Fantom is a fast, high-throughput open-source smart contract platform for digital assets and D-Apps. In the below article, we will talk about how Fantom is different from other Ethereum killers and its uniqueness.

What is Fantom (FTM)?

Fantom is a smart contract platform popular with De-Fi, business applications and developers, due to the small transaction fees, open-source and speed.

D-App developers are more likely to develop D-Apps on Fantom as it is much faster and cheaper than other Blockchains. If you try to carry out yield farming on Fantom, you may produce a higher return as more transactions can be carried out quicker with cheaper fees.

Fantom is also an open-source platform, allowing developers to move their smart contracts and projects from other Blockchain platforms like Ethereum to the Fantom Opera.

How does Fantom work?

Fantom is a modular Blockchain system. It is supported by the Ethereum Virtual Machine (EVM) and it’s compatible with Ethereum.

Fantom is secured by POS (Proof-of-Stake). Unlike POW (Proof-of-Work), Fantom is more environmentally-friendly as electricity is saved. The consensus mechanism of Fantom can scale to hundreds of nodes, increasing decentralization and security.

It is also a highly transparent Blockchain platform. Based on these principles, the code is open-source and available on Github.

What can FTM token do?

FTM is the native token of Fantom. With FTM, you can do:

Governance: FTM can be used in Fantom's governance, including voting on proposals.
Staking: FTM can be staked and become a validator. A faster node that can confirm more transactions will receive more rewards.
Paying the Network Fee: FTM can be used to settle the payment on Fantom Opera when making transactions or executing smart contracts.

According to the official site of Fantom, the total supply of FTM is 3.175 billion, and 2.1 billion FTM are currently in circulation while the remainder is reserved for staking rewards.

At the moment, FTM is available as native mainnet token, as ERC-20 token, and as BEP-2 token.

How to buy FTM tokens on Bitget?

The simplest way to buy FTM tokens is through cryptocurrency exchanges. You can establish an account with an exchange like Bitget, and then fund the account with fiat by credit card, Apple pay and Google pay.

Click here to check out the latest price of Fantom (FTM)!

Disclaimer: All products and projects listed in this article are not endorsements and are provided for informational purposes only.

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coin.about_expand

what_is.current_price:

$0.6612what_is.more_price_detail

what_is.price_high:$3.48

what_is.price_low:$0.001953

what_is.supply_title

what_is.circulate_supply:2,803,635,000 FTM

what_is.total_supply:3,175,000,000 FTM

what_is.max_supply:0 FTM

what_is.market_cap:$1.85B

what_is.fully_cap:$2.10B

what_is.token_allocation:

Investors

41.76%

Premined Rewards & Airdrops

32.75%

Founders & Project

25.49%

what_is.tokenomics:

what_is.token_uniqueness

Fantom attempts to use a new scratch-built consensus mechanism to facilitate DeFi and related services on the basis of smart contracts.

The mechanism, Lachesis, promises much higher capacity and two-second transaction finalization, along with improvements to security over traditional proof-of-stake (PoS) algorithm-based platforms.

Matching Ethereum , the project appeals to developers looking to deploy decentralized solutions. According to its official literature, its mission is to “grant compatibility between all transaction bodies around the world.”

Its in-house PoS token, FTM, forms the backbone of transactions, and allows fee collection and staking activities, along with the user rewards the latter represents.

Through token sales in 2018, Fantom raised almost $40 million to fund development.

what_is.token_utility

FTM is the primary token on the Fantom network. $FTM is used for securing the network through staking, governance, payments, and for fees.

Securing the network

The main utility of the $FTM token on Fantom is to secure the network via a Proof-of-Stake system. To participate, validator nodes need to hold a minimum of 3,175,000 $FTM, and stakers need to lock up their $FTM. In return for the service, both the nodes and the stakers are rewarded with epoch rewards and fees.

On-chain governance

$FTM is needed for on-chain governance. Because Fantom is a fully permissionless and leaderless decentralized ecosystem, any decision regarding the network is carried out by on-chain governance. With governance, stakers can propose and vote for changes and improvements. $FTM is the governance token required to participate in the voting process.

Payments

The $FTM token is ideal for sending and receiving payments.

Network fees

$FTM is used for network fees, such as transaction fees and fees to deploy smart contracts or to create new networks. Without a minimum barrier, the network would be an easy target for spam, ultimately hampering the performance and filling the ledger with useless information.