What’s special about Fantom (FTM)?
As an avid follower of projects based on different cryptographic protocols, with the blockchain being the first of its kind, I get excited when projects from the ICO era show promise.
One such promising project is Fantom, a fast, high-throughput open-source smart contract platform focusing on digital assets and Decentralized Applications – Dapps.
Fantom prides itself in its speeds giving close to instant transactions, security, and scalability at a low fee.
Unlike most projects in the space that developed their solutions on the blockchain that has revealed several drawbacks, with scalability being a major one, Fantom is one of the few projects in the space that chose a different route.
Fantom built its infrastructure using a different variant of distributed ledger technology known as the Directed Acyclic Graph DAG network, which scales better and more secure with more users onboard.
Founded by the South Korean computer scientist Dr. Ahn Byung Ik in 2018, the Fantom Foundation oversees the Fantom project deliverables.
Fantom’s Opera Mainnet V0.1 was launched in 2019 with future improvements to come.
Fantom – Opera Core Layer
The Fantom network’s base layer responsible for managing consensus across the nodes in the Lachesis Protocol.
It allows for asynchronous processing and confirmation of Transactions using a Directed Acyclic Graph DAG network.
Unlike blockchain solutions, transaction data does not have to be saved on every node. Using the DAG network, transactions are validated using particular nodes, dubbed a witness node.
Validating nodes are elected using a Delegated Proof of Stake to reach consensus.
Fantom – Opera Ware Layer
Sitting at the center of the protocol is the Opera Ware layer with functions such as reward issuance, writing Story Data, and payments.
Fantom – Opera Application Layer
As the top layer holding publicly available APIs, developers can quickly develop decentralized applications DApps and get them to interface with the Opera Ware layer.
Smart contact and transactions store a small chunk of data called the Story Data, allowing for easy data tracking.
With Fantom’s Story Data, developers and users can track the entire transaction history, compared with Ethereum with a limitation on tracking past transactions.
The Story Data functionality is valuable in health care and supply chain management, where data is perpetually stored.
What is the Future of Fantom (FTM)?
Ongoing Development on the Fantom Github, Progress made so far
It’s not enough to get hyped up by videos on YouTube about a project. We have to dig into the progress made so far and what part of the Fantom project attracts more developer activities.
There’s no better part to inspect than each repository’s commit page on the Fantom official Github.
The insights above show that there have been more significant activities on the Fantom PWA Wallet, Fantom API GraphQL. PWA explorer, safe transaction service, and gnosis front, compared to the much-anticipated Fantom finance, Fantom Flend AAVE v2, and others.
It shows that the Fantom FTM token still has more upside potentials when the key DeFi features and other awaited features are implemented.
Fantom (FTM)’s 2020 Road map and 2021 AMA
Now, let’s track Fantom’s 2020 roadmap, which is segmented into Go-Lachesis, Smart contract & the Special-fee Contract, Lachesis API, Ecosystem tools, and further enhancements Fantom Ecosystem tools, Fantom Expansion, Middleware, and Business Development.
The 2020 road map shows that not all features of Fantom are completed as scheduled.
However, Michael Chen (Chief Marketing Officer at the Fantom Foundation) and Samuel Harcourt (Business Development) hosted an AMA on 12 January 2021 to clear the air on some of the online community’s questions.
Fantom is being conservative with giving project timelines at the moment, considering the disparity in time between the traditional world and the crypto space.
Another exciting project mentioned during the AMA is the proposed development of the Afghanistan stock exchange.
The first question during the AMA was on a possible release date for the 2021 road map and the three main milestones.
To answer the question, Michael Chen stated that the foundation would rather be in a proactive position rather than a reactive position; thus, there is no fixed timeline as critical features such as Flend and Bridges are still in the development phase. Samuel added that moving the DABS pilot program to mainstream is critical for 2021, the Ministry of Health partnership, and the Afghan Securities Exchange. They emphasized that the project would lean towards working in the background rather than give specific dates.
A second question asked at the AMA was geared towards marketing and the Fantom Finance due date.
Michael Chen emphasized the need to have a finished and stable product delivered to power users before aggressively marketing to end-users.
The third question asked was how Fantom would gain market share after FantomFinance is released.
Michael answered by pointing at incentivized liquidity, taking Synthetics as an example.
The AMA’s last question was when REN, Bridge, and Synths on ETH will be launched on the Fantom network.
Chen mentioned that Fantom is an Ethereum virtual machine-based chain that supports the Solidity programming language, making for Ren’s easy integration.
Fantom (FTM)’s Competition analysis with similar projects
Some projects are similar to Fantom from a technology point of view, using the DAG – Directed Acyclic Graph Network. Such projects include Constellation –DAG, Hedera HashGraph, IOTA, and Nano, which also look into a use case in IoT.
Other similar projects from a consensus viewpoint and transaction speed include the Avalanche AVAX project and NEO, using a proof-of-stake POS consensus model.
Avalanch project shows a similar feature to Fantom as they support the Ethereum EVM and do not see themselves as Ethereum killers.
The most similar projects to the Fantom project are the constellation – DAG and Hedera Hash Graph.
In the end, there’s not going to be just one winner, and both Fantom and Avalanch protocol though their similar, still have a unique approach to bringing DeFi and IoT solutions.
Fantom enjoys both worlds as a DeFi launching platform and an IoT platform, a valid point to mention.
Fantom FTM Price Prediction
Fantom (FTM) Price Analysis: FTMUSDT Monthly Chart
The monthly chart shows how a buildup of the significant uptrend of the FTMUSDT, starting with an exit of RSI oversold and entering the RSI overbought area.
The uptrend will persist as long as the RSI hovers above level-30 through the current bullish impulse wave.
Fantom (FTM) Price Analysis: FTMUSDT Daily Chart
A bullish trend was established on the FTMUSDT daily chart upon exiting the RSI oversold area on 23 December ’20 and entering the overbought zone on 04 January ’21.
The relative strength index continued to trade above the RSI level-30 since then, and recently, hidden bullish divergence is signaled, confirming a continuation of the uptrend.
Fantom (FTM) Price Analysis: FTMBTC Daily Chart
The FTMBTC daily view follows a similar path as the FTMUSDT, signaling a hidden bullish divergence, an indication that smart money is moving money from Bitcoin BTC and USDT into the FTM token.
Expert’s view on FTM price
In a recent podcast with the CEO of Binance exchange CZ, Mark Cuban has endorsed the Fantom ecosystem, bringing the network closer to mainstream adoption.
Cuban, famous for his Shark Tank investments, exposed some tokens in his DeFi/crypto portfolio, including Fantom-FTM.
Is FTM token a Good Investment for future?
Recently in the news, the cross-chain bridge with Ethereum by Yearn.Finance’s Andre Cronje made the transfer of ERC-20 tokens from Ethereum to Fantom possible.
The new milestone makes for a one to two-second confirmation of transactions on the Fantom network.
The working in the background approach by Fantom with the help of Andre Cronje seems to be paying off.
The future is bright for the Fantom network as a solution in the decentralized space and as an investment in its native FTM token.
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