What is Fantom? Details About Fantom And FTM Coin

As the cryptocurrency market continues to experience rapid growth, Fantom has emerged as a new wave. Known as the “Ethereum Killer,” Fantom is a solution that addresses most of Ethereum’s existing issues, such as network congestion, high gas fees, and slow transaction speeds.

So, what is Fantom? What are its key features? How promising is the FTM token? And if you’re considering adding Fantom to your investment portfolio, this article will provide you with the most comprehensive overview of this crypto project.

Let’s get started!

1. OVERVIEW OF FANTOM

Fantom is known as a distributed technology platform that enables the development of decentralized applications (dApps) with the goal of improving network scalability issues that many current blockchains are facing. Essentially, this project uses a DAG (Directed Acyclic Graph) structure, which is not a blockchain but still operates as a distributed ledger.

With its technological advantages in blockchain, the Fantom development team aims to apply it to various industries, including healthcare, real estate, and logistics.

1.1. Key features that set Fantom apart from other ecosystems

Here are some standout features that make Fantom unique compared to many other blockchain ecosystems:

Scalability

Each network built on the Fantom blockchain operates independently. This means that transactions or network congestion on one chain do not affect the stability or performance of others. However, as decentralized applications (dApps) become more complex and the number of users increases, the entire network may slow down. This happens because all dApps share the same infrastructure, similar to how a computer running multiple applications simultaneously experiences reduced performance.

Fantom solves this scalability issue by providing each application with its own dedicated blockchain. In simple terms, this is like running an application on multiple computers within the same network.

Each blockchain within the ecosystem is independent and has its own tokens, customizable token rules, and governance mechanisms. However, all blockchains are connected through Lachesis, Fantom’s ultra-fast aBFT (Asynchronous Byzantine Fault Tolerance) consensus mechanism. This allows seamless interoperability between blockchains while maintaining high speed and security.

Fantom operates as a decentralized network of numerous independent computers. While they share the same logic, they function autonomously and can seamlessly communicate with each other. In other words, FTM is a network of multiple networks.

High Security

Unlike the Proof of Work (PoW) algorithm used by Ethereum and Bitcoin, Fantom employs Proof of Stake (PoS)—a consensus mechanism that prevents centralization, conserves resources, and is environmentally friendly.

Fantom’s Lachesis consensus mechanism provides enterprise-level security for distributed networks, while FTM ensures absolute security. This means that transactions are irreversible, unlike probabilistic finality models used in some other networks.

Additionally, its consensus mechanism enables the network to scale to hundreds of validator nodes, increasing decentralization while maintaining robust security.

Openness

FTM is an open-source and permissionless network, meaning anyone can become a Validator Node. On Fantom’s Opera chain, there is no limit to the number of validators securing the network. However, participants must stake at least 3,175,000 FTM to qualify as a validator.

For those holding a smaller amount of FTM or lacking expertise in running distributed systems, there is still an opportunity to contribute to network security. Users can delegate as little as 1 FTM to a validator node and earn rewards.

1.2. Which coins are in the Fantom ecosystem?

As of August 31, 2021, the Fantom ecosystem hosts over 150 projects spanning various industries. Among them, the Decentralized Finance (DeFi) sector is the most rapidly expanding, driving significant liquidity into the network.

2. WHAT IS THE INFORMATION YOU NEED TO KNOW ABOUT FTM COIN?

In this section, let’s take a look at the token of the Fantom ecosystem, which is the FTM Coin.

2.1. Basic information about FTM Coin

• Token name: Fantom Token
• Ticker: FTM
• Blockchain: Fantom
• Token standard: ERC-20
• Token type: Utility Token
• Contract: 0x4e15361fd6b4bb609fa63c81a2be19d873717870
• Total Supply: 3.175.000.000 FTM

2.2. What is Fantom coin allocation?

Fantom coins are distributed as follows:

• Token Sale: 40%
• Advisors/Contributors: 30%
• Market development: 30%
• Team & Founders: 15%

2.3. Purpose and How to Own FTM Coin

FTM tokens can be used for the following purposes:

• Transaction Fees: Used to pay transaction fees on the Fantom blockchain.
• Staking & Validation: Stake FTM and become a Validator Node to process network transactions and earn transaction fees as rewards.
• Network Governance: Participate in Fantom’s governance (launched on January 12, 2021) to vote on network proposals.
• Payment System: Used as a payment currency within various payment systems.

How to own FTM Coin?

There are two main ways investors can acquire FTM tokens:

• Buying on Crypto Exchanges: Purchase FTM directly from listed exchanges such as Binance, Bkex, Okex, KuCoin, Gate.io, Sushiswap, MXC, Bilaxy, and more.
• Staking & Validating: Stake FTM and become a Validator Node to earn FTM rewards for securing the network.

3. FANTOM WALLET STORAGE WALLET

Since FTM is an ERC-20 token, investors can store it in various wallets, including:

• Popular Ethereum Wallets: MetaMask, MyCrypto, Coin98 Wallet, MyEtherWallet, etc.
• Exchange Wallets
• Cold Wallets: Ledger, Trezor 

4. DEVELOPMENT TEAM AND PARTNERS OF PROJECT FANTOM

Who are the key players behind Fantom’s development and partnerships?

4.1. The Fantom Development Team

Fantom Foundation was originally founded by Dr. Ahn Byung Ik, a South Korean computer scientist. However, at present, Michael Kong serves as the CEO of the platform.

The project team consists of engineers, scientists, researchers, and entrepreneurs. Among them, one of the most notable figures is Andre Cronje—a highly influential name in the crypto space. He is also the Founder of Yearn Finance, one of the most well-known ecosystems in the DeFi sector.

4.2. Fantom’s Investors

Here are some key investment milestones for Fantom:

• April 27, 2021: HyperChain invested $15 million in Fantom.
• February 24, 2021: Alameda Research invested $35 million in Fantom and also became a Validator Node within the ecosystem.

4.3. Fantom’s Key Partnerships

Fantom has partnered with various blockchain and institutional entities, including:

• Band Protocol: A decentralized Oracle solution for blockchain networks.
• DAO Maker: One of the pioneering IDO (Initial DEX Offering) platforms in the crypto space.

Fantom has also secured partnerships with national organizations:

• May 7, 2021: Pakistan’s Private Educational Institutions Regulatory Authority (PEIRA) signed an MoU (Memorandum of Understanding) with Fantom to implement a customized ERP blockchain solution.
• February 18, 2021: Afghanistan National Standards Authority (ANSA) partnered with Fantom to integrate blockchain solutions and upgrade its technology infrastructure.

5. FREQUENTLY ASKED QUESTIONS ABOUT WHAT IS THE FANTOM PROJECT FOR INVESTORS

In the final section, let’s address some of the most common questions about Fantom.

5.1. Where to get the latest Fantom coin news?

Investors can stay updated with the latest news about Fantom through the following official channels:

• Website: https://fantom.foundation/
• Whitepaper: https://www.fantom.foundation/data/FANTOM/Whitepaper.pdf
• Check transaction: https://etherscan.io/
• Telegram: https://t.me/Fantom_English
• Twitter: https://twitter.com/FantomFDN
• Facebook: https://www.facebook.com/Fantom.Foundation.English/
• Blog: https://medium.com/fantomfoundation
• Youtube: https://www.youtube.com/channel/UCHON5FzG4iqFjx8f1pbZC_g
• Reddit: https://www.reddit.com/r/FantomFoundation/
• Source code: https://github.com/Fantom-Foundation

5.2. Should you invest in FTM token or not?

As previously mentioned, Fantom is a platform that utilizes DAG (Directed Acyclic Graph) technology, developed to support dApp creation and address scalability and transaction speed issues that most existing blockchains are facing. As a result, Fantom is considered a hidden gem in the cryptocurrency market.

Additionally, Fantom has secured multiple agreements with the governments of Pakistan and Afghanistan and has partnered with various projects in food and pharmaceutical traceability.

With its cutting-edge technology and strong development team, Fantom shows great potential for future growth. This makes it one of the most promising projects worth considering for your investment portfolio. However, before investing in any project, it is crucial to conduct thorough research to mitigate potential risks.

5.3. What Projects Are Similar to Fantom?

Some blockchain projects similar to Fantom include:

• Kava (KAVA): A blockchain built within the Cosmos ecosystem, utilizing Cosmos SDK, similar to Terra, Binance Chain, and Crypto.com.
• Solana (SOL): A high-performance open-source blockchain capable of scaling up to 700,000 TPS (Transactions Per Second) with a block time of 400ms. Unlike many other blockchains, Solana does not require complex scaling solutions like Sharding or Layer 2.

6. SUMMARY 

In this article, Finance Solutes has provided a comprehensive overview of Fantom, its unique features, how it compares to other blockchain ecosystems, and the potential of the FTM coin in the future. With its advanced technology, government collaborations, and strategic partnerships, Fantom is positioned as a strong contender in the crypto space.

We hope this article has given you a clearer understanding of Fantom and helped you assess its investment potential. However, always conduct in-depth research before making any investment decisions to minimize risks. To stay updated with the latest insights on crypto investments and blockchain fundamentals, be sure to follow Trada’s Coin section regularly!

Wishing you success in your trading journey!