What is Fantom; how is it a threat to Ethereum?

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Ethereum is the second-largest cryptocurrency by market cap. It also holds the lion’s share of decentralised projects, with over 200 DeFi and NFT platforms operating on the network.

However, Ethereum also has some glaring issues with scalability, transaction speeds, and transaction fees.Over the last couple of years, several blockchains have emerged that offer everything Ethereum does whilst also solving the issues associated with the network. One of these up-and-coming blockchains is the Fantom network.What is Fantom?The Fantom Network was created as part of the Fantom Foundation in 2018 by South Korean computer scientist Ahn Byung Ik.

It was created to be a secure and scalable smart-contract platform for developing Decentralised Finance (DeFi) Applications. It aims to fill the gaps of smart-contract platforms like Ethereum by addressing issues like scalability, decentralisation, and the speed of transactions.Also Read | How to modify or cancel transactions on Ethereum blockchainThe Fantom mainnet, called Opera, was launched in December of 2019, making it a reasonably young blockchain.

Opera is a permissionless, open-sourced platform where anyone could participate in staking and governance of the network.FTM is the native token of the network. It is used for staking, on-chain governance, and platform fees within the network.