The Fantom network is a modern platform with its own FTM cryptocurrency. After 2019, the token received its own Main Net, and due to the special features unique to this network, the platform gained recognition among many investors and developers. This was the reason for the increased popularity and, as a consequence, helped the network in general and the cryptocurrency in particular to quickly achieve explosive growth.
- Brief information about Fantom cryptocurrency
- Fantom cryptocurrency (FTM) – what is it?
- Technical features
- Advantages and disadvantages of Fantom (FTM)
- Where can you buy and sell Fantom cryptocurrency?
- Wallets for storing FTM
- Fantom (FTM) prospects
Brief information about Fantom cryptocurrency
- Name/ticker: Fantom/FTM.
- Start-up: year 2018 .
- Official website: https://fantom.foundation/
- Rate at the time of writing: 0,34$.
- Capitalization at the time of writing: $880 millions.
- Tokens in circulation at the time of writing: 2,55 B.
- CEO: Michael Kong.
- Source code: https://github.com/Fantom-Foundation
- What platforms it is traded on: OKEx, Binance, BitMax, KuCoin, and others.
Fantom cryptocurrency (FTM) – what is it?
We should start by describing the Fantom network as such. In its essence, it is a distributed network, based on DAG. It assumes the possibility of using parallel chains of information. In addition, the Fantom network runs a high-performance virtual machine and employs new ways to increase scalability. This approach ensures efficient, fast and secure execution of any smart contracts.
The cryptocurrency of the Fantom network was named FTM. At the creation stage, FTM was hosted on the Ethereum blockchain platform, which means it is an ERC-20 standard token. After the creation of its own Main Net, which happened in 2019, the FTM cryptocurrency moved to a personal blockchain and, formally, only from that moment can be considered a full-fledged cryptocurrency.
As previously mentioned, the network is based on DAG. If deciphered and translated, it means “Directed Acyclic Graph”. This system is used primarily for the operation of smart contracts.
Notably, the FTM cryptocurrency asset was the first in the world to actually implement and use the DAG system in its personal ecosystem. Despite the fact that the FTM token has existed for quite some time, it is still unclear how effective the solution will be to use the DAG system.
The OPERA chain and the Lachesis protocol are also used to ensure consensus. Such a system uses a sufficiently large number of nodes, which ultimately makes it possible to significantly speed up all transactions in the network. In many cases, transactions are instantaneous. The interesting thing is that as the nodes increase, the speed of the network won’t decrease, in fact, it will begin to increase too.
This is one of the key features of the Fantom network. The approach used will be an excellent solution for any services that involve constant expansion. For example, in e-commerce, logistics, telecommunications and so on.
The project Fantom has a number of unique features of a technical nature, which have become the main reason for the increased interest in this platform and the FTM cryptocurrency. Such features include:
- Unlimited scalability. The more the network expands, the faster it becomes and transaction fees decrease as the number of transactions increases.
- Application of the DAG system. This solution is used in the cryptocurrency sphere for the first time, which makes Fantom a rather attractive network for development of decentralized applications.
- Scala programming language . It is the language that is used to create the network. The main feature of this language is simplicity. It is much easier to use than many other analogues. This seriously expands the capabilities of the network.
- A current trend in the industry. Due to the constant and fairly rapid growth of the IoT sphere, any innovative solutions, such as those used in FTM, automatically attract attention and increase user interest. As a consequence, the demand for the network grows and, due to this, the value of FTM cryptocurrency increases.
It should be noted that, during the ICO, absolutely all tokens of Fantom network were sold out. This is a direct indication of investors’ trust in the project and interest in its development.
Advantages and disadvantages of Fantom (FTM)
We should start with the disadvantages that are specific to Fantom cryptocurrency (Fantom coin). First of all, it is necessary to note the used programming language – Scala. On the one hand, it is certainly very simple. However, it isn’t the most widespread one, which means that many specialists will have to learn a new language and peculiarities of working with it.
Secondly, FTM cryptocurrency is a direct competitor for Cardano and Ethereum, which can have serious negative consequences for the network. However, so far Fantom successfully holds its positions, which means it has something to counter the competitors.
Now we need to talk about the advantages, especially since there are significantly more:
- Smart contract transactions are implemented almost instantaneously, including confirmation.
- A large number of excellent experts are involved in development, so you don’t have to worry about the fate of the project and its stages of development.
- Active interaction with users, so that the network receives a lot of useful feedback, which actively helps to better develop and implement new features that are relevant to the actual users of the network.
- Open-source code is used.
- Aiming for a vast, infinitely scalable proprietary ecosystem, so users get more and more features.
- Minimal prices per transaction. Literally, transactions cost one cent.
Where can you buy and sell Fantom cryptocurrency?
FTM cryptocurrency is traded on a large number of sites, both centralized and decentralized. The most popular, reliable, and proven platforms include the following: Binance, Gate.io, Uniswap, Bitfinex, Sushiswap, MEXC Global, FTX, OKEx.
Most traders work with the following trading pairs:
Wallets for storing FTM
Due to the fact that FTM Coin cryptocurrency supports the ERC-20 standard, all users of the network can use for storage any wallet that works with this standard. This applies to both desktop and mobile, browser or hardware versions. Moreover, Fantom network has its own cryptocurrency wallet, which is great for storing cryptocurrency.
Keep in mind, that all suitable for FTM Coin wallets are conditionally divided into four basic categories:
Hardware Wallets. This option is the most secure and reliable. It assumes the use of special devices, working on the principle of the usual USB-flash drive, which are actually wallets for storing cryptocurrency.
To use the assets, such a wallet must be connected to a computer and, when it is no longer needed for work, disconnected. There is little convenience in using it, but it is a great way to store serious savings without the risk that they can be hacked. Of course, you need to ensure the safety of the physical wallet-flash drive itself.
Browser Wallets. One of the most common options among all wallet types. The most convenient and sufficiently reliable option for storing assets. Suitable for carrying out almost all necessary operations with the FTM coin. For example, you can read about an online service named FTM online wallet. This wallet does not require installation on your device and is available directly in your browser, which makes it extremely easy to use.
Desktop Wallets. The characteristic features of this type of wallet are both a fairly high level of protection and relatively high ease of use. It is a program that is installed on the PC, where the cryptocurrency is stored.
Mobile Wallets. Another very common option, which involves installing a special wallet app on a smartphone or tablet. It is convenient to use, but not very reliable. Mainly because mobile devices are less tamper-proof and in most cases they remain connected to the network all the time.
Fantom (FTM) prospects
At the time of the creation of FTM cryptocurrency, investments in it were quite promising and profitable. At the moment, they are still interesting, but no longer so popular. Much depends on how accurately the FTM cryptocurrency team will fulfill its obligations and continue to develop the network.
If in the future, investors notice that the team faithfully fulfills all the promises, the popularity of investments will increase again, which will automatically bring the cryptocurrency to the new pool of leaders and make it in demand in the market.
Fantom cryptocurrency (FTM) belongs to rather innovative and modern projects. Because of its features, unique capabilities, and powerful team, the Fantom network enjoys well-deserved popularity. Provided Fantom continues to develop effectively, it will keep attracting investors, which in itself will help the cryptocurrency to develop and make it a desirable acquisition for all people working in the cryptocurrency sphere.