Fantom (FTM) Cryptocurrency Overview

At the beginning of the summer, many skeptics expected a serious downturn in digital asset prices, and even talked about an impending cryptozyme, but DeFi-coins prevented such a scenario from moving forward. They proved surprisingly resilient to the June downturn, and not only didn’t go under themselves, they helped the underlying blockchains weather the storm.

Today we are going to talk about the Fantom project. The FTM cryptocurrency is not one of the most resilient ecosystems on smart contracts, but its developers believe that Fantom will eventually become one of the blockchain industry’s leading startups and that its unique technology will bring decentralised finance into the mainstream.

What is Fantom (FTM)?

Official website – https://fantom.foundation

Fantom coin is the native token of Fantom Opera Chain’s next-generation DeFi platform. The Fantom distributed network is a universal solution for programmers who want to run decentralized applications on secure and reliable high-bandwidth protocols. It is compatible with the EVM virtual machine, making it easy to migrate dApps from Ethereum to the new blockchain.

Fantom uses the aBFT (Asynchronous Byzantine Fault Tolerance) consensus algorithm. It enables higher throughput and linear scalability without sacrificing security and decentralisation of the ecosystem.

Technical features of Fantom (FTM)

To process data, the Fantom ecosystem uses the corrected acyclic graph model, or DAG for short. The outgoing transaction is passed to the nearest node or group of nodes and so on. The transaction validation process is asynchronous and the data spreads across the network like wildfire. Verification is handled by special witness nodes.

The Fantom network has a multi-layer structure and each layer has its own mechanism of data validation and storage.

OPERA Core Layer the first, or to put it differently, the base layer controls the network operations, using the Lachesis consensus algorithm (proof of stake).
OPERA Ware Layer is the protocol layer responsible for executing smart contracts, writing “Story Data” and issuing payments.
OPERA Application Layer is responsible for generating public API keys for running dApps and user interaction with the distributed network.
This architecture allows the phantom ecosystem to run much faster than traditional blockchain networks, where all tasks are piled into a single layer.

Each node stores a local acyclic oriented graph (DAG), divided into separate blocks of events, which are divided into signed and unsigned. Any blocks from the last 2-3 previous cycles are considered subscribed, while new blocks are unsubscribed.

Each block records the financial transactions performed over a certain period of time. Verified blocks are structured into a single chain. DAG captures the chronological sequence of blocks, allowing the exact order of events to be calculated at any one node in the network.

Only events are synchronized between Lachesis nodes, so that blocks are not sent to each other for retrieval. To optimise storage and retrieval, the DAG is divided into subgroups, each called an epoch. Each epoch consists of a set of completed blocks performed over a certain period of time.

With this scheme, new events are used by witnesses to simultaneously vote for events in 2-3 previous validation sessions, allowing for faster consensus and reduced network load.

The FTM token, which is used to place bids and to reward Fantom witness nodes, was created using the ERC-20 standard. There were also network versions of BEP-2 and Xar, created to increase network interoperability. When the core network launched in December 2019, a bridge was created to allow other types of token to be converted into Opera FTM’s own distributed network token. The Binance exchange completed wallet integration for the native phantom token this spring, but continues to support FTM tokens created by ERC-20 and Bep-2 standards.

The origins and team of Fantom (FTM)

The Fantom project was launched back in 2018. The founder is Dr Ahn Ben Ik. He holds a PhD in computer science and is president of the Korean Food Technology Association. Dr Ahn is a contributor to Fortune magazine and has been frequently published in South Korea’s major business media.

Fantom CEO Michael Kong, has years of experience in the blockchain industry as a specialist in smart contracts. Prior to joining Fantom, he was chief technology officer of blockchain project Block8.

The Fantom team includes blockchain architect Andre Cronje, who is well known as the developer of cryptocurrency Yearn Finance.

The rest of the team consists of very successful, motivated and experienced members from various disciplines, including finance, crypto, business development, software development and other related disciplines.

Fantom conducted an ICO in June 2018, selling 40% of the total FTMs for a total of $39,650,000. It took several months to issue the tokens, and by then (October 2018) the market was on the verge of cryptozyma, leading to a drop in value and frustration for many investors. The opportunity to sell FTM at a profit came only the following year, after a successful listing on the Binance platform.

Fantom mining (FTM)

Traditional computing device mining is not supported, but FTM tokens can be earned by stacking. To become a validator, a user must block one million coins, in addition, they can place up to 15,000,000 coins on their node.

You can read more about running a node here. Users who place bets are called delegates and there is no such strict volume limit for them. All it takes is one coin to activate a stake. The return is around 4% p.a. and assets are locked up for a period of two weeks to a year. On the Binance exchange, FTM tokens can be deposited at a floating rate.

Where to buy cryptocurrency Fantom (FTM), exchanges available

Now let’s move on to the liquidity of the Fantom asset. You can buy or sell FTM on 28 exchanges.

We recommend to use the services of Binance exchange. It has the highest daily FTM turnover and supports 4 trading pairs.

Available pairs for trading:

FTM/USDT;
FTM/BTC;
FTM/BUSD;
FTM/BNB.

Fantom (FTM) wallets

You can create an FTM online wallet in the relevant section of the official website, link https://pwawallet.fantom.network/#/. Desktop and smartphone versions are also available for download there. The official FTM wallet supports 176 synthetic assets. You can exchange FTM or fUSD for “wrapped” tokens of BTC, ETH and other popular cryptocurrencies.

FTM tokens can be stored in Metamask, Ledger and other wallets. For a full list of compatible blockchain stores and recommendations on setting up third-party wallets for FTM, click here.

Future prospects for Fantom (FTM)

Let’s sort out whether it’s worth investing in the Fantom cryptocurrency project. The prospect of being left with nothing, with such serious competitors, of course, is not excluded. But on the other hand, FTM is the world’s first DAG-based smart contracts platform that solves the scalability and bandwidth problem.

It was launched at a bad time and that has slowed the pace of development, but Fantom has managed to make it into the Coinmarketcap top 100. The team has partnered with blockchain project Chainlink, integrated Ankr API solutions and Band protocol oracles. Fantom cryptocurrency’s future prospects depend on the professionalism and hard work of the team.

Conclusion

Fantom project is slightly ahead of its time, because it was developed to be used in “smart cities” of the future, but in the nearest future a cryptocurrency network that can theoretically process up to 300,000 transactions per second may find practical application in many industries of the real sector. If, of course, it competes with Ethereum, ADA and other decentralised finance platforms. While 1 FTM is worth little, now is a good time to include this cryptocurrency in your investment portfolio. But, don’t forget about risk diversification. Good luck to you!

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