Wrapped Fantom

Wrapped Fantom (WFTM) is a wrapped token of the FTM token, though the FTM token is the native token of the Fantom platform. A wrapped token simply means that the token’s value is pegged or attached to another. With wrapped tokens, it becomes easier to connect between different blockchains, enabling interoperability and bypassing the limitation of transferring native tokens, i.e., tokens that reside on native blockchains, between platforms.

Since the Fantom Opera mainnet blockchain is compatible with Ethereum, WFTM is a wrapped version of the FTM token on the Ethereum blockchain. To wrap FTM tokens, users can use the fswap option in the official Fantom wallet under the DeFi (decentralized finance) tab, and they will get WFTM tokens.

Fantom aims to be an open-source, high throughput, and fast smart contract platform designed for digital assets and DApps. Smart contracts are just like regular contracts; however, instead of being drafted on paper, these contracts run in the form of protocols on the blockchain. Fantom aims to provide increased transparency in their services. Additionally, the platform employs Lachesis, a revolutionary asynchronous Byzantine fault tolerance (aBFT) consensus mechanism that seeks to allow Fantom to overcome the limitations of the older blockchains and make it faster and cheaper. The Byzantine fault tolerance refers to a computer system's ability to continue working even if some of its nodes fail or act maliciously. Consequently, aBFT is a property of Byzantine fault-tolerant consensus algorithm and seeks to allow honest nodes of a network to agree on the time and order of a group of transactions securely and fairly. The transactions on the platform seek to get finalized within seconds and cost less.

Fantom is scalable and aims to process thousands of transactions in seconds. The platform can scale to thousands of nodes. Moreover, Fantom is Ethereum compatible. Hence, users can run their Ethereum DApps on Fantom effortlessly.

Apart from that, Fantom seeks to be secured by a proof-of-stake mechanism, an energy-efficient variant to reach consensus on the platform, making it an environment-friendly solution.

Michael Kong is the CEO of Fantom Foundation. The entire team comprises engineers, scientists, designers, and entrepreneurs sharing and working toward the same vision.