Introduction About FANTOM
FANTOM 24hr
| Low:$0.575 | High:$0.6444 |
FANTOM is a DAG-based Smart Contract system that aims to solve the scalability problem of existing public distributed ledger technologies. The platform aims to differentiate itself from traditional database storage infrastructure by trying to take advantage of the existing DAG protocol.
The FANTOM platform accepts a new protocol known as the “Lachesis Protocol” to facilitate authentication. This pattern is intended to be applied to the Fantom OPERA chain.
The goal is to allow applications built on the FANTOM OPERA chain to benefit from direct transactions and close transaction costs for all users. FANTOM’s mission is to ensure interoperability between all commercial enterprises in the world and to create an ecosystem that enables real-time transactions and cost-effective data sharing.
How does FANTOM work?
Fantom (FTM) recognizes the current limitations of blockchain in the crypto world and plans to overcome them. The FTM platform is unbroken, scalable, permissionless, and open source, giving it an edge over large blockchains.
Fantom reduces the cost and increases the efficiency of decentralized applications (DApps) with Lachesis – an asynchronous non-deterministic DAG-based algorithm that runs Fantom’s Opera mainnet.
The main purpose of Opera’s mainnet is to enable the use of smart contracts through Ethereum’s EVM (Ethereum Virtual Machine).
The unique feature of Fantom is that its network is completely independent, which means that the operation of one area of traffic has no impact on other parts of the network.
This high level of scalability provided by Fantom (FTM) provides any application with its custom (independent) blockchain and custom governance rules, tokens and tokenomics.
Unlike Ethereum, which represents a single decentralized machine, Fantom is made up of several interconnected systems, although they operate independently in their respective regions.
The main problem that Fantom solves is known as the “Blockchain Trilemma”. The blockchain trilemma refers to the balance between speed, security, and release that cannot be done at the same time. However, Fantom uses a decentralized protocol to provide flexibility and security and uses Asynchronous Byzantine Fault Tolerance (aBFT) to process individual transactions, which increases the speed of the overall system.
Top Features
Fantom Contracts (FTM)
Fantom uses a “multi-layer” technique based on Directed Acrylic Graphics (DAG). Thanks to this system, Fantom can provide authentication to the application without worrying about its programming language. Fantom also uses aBFT (Asynchronous Byzantine Fault Tolerance) authentication algorithm.
This algorithm allows it to process transactions faster than many other algorithms, with linear scalability. Along with scalability and speed of transactions, Fantom promotes security and decentralization in the crypto space.
Support node
The network component is only available under the control of the Validator node. Any protocol user can be part of this group.
All a user needs is to have one million FTMs locked in an FTM wallet. As a Validator node, you don’t have to check what other nodes are doing in Fantom. All you have to do is review each new Lamport transaction (timestamp dot).
Evidence
This node validates transactions in Fantom with data from the Validator node. After the approval of the transaction, it enters the blockchain.
Get your own FTM
With a market capitalization of $6.3 billion and one of the strongest returns on investment, Fantom’s appeal is real. If you’re looking to take advantage of Fantom and get your hands on FTM, here’s what you need to know:
Buying and selling of FTM is supported by its own Ethereum, decentralized and open blockchain.
To buy FTM, you will need to trade through Binance’s USDT/FTM exchange where over 60% of FTM transactions take place. Think of USDT as the currency you trade against FTM and Binance as the platform where the transactions take place.
USDT is a popular currency that makes the whole process as easy as it is with your hands. One important thing to know about USDT is that it is pegged to the value of the US dollar and is different. So depending on how deep you want to go with FTM, buy the appropriate USDT currency and trade it for FTM.
With that in mind, a good place to start is to create an account for yourself on Binance. To do this, you need to get some kind of proof of identity – a salary or a passport should be done.
Since we recommend you use USDT, you should get your hands on some of them first. USDT is linked to various cryptocurrencies and you can exchange them for USDT like this. Again, you benefit from the popularity of USDT because it is linked to real money, making it easy to use.
To exchange your USDT for FTM, you will need to place an order for the required amount of FTM on the Binance exchange page. Binance gives you two options when trading. You can place a bid to receive FTM immediately at the current rate, or place a limit order that allows you to set the price at which you want your FTM.
Binance will automatically buy you FTM when the amount reaches this price. Although Binance is a strong exchange, there are several options available to you, each with its own advantages listed by FTM. Some of the best options are KuCoin, Gemini, and FTX. If you are a new user, there is a reason to believe that Coinbase does not have the advanced learning process of Binance.
If you are an advanced user, you can benefit from features such as hundreds of funds to choose from that can make a person get started. Either way, you don’t have to worry too much about getting involved in the platform because Binance offers withdrawal options. You may choose to transfer your FTM for certain deductibles.
