Fantom uses Directed Acyclic Graph (DAG) technology to provide finite scalability as well as instant transactions at reduced costs to users. Fantom is also busy developing a high-performance virtual machine that has safe and secure smart contract execution.
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Choose your quick section of our Fantom review below.
A Quick Overview of our Fantom Review:
Fantom is known as an ultra-high speed and high-performance platform that aims to become the IT infrastructure backbone, especially for emerging smart cities.
Fantom Live Price
What is Fantom?
Fantom is an ambitious project which aims to create a smart contract platform that will serve as a “nervous system” for smart cities. Fantom uses distributed ledger technology stack to power smart cities along with all the services contained in them.
Key Features and Takeaways of Fantom
Fantom is an innovative and popular cryptocurrency project that has the following features and takeaways:
Fantom uses Directed Acyclic Graph (DAG) technology to provide finite scalability as well as instant transactions at reduced costs to users.
Fantom is also busy developing a high-performance virtual machine that has safe and secure smart contract execution.
Fantom is known as an ultra-high speed and high-performance platform that aims to become the IT infrastructure backbone, especially for emerging smart cities.
The platform and project believes that it can provide the best solution to store significant amounts of data in a secure manner. Fantom aims to achieve this by granting access to stakeholders for smart city data-driven smart contracts as well as decentralised applications (DApps).
The aim is for the Fantom platform to be used across several sectors including public utilities, smart home systems, healthcare, education, traffic management, and others.
Fantom is versatile and flexible, offering an all-in-one decentralised finance (DeFi) solution for all its users.
With the EVM-compatible blockchain, users can easily mint, trade, lend, and borrow digital assets from their wallets without an intermediary.
The Opera mainnet of Fantom was created using the DAG-based Lachesis consensus mechanism which supports EVM-compatible smart contracts, allowing Fantom users the ability to execute smart contracts on the network, making DeFi perfect for the platform.
Fantom’s architecture is divided into three distinct layers namely the core layer which must maintain consensus across nodes in the Lachesis protocol, the Ware Layer which is in the middle and executes functions such as issuing rewards and payments, and the Application Layer that hold publicly available APIs.
Fantom Mining
FTM cannot be mined as result of the consensus mechanism that are used. The bottom layer of the Fantom platform’s architecture is dedicated to the Opera Core layer, responsible for maintaining consensus across all nodes in the Lachesis Protocol.
The Opera Core Layer is also responsible for the creation of events, using DAG to confirm transactions, allowing nodes to process them asynchronously as result of the use of DAG technology. Every transaction is processed and saved on each node, the same way a blockchain saves transactions.
The network makes use of a second type of node referred to as a Witness node, which is used to validate transactions. These nodes are responsible to check the validity of data which is held by nodes across the entire network, and they rely on a Delegated Proof of Stake (DPoS) consensus method to elect validating nodes.
Lachesis Protocol
In this protocol, every node stores a local DAG which consists of the event blocks that contain transactions. DAG can use the “happens-before” relationship between events to calculate the final order of events and once complete, event blocks are split into confirmed and unconfirmed blocks.
Blocks that are from the past 2 to 3 frames are considered confirmed while new blocks are unconfirmed.
StakeDag
One of Fantom’s innovations that leverages the stake of participants as validating power, StakeDag, works to achieve the Byzantine Fault Tolerance (BFT) in a system which is leaderless and asynchronous.
The StakeDag protocol extends the Lachesis protocol and uses layer assignment on the DAG, achieving quick consensus with an improved and more reliable ordering of final block events.
Benefits of the StakeDag protocol are as follows:
There are fewer vulnerabilities when compared to Proof of Work (PoW), Proof of Stake (PoS), and delegated Proof of Stake (DPoS).
StakeDag is fair as each node has an equal chance to create a new event block.
Pros and Cons
| ✔️Pros | ❌Cons |
|---|---|
| After Fantom’s launch, it immediately attracted the attention of fundamental analysts and investors | There is a significant amount of competition between Fantom and competitors such as Ethereum, NEO, Hashgraph, and others |
| Fantom combines the best features of a variety of standalone projects and uses them to build an impressive platform | The Internet of Things (IoT) is a new industry that is still in its initial phases, which means that use cases for Fantom may be delayed |
| FTM is like other projects and can be used for staking, governance, and paying of fees on the platform | |
| The project has shown increasing abilities to network solutions | |
| Fantom has a dedicated, professional team behind it |
Transaction Fees
| Type of Fee | Information |
|---|---|
| Withdrawal Fees | 16 FTM |
Should you buy Fantom?
Even though Fantom is not the first project to use DAG technology to pave the way towards scalability, it promises to add more value through the addition of infrastructure supporting smart contracts as well as decentralised applications, giving it a boost past competitors such as Nano and IOTA.
Given the links that Fantom has with smart cities in South Korea, there is mass speculation that the platform will be able to control the market for these cities. Even though this cannot be guaranteed, Fandom will need to ensure that there is timely progress and that they deliver on promises, allowing them to maintain the partnerships that they have forged.
By ensuring that there is consistent high transaction speeds and low transaction fees, Fantom is increasing acceptance across various industries, pushing it closer to mass enterprise adoption, which is something that investors are banking on.
The future of Fantom rests on its ability to deliver a sustainable, Ethereum-like, application-based ecosystem.
How to buy Fantom (FTM)
Step 1 – Register an account with Gate.io
Navigate to the official Gate.io website and select the option to “Sign Up” from the homepage.
Complete the online registration form by providing country/region, a selected username, email address, and user-selected password. Read and accept the User Agreement and Privacy and select “Next”.
Create a fund password and select “Create Account”. Complete the “I am not a robot” reCAPTCHA. Check your email inbox for the activation email and click on the link in the email. If the link does not work, you can copy and paste the URL into your browser.
Log into your account using your credentials and complete the reCAPTCHA.
Check your email again for the verification email that contains the 6-digit code and click on “Confirm”. Enter the code that you received into the blocks provided and select “Log In” to proceed.
Before you can use the platform to purchase Fantom/FTM and other cryptocurrencies on Gate.io, you must complete the “Know Your Client” or KYC procedure to verify your identity and your proof of residence.
Click on “KYC Now” at the bottom of the webpage to start the process.
Select whether you are an individual or an organisation by selecting “Verify Now” under the relevant option.
Select your country from the dropdown list, enter your full name followed by confirmation thereof. Select your ID document type and provide your ID Number as shown on your official ID Document.
Click on the first image to upload a clear photo of the front of your ID document followed by a clear photo of the back of the document.
Next, write your Gate.io unique ID on a piece of paper and take a photo of yourself holding up your identity document (front) and the paper containing your unique ID.
Once you have done this, click on “Confirm and Submit”.
Next, you must enable the Timed One-Time Password (TOTP) to be able to log into your account. This can be done by clicking on “Set Now” at the bottom of the page.
On the new page that loads, select “Click here” to set up Two-factor Authentication.
Download Google Authenticator onto your mobile device by making use of any of the abovementioned methods.
Follow the steps indicated to add your Gate.io account by scanning the QR code or entering your unique key.
Enter the TOTP, your fund password, and the code sent to your email address and select “Enable Two-factor Authentication”. With this setup, you must use the Google Authenticator app to sign into your account every time.
Step 2 – Deposit funds
You must note that Gate.io is only a crypto-to-crypto exchange which means there is no fiat gateway. The only way through which funds can be added, is to transfer an existing crypto into your Gate.io wallet.
FTM can only be bought through Tether/USDT or Bitcoin/BTC while it can be traded with USD as a futures contract.
Navigate to the deposit/withdrawal section by hovering over your account and selecting the relevant option. Choose from the list of coins in which you can make a deposit and select “deposit” next to the appropriate coin.
You will be redirected to a page which generates a deposit address for the coin that you wish to deposit.
Copy this address, or scan the QR code, into the wallet where you are making a withdrawal from and depositing to Gate.io and wait for the relevant blockchain to confirm your transaction. Once the transaction has been completed and verified by the nodes on the chain, the coins will be sent to the Gate.io wallet and you can start trading FTM.
Step 3 – Explore your trading options
Gate.io offers a variety of ways through which cryptocurrencies can be obtained. Each of these can be explored individually depending on your trading needs and objectives.
To start trading FTM, select the option from the “Trade” Menu. Enter “FTM” into the search bar to see which trading options are available.
For spot trading, for instance and as an example, select FTM_USDT or FTM_ETH. Once you have selected, you will be directed to the exchange page which corresponds to the cryptocurrency pair FTM/USDT or FTM/ETH.
Here, you will see that you have the option to buy or sell FTM either as a limit order, grid trading, or as a time condition. The most common trading method is that of limit trading and thus it will be used for this guide.
Step 3 – Buy FTM through via Limit Order
To buy FTM and create a limit order for it, you can enter the amount of FTM you want to purchase, and the price you want to buy it at in USDT. This tool will tell you what the overall cost is in USDT, or any other chosen counter-currency, which will be deducted from your wallet once the order has been executed.
Step 4 – Sell FTM through via Limit Order
To sell FTM, find the panel under the chart and create a limit order for USDT according to your own preferences. Note that with a peg to USD, FTM that you exchange for USDT will hold the flat value that it has despite market conditions in the cryptocurrency market.
Step 5 – Withdraw funds
To withdraw funds, you will use the same page in Gate.io which was used to make a deposit.
Click on the deposit/withdrawal option on your Account dropdown and find the wallet of the currency that you wish to withdraw. You can do this easily by using the search bar provided.
Instead of a deposit address being generated, you will do this on the exchange, or the wallet being used as the destination for withdrawal of funds from Gate.io. Paste the address of the receiving wallet in the field provided and provide your Gate.io fund password, email code, and TOTP before selecting “Submit Request”.
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Frequently Asked Questions
When was Fantom first launched?
Fantom was launched in 2018.
Who founded Fantom?
Fantom was founded by Dr. Ahn Byung Ik.
What is “ICO”?
It is Initial Coin Offering that, unlike an IPO, does not mean that those who invest in the cryptocurrency will have an ownership stake of the company that they provide funds to.
When was Fantom’s ICO and how much did it raise?
Fantom’s ICO was held in 2018 and raised 559 million ZAR.
Is Fantom legit?
Yes, both Fantom and FTM are legit.
What is Fantom’s total supply?
Fantom’s total supply is capped at 3.175 billion FTM.
What is the purpose of Fantom?
Powered by Lachesis, Fantom is a cryptocurrency project that offers several functions to decentralised finance (DeFi) users including minting, trading, lending, and borrowing.
On which blockchain is Fantom based?
Fantom is based on three separate blockchains, with the FTM token based on Ethereum’s blockchain.
Does Fantom work with smart contracts?
Yes, on Fantom, developers can write, test, and deploy smart contracts.
Does Fantom have potential to become more valuable?
Yes, despite the competition that Fantom faces, it has the potential to become more popular.
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