Fantom is an open-source smart contract platform build to reach scalability, speed, and security in the blockchain ecosystem. It is a strong competitor to Ethereum and offers diverse use cases in decentralized application networks.
The foundation works in association with many renowned organizations of Web3.0 such as Chainlink, The Graph, Wave, Ren, and Brand Protocol. Currently, the foundation has a total of $6.5 billion locked revenue as per DeFi LIama reports.
Recently, Fantom has revealed about switching from Ethereum Virtual Machine (EVM) and rather using its own ‘Fantom Virtual Machine’ (FVM) from now on. It is the next big upgrade and certainly the biggest achievement for Fantom Blockchain and its team. The FVM aims to increase the throughput and surpasses the Ethereum Virtual Machine in many respects.
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Capabilities of FVM
Currently, Fantom uses EVM to port a large number of DeFi protocols such as Yearn Finance, SuchiSwap, and Curve Finance to its platform. But many limitations do exist when working with Ethereum. However, the main limitation is that the throughput capabilities of Ethereum are extremely poor. It allows 18 transactions per second. Moreover, the evolution of Ethereum has not in a good pace ever since it has come into existence.
Thus, Fantom Foundation has emerged with its own virtual machine to address the performance issues. The blockchain has also partnered with the University of Sydney and Yonsei University on this project. It is expected that the project would be rolled out in Q2 of 2022 with many revolutionizing features as follows.
- Parallel processing of throughput and finality can significantly reduce the time taken by the transaction to complete.
- Now data storage will become more efficient with Bytecode-compression on Fantom Virtual Machine.
- dApps from Ethereum can easily be migrated to Fantom by enabling Solidity Programming Language Compatibility on FVM.
- More upgrades and investments are expected to be poured in once the release is made.
Fantom has a total of 3.175 billion FTM, the native token of Fantom Foundation. Currently, 80% of the total tokens have been circulated by the blockchain. The token glides in the market at $1.62 at press time according to CoinMarketCap.
The fully diluted market capitalization holds a value of $5 billion at the current rate. Also, the foundation hopes that with the release of FVM, the token values may rise to a significant level.