How and Where to Buy Fantom (FTM)
Dr Ahn Byung Ik, a South Korean computer scientist, founded the Fantom Foundation in 2018. Michael Kong is the CEO/CIO, and Quan Nguyen is the CTO. The global Fantom team consists of scientists, engineers, entrepreneurs and designers, all with the same vision to create and build an infrastructure for a “more democratic and efficient future” by integrating advanced technologies and making them more accessible to everyone worldwide.
In December 2019, Fantom launched the OPERA mainnet compatible with EVM (Ethereum Virtual Machine). It “provides full smart contracts support through Solidity. We designed Opera to overcome the limitations of older generations of blockchains, keeping the compatibility with Ethereum for seamless dApp porting.” – Fantom website.
What Is Fantom (FTM)?
Fantom (FTM) is a “directed acyclic graph (DAG)” smart contract platform that provides DeFi services to developers using a bespoke consensus algorithm. A DAG is different from a blockchain. Transactions are recorded on top of each other as vertices, not blocks. Fantom (FTM) aims to solve smart contract platform issues.
$FTM is the native token powering the Fantom ecosystem used as network payment fees, staking for rewards and on-chain governance. $FTM token holders can vote with one token per vote.
The Fantom ecosystem has two primary technologies: –
- Lachesis protocol – secures the Fantom network
- Opera mainnet -EVM compatibility
Fantom can help with blockchain development, from building a software suite with full features to developing a consensus algorithm. Also, via the Ethereum Virtual Machine (EVM), developers can easily port existing Ethereum dApps across to the Fantom platform.
What Makes Fantom (FTM) Unique?
To facilitate DeFi and services based on smart contracts, Fantom uses a “scratch-built consensus mechanism” called Lachesis for high-capacity, super-fast transactions, and high security across leaderless PoS (proof of stake) consensus mechanisms, plus low finality (meaning that you cannot change or reverse a transaction).
Unlike many PoS systems, validators on the Fantom Opera mainnet do not influence transaction validity.
A leaderless and permissionless consensus protocol means that all nodes are equal, and anyone, at any time, can leave or join the network. That aspect alone makes the Fantom network technology stand out from other cryptocurrency networks.
In addition, Lachesis is ABCI (AI Bridging Cloud Infrastructure) compatible, so it can seamlessly integrate with other blockchains as separate consensus modules.
Fantom Solves the Blockchain Trilemma
Most blockchains with distributed ledger technologies have struggled to marry essential criteria:
For instance, the Bitcoin proof of work (PoW) consensus protocol provides strong security but at the cost of dismally slow transaction speeds.
Fantom achieves an “aBTFT” (Byzantine Fault Tolerance) consensus. Transactions process asynchronously, increasing throughputs and speeds compared to synchronous BFT ledgers like Bitcoin and Ethereum.
“On Fantom, you can use your FTM to mint fUSD and access the DeFi tools. You can use fUSD to trade synthetic assets, or lend it to earn interest and borrow synthetic tokens.” – Fantom website
Fantom is also Cosmos SDK compatible. Developers can use the aBFT consensus mechanism as a foundational layer and then use Cosmos SDK on top of it.
How and Where to Buy Fantom (FTM)?
When you’re ready to buy Fantom (FTM), choosing a reputable crypto exchange is essential. Binance is a highly regarded exchange with a good range of services and fiat currency options:
- Sign up with Binance – it’s easy to get started. Have copies of your identification documents ready for KYC
- Deposit methods – Binance accepts Visa and Mastercard, wire transfers, and cryptocurrency deposits
- Click on the exchange tab – Fantom (FTM) is paired with several currencies: FTM/USDT, FTM/BUSD, FTM/BTC, FTM/TRY, FTM/BNB, FTM/ETH, FTM/AUD, FTM/BRL, FTM/BIDR, FTM/RUB
- Purchase your preferred pair
- Securely store your Fantom (FTM) – you can use the Binance exchange wallet or Trust Wallet, the Binance mobile wallet app
How do I Sell Fantom (FTM)?
When you are ready to sell your Fantom (FTM), it’s straightforward to do so: –
- Convert your $FTM tokens to a stablecoin like $USDT
- Transfer the $USDT to an off-ramp platform. You might wish to use Coinbase or Gemini
- When the $USDT completes, you can convert it to your chosen fiat currency and request a withdrawal to your bank account. Hopefully, you’ve made a good profit on your Fantom (FTM) investment, which you can now enjoy
Should I Buy Fantom (FTM)?
We aren’t investment experts and advise doing your due diligence before investing in any financial instrument. Still, if you want to invest in Fantom (FTM), choose a reputable cryptocurrency exchange like Binance. The platform has a broad range of services, markets, and coins.
Two other exchanges you may consider are: –
- KuCoin – known as the people’s exchange, KuCoin has over 1100 markets and more than 600 coins to choose from. The platform offers non-custodial and custodial wallets and has high-security levels
- Gate.io – the crypto exchange has over 2300 markets. Including Fantom (FTM), Gate.io lists more than 1350 coins. The platform has the added benefit of a cold storage wallet (the “S1) as well as an exchange wallet
How do I invest in Fantom (FTM)? Safely?
If you’re investing in $FTM tokens, it’s essential to choose a cryptocurrency exchange with a good reputation and, after your purchase, securely store your $FTM holdings in a trusted wallet. Three cryptocurrency exchanges we recommend are Binance, Gate.io, and KuCoin.