The Fantom project has set out to tackle problems such as transaction speed in the space of smart contract platforms. Fantom is based on a “directed acyclic graph” (DAG) smart contract platform that provides DeFi services to developers using its own high-capacity Lachesis consensus algorithm built from scratch. Fantom’s objective is the creation of a smart contract platform with state-of-the-art scalability, decentralisation and security and to “grant compatibility between all transaction bodies around the world.” The project’s PoS token, FTM, is used to collect fees, for staking and as rewards.