Fantom’s developers put a lot of effort into developing a reliable, secure, and fast transaction network. The project’s ultimate goal is to become the “nervous system for smart cities.” The creators envision a future in which these living metropolises use Fantom’s core protocols to stay connected and run their businesses.
Benefits of Fantom (FTM)
There are some unmistakable benefits users gain when they join the Fantom ecosystem. The platform has proven to be ideal for payments, supply chain management, DeFi, and enterprise applications. Additionally, developers don’t have to learn a new programing language. Fantom is completely EVM-compatible.
In addition to its infrastructure goals, Fantom also aims to become the market’s leading DeFi (decentralised finance) platform. The network offers a variety of popular features, such as staking and peer-to-peer lending. Fantom hopes that this strategy will help it to capture some of Ethereum’s DeFi market share in the coming months.
What Issues Does Fantom (FTM) Address?
Fantom was created to address many of the issues that Ethereum users and developers face today. The network’s primary goal is to build a secure and scalable decentralised network. The development team was successful in this regard. Fantom can offer near-infinite scalability and instant transactions at almost no cost.
Energy Consumption
Fantom eliminates the power-hungry Proof-of-Work (PoW) consensus mechanism that was used by early cryptocurrencies such as Bitcoin and Ethereum. With this strategy, the network can validate its state while using less energy. In the end, this approach makes Fantom more eco-friendly and sustainable.
High Fees
Fantom’s low fee structure is one of its most significant advantages. Users can send transactions for a fraction of the price that Ethereum currently charges. This micro-fee strategy also benefits developers because it allows them to provide their services at a lower cost.
Scalable
In terms of scalability, Fantom is a top performer. Users enjoy a time-to-finality (TTF) of around one second and transactions are processed almost instantly on the platform. The developers have set an end goal of 300,000 transactions per second as the network evolves.
This would put Fantom far ahead of the world’s leading payment processors, including VISA and PayPal. According to VISA speed tests, the network can reach a maximum of 36,000 tps. Fantom aims to provide 10x the speed.
Fantom (FTM) Advanced Smart Contracts
Fantom takes the best features of Ethereum’s smart contracts and expands on them. Fantom smart contracts, for example, can monitor transaction accuracy, generate evidence based on behaviour, and efficiently execute pre-programmed instructions.
Flexibility
Fantom’s scalability and efficiency make it applicable in a variety of industries. There are use cases in public utilities, smart home systems, healthcare, education, traffic management, resource management, and environmental sustainability.
How Does Fantom (FTM) Work?
Fantom is a Delegated Proof-of-Stake (DPoS) blockchain with multiple layers. The network’s architecture is divided into three distinct layers. These layers can communicate data and are fully compatible with all transactions and transaction tools.
Opera Core Layer
The Fantom process begins with the Opera Core Layer protocol. This is the layer in charge of maintaining consensus. The network uses a proprietary DPoS consensus protocol to accomplish this task. To maintain validity, this structure employs both Validator and Witness nodes.
Opera Ware Layer
The Opera Ware Layer is responsible for all network-based operations. This is also the layer in charge of distributing rewards and payments. Notably, Opera Ware is in charge of writing network Story Data. Story Data is Fantom’s method for tracking all past transactions. This feature is important when discussing logistical use cases or other scenarios where the network must provide unlimited data.
Application layer
The Application Layer serves as a conduit for developers to interact with the other layers in the network. This is where users can find public APIs that provide secure and reliable network connectivity for use in Dapps and more.
Staking Fantom (FTM)
Fantom users can stake their FTM to earn rewards. In Fantom, you stake to help secure the network. Notably, FTM awards are deposited directly into your wallet. Staking coins is regarded as a more democratic method of validating a decentralised network because it allows all users to secure the network and earn rewards. Furthermore, no expensive mining rigs or other hardware are required to participate.
fMint
Another important feature of Fantom is the fMint feature. This protocol makes it easier to mint synthetic assets on the Fantom blockchain. Using this protocol, you can tokenise almost anything. The network has already created synthetic national currencies, crypto, commodities, and stocks.
fTrade
fTrade is a decentralised automated market maker (AMM). This exchange enables all network participants to purchase, sell, and trade Fantom-based digital assets. The protocol is non-custodial, which means your digital assets are traded directly from your wallet. This method is thought to be far more secure than centralised exchanges that store your cryptocurrency in large hot wallets.
fLend
fLend is yet another powerful DeFi feature available on Fantom. P2P lending protocols operate in place of banks, allowing regular users to earn interest by lending out their digital assets. These protocols are unique in that they rely on large lending pools to ensure that lenders are paid on time. In this way, fLend enables you to profit without losing exposure to your stored FTM.
fWallet – Fantom (FTM) Wallet
The fWallet is an essential part of Fantom. This Progressive Web App (PWA) was designed from the ground up with simplicity in mind. The interactive interface allows anyone to store, send, receive, and stake FTM. In addition, the Fantom wallet is easy to launch on any platform, including Windows, iOS, Linux, and Android, making it accessible to a wider audience.
FTM
Fantom coin (FTM) is the network’s primary utility, DeFi, and governance token. Users can earn rewards by staking FTM. This resilient coin can also be used to pay fees or send value globally in seconds. You must also hold FTM to gain access to the platform’s community governance mechanisms.
sFTM
The term “sFTM” refers to all synthetics developed on Fantom. These digital assets can represent almost anything. To create sFTMs, users simply need to provide collateral.
fUSD
Fantom leverages a stable coin known as fUSD and it is pegged to the USD. The fTrade protocol allows users to exchange fUSD for synthetic tokens and fiat. You are required to use FTM and sFTM tokens as collateral to mint fUSD.
Fantom (FTM) Consensus
Fantom introduces a multi-layer Delegated Proof-of-Stake consensus mechanism that is Directed Acyclic Graph (DAG)-based. This structure is unique in that it allows the network to deliver consensus to any application, regardless of programming language. To provide near-instant transactions and linear scalability, the network also employs an asynchronous byzantine fault tolerance (aBFT) consensus algorithm. This protocol also improves decentralisation and security.
Validator Node
Validator nodes handle the core components of the network. Anyone can become a Validator node. To qualify, you simply need to have 1 million FTM in a network wallet. Fantom Validator nodes, unlike other network nodes, do not need to monitor other nodes. They simply validate new transactions from a timestamped point known as a Lamport. Fantom nodes can process asynchronously.
Witness node
The Witness node validates transactions by confirming data on Validator nodes. Once the witness nodes confirm that enough Validator nodes approve the data, the transaction is added to the blockchain.
Fantom (FTM) Governance
Fantom incorporates a protocol for community governance. This system allows users to submit proposals for critical network upgrades. You can suggest changes to network structure, fees, and system parameters. The more FTM you have, the greater your voting power.
Fantom Foundation
The Fantom Foundation is based in Seoul. The network entered the market in 2018 as a for-profit corporation with Michael Kong as CEO. Fantom’s network has seen steady growthsince the Go-Opera update was implemented. Notably, the network reached 3-million transactions on May 1, 2021. By May 13th, the network had processed over ten million transactions.
How to Buy Fantom (FTM)
Fantom (FTM) is currently available for purchase on the following exchanges:
CoinSpot – This is the leading crypto exchange in Australia that supports more than 370+ kinds of cryptocurrencies, including Fantom. CoinSpot fees and services attract investors of all experience levels, and many clients highly review its 24/7 customer support. You can read our detailed review of CoinSpot Australia to know more about this crypto exchange.
CoinSpot – This is the leading crypto exchange in Australia that supports more than 370+ kinds of cryptocurrencies, including Fantom. CoinSpot fees and services attract investors of all experience levels, and many clients highly review its 24/7 customer support. You can read our detailed review of CoinSpot Australia to know more about this crypto exchange.
Bitstamp – Founded in 2011, Bitstamp is one of the world’s oldest and most trusted exchanges. They currently accept residents from Canada, the United Kingdom, and the United States, with the exception of Alabama, Hawaii, Idaho, Louisiana, Nevada, and New Jersey.
Uphold – This is a top exchange for residents of the United States and the United Kingdom, offering a diverse range of cryptocurrencies. Germany and the Netherlands are prohibited.
Binance – Best for Australia, Canada, Singapore, UK and most of the world. Most tokens are not available to residents of the United States.
KuCoin – This cryptocurrency exchange currently supports the trading of over 300 popular tokens. This exchange is currently open to international and Australian residents.
WazirX – As part of the Binance Group, this exchange maintains a high level of quality. It is the best exchange for Indian residents.
Uphold Disclaimer: The assets available on Uphold vary by region. All investments and trading are risky and may result in capital loss. Cryptoassets are mainly unregulated, and hence do not have the same level of legal protection as traditional assets.
Fantom (FTM) Popularity on the Rise
Fantom offers a wide range of appealing features and services to the market. This next-generation blockchain benefits both users and developers. Fantom price prediction is looking quite positive right now, as more developers seek Ethereum alternatives.
