Fantom is a directed acyclic graph platform that facilitates the execution of different kinds of cryptocurrency transactions in the Defi community through smart contracts.
The Fantom network aims to solve a series of problems faced by the blockchain community. With its in-house token, FTM, the platform aims to provide solutions facing the integration of smart contracts and transaction speeds in the cryptocurrency community. According to the developers of the platform, it can execute transactions in under two seconds, putting it as a major contender in the list of fastest cryptocurrencies.
The network has been designed with a dedicated scalability feature that allows other networks powered by its blockchain to work independently. This eliminated the problem of congestion. Over the years, the problem of congestion has been the biggest hindrance to the Ethereum network’s scalability. As such, the network has repeatedly had the problem of high gas fees. In total, the Fantom network has been able to overcome these speed and scalability problems because of its potentially infinite collection of decentralized computers.
Who are the Founders of Fantom Token (FTM)?
The Fantom network is directed by the Fantom foundation which was founded by a South Korean computer scientist named Dr. Ahn Byung Ik. However, Byunh IK is not the current CEO as the network is overseen by Micheal Kong.
The Fantom foundation is responsible for all product offerings relating to the network. The foundation was created in 2018, before the launch of Fantom’s minnet called OPERA later around December 2019.
The team responsible for creating the network is extensively experienced in several fields but one thing they all share is a deep knowledge of full-stack blockchain development. The aim of their coming together was to create a smart contract platform that gives special allowance for state-of-the-art security, scalability, and decentralization.
Based on information from the Fantom website, the network’s build team is composed of different kinds of technical specialists including engineers, researchers, entrepreneurs, and designers. The platform has grown a lot over time and currently has its employees spread all over the world, matching the spirit of a distributed system.
What is Fantom Token (FTM) used for?
The Fantom token is different from several of the other types of tokens in the blockchain industry presently. The network offers its participants a series of dedicated decentralized financial services by making use of a directed acyclic graph smart contract system. Because of this, the network participants have access to top-shelf tools for the development of smart contract Defi-based apps.
The network also has a dedicated cryptocurrency that holds values and can be exchanged with other cryptocurrency pairs to make a profit for the token holders.
What Is the Unique Point of Fantom Token (FTM)?
The Fantom network features a series of high-performance technological systems which are focused on eliminating blockchain-based problems faced by earlier generations of cryptocurrencies such as Bitcoin. The platform is generally considered a one-stop shop for a variety of blockchain solutions due to its provision of security and scalability. These features help differentiate the network from other types of cryptocurrencies such as ETH 2.0 and Cardano among others.
The platform was principally designed based on four major protocols which are Modularity, Scalability, Security, and open source.
- Modularity
In the technology industry, before any product can scale, there is an inherent requirement for it to follow a modularity design principle. The Fantom network has integrated the design protocol of modularity via its Lachesis system.
- Scalability
To ensure the highest level of scalability on the platform, the Fanton network ensures that each of the systems powered by its blockchain performs independently. This automatically removes any form of clutter from the network making it optimally scalable.
- Open-source.
Just like most blockchains available currently, the Fantom network is an open-source system that allows for the development of third-party applications on its network.
How many Fantom Token (FTM) coins are in circulation?
The Fantom network is compatible with the ERC-20 standard as such, it automatically converts the FTM tokens to the wallets of the users upon receipt. The Fantom token also has a secondary version which is currently available on the Binance Chain which was designed with the BEP2 standard. However, only the native Fantom token is usable on Fantom’s OPERA minnet itself.
Currently, the Fantom network has a total capped at 3.175 billion tokens. Out of that number, the network has a total of 2,134,638,448 FTM tokens in circulation. The remainder of the tokens is under a release schedule that runs into 2023.
On the Fantom network, staking also makes up a major part of the system’s tokenomics. It also has a portion of its total supply under lock to be rewarded to participants who have staked their tokens.
Is the Fantom Token (FTM) Network secured?
Ordinarily, the Fantom token is under the proof-of-stake consensus algorithm; however, its existence is in different incarnations. The system uses a modified version of the proof-of-stake consensus algorithm which is called Lachesis. The algorithm is a subset of the asynchronous byzantine fault tolerant (aBFT) consensus mechanism and is armed with top-tier security measures for the system.
Through the process of removing leadership from within the participants of the Fantom network, the platform completely avoids risks associated with low-cost attacks. The network also employs staking as a security measure through incentivizing token holders for secure operations within the platform.
How do I buy Fantom Token (FTM)?
The Fantom network offers its participants a series of advantages such as security and transaction speeds that execute transactions within seconds. This has led to a general increase in the use and integration of the Fantom token. The token is currently available across a series of exchanges and can be easily purchased there. To buy FMT tokens, follow the directions below.
- *Open an account with the crypto trading platform.
- *Transfer the specific amount of your fiat currency to your account.
- *Wait for your deposit to be confirmed and Buy FMT through your trading account.
Which Cryptocurrency Wallet Supports Fantom Token (FTM)?
The PTPWallet platform supports many cryptocurrencies simultaneously such as Fantom Token. Because of its vast use case, it has grown to become one of the most used platforms as it serves as an exchange and an engine to discover other cryptocurrencies. Additionally, users can easily use PTPWallet as their Fantom Token wallet because offers a simple and interactive interface making it easy for people to navigate its system.
