Lachesis – a DAG-based, non-deterministic asynchronous algorithm that runs Fantom’s Opera backbone. The main objective of Opera mainnet is to enable the use of smart contracts through Ethereum’s EVM (Ethereum Virtual Machine). A unique element of Fantom is that its network is completely independent, which means that the performance of one area of ​​traffic congestion does not affect other parts of the network. This high level of scalability is provided by Fantom (FTM) for each application with a custom (independent) blockchain with custom rules of governance, tokens and tokens.

contrary to Ethereum, which is a single decentralized machine, Fantom is made up of a multitude of decentralized systems that interact with each other, even though they operate independently in their particular domains. One big problem that Fantom solves is called the “Blockchain Triad”. The blockchain trilogy refers to a balance of speed, security and decentralization that cannot be achieved at the same time. However, Fantom uses an unauthorized protocol to provide decentralization and security and uses Asynchronous Byzantine Fault Tolerance (aBFT) to process transactions asynchronously, thus increasing the speed of the overall process.

What is SpiritSwap (SPIRIT)

Exchange of mind Cryptocurrency is a DEX or decentralized exchange launched on Fantom Opera Chain. It works like Uniswap DEX, using a continuous AMM product to create a market to eliminate high slippage. In an automated market maker with constant product, P * X = A. Here, P represents one token, X represents another to form a pair. While A is an LP token offered to liquidity providers for execution. So every time someone trades a pair of tokens from the Spirit Swap liquidity pool, a percentage of the fee goes to the liquidity providers. With MA, SpiritSwap launched Yield Agriculture, the Blockchain Bridge, and the NFT Marketplace.

By using Spirit Swap you can get a lot of benefits:

  1. To win a percentage of each trade in a pool when you wager your SPRT LP tokens in one of the SpiritSwap farms.
  2. Appreciate your SPIRIT tokens that you own. Over time, SPRT tokens can increase in value, and early farming can generate significant profits as long as the token is active.
  3. Transaction fees are inferior to Ethereum.
  4. Transactions are faster than Ethereum.
  5. Exchange of mind also has some cool features:
  6. To exchange – Users can redeem tokens on Fantom through SpiritSwap’s automated cash funds. Each swap on SpiritSwap earns 0.3e.
  7. Liquidity – Spirit Swap offers users an easy way to provide liquidity for tokens on Fantom via an Automated Liquidity Pool (LP). About 83% of commissions are paid to liquidity providers in a given liquidity pool.
  8. Cultivate – Farm on Spirit Swap is used to earn money on DEX. SpiritSwap will distribute $ SPRT tokens to liquidity providers on selected farms.
  9. Stake – SPRT tokens can be staked to receive the revenue generated by the SpiritSwap protocol. 17% of the fee is transferred to the protocol fee vault, which is used to redeem and deposit the SPRT in the staking pool

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