How to buy Fantom (FTM) in Gambia

What is Fantom (FTM)?

Fantom is a public decentralized smart-contract platform that allows for the development of dapps, digital assets, and independent blockchain networks. It is designed to solve the “Blockchain Trilemma”, which is a popular belief that a decentralized system can only satisfy two of three benefits - speed, security, and decentralization - at the same time. The Blockchain Trilemma is widely held as it is evident in two most popular blockchains, Bitcoin and Ethereum. Both of them have good security and decentralization because of their consensus mechanisms, but they greatly compromise scalability and speed as a result. To achieve all three advantages, Fantom implements asynchronous Byzantine Fault Tolerance (aBFT) consensus protocol to increase the speed and throughput of transactions.

One of the ways Fantom takes the edge off transaction load and increases scalability is by allowing users to create and configure their own networks on top of Fantom while still enjoying the speed, security, and finality of the mother chain.

Blockchain Interoperability

Fantom’s mainnet, called Opera, was released in 2019. It is fully compatible with Ethereum Virtual Machine (EVM), which means that dapps built on Ethereum and other EVM-compatible chains such as Avalanche and Polygon can easily be migrated to or interoperated with Fantom.

Moreover, Mutichain.org (formerly known as Anyswap), one of the biggest cross-chain swap AMMs, supports Fantom, making it easier to move assets to and from Fantom.

Fantom Virtual Machine

In April 2022, the Fantom Foundation announced that Fantom Virtual Machine (FVM) would be launched later in the year. FVM will empower Fantom to have better speed, fee, security, scalability, and performance. According to Fantom Daily, it is said that FVM can make execution costs go down enormously while doubling performance capacity.

Enterprise Solutions

In addition to excellent support for independent developers, Fantom offers a suite of solutions for enterprises. On their website, the solutions are promised enterprise-grade performance and security as well as high flexibility and customization. Perhaps the quality of their services is what has convinced many companies to utilize Fantom. Some of the notable use cases demonstrated include pharmaceutical supply chain, education, healthcare data storage, and finance.

How Fantom (FTM) Works

Lachesis - aBFT consensus algorithm built by Fantom

Fantom deploys its own aBFT-based Proof-of-Stake (PoS) consensus protocol called Lachesis, which powers Fantom’s mainnet, Opera.

There are four key characteristics of Lachesis as follows:

1. Augmented Byzantine Fault Tolerance: The aBFT mechanism of Lachesis improves on the the traditional Byzantine Fault Tolerance model as it achieves consensus through:

- a two-stage block confirmation process (In the beginning stage, a last irreversible block is suggested, and then in the latter stage, the last irreversible block is decided upon.)

- two-thirds majority vote

2. Leaderlessness: In the original PoS protocol, a few validators determine the validity of the transactions. On the other hand, there is no leading node that can decide the validity of blocks. The lack of leaders in this type of PoS improves speed and strengthens the network’s security.

3. Asynchronism: Commands can be processed at different times.

4. Fast finality: A transaction on Opera is finalized and settled almost instantaneously.

Lachesis is at the heart of Fantom, enabling the network to be scalable, secure, and decentralized at any given time.

One dapp one blockchain

Furthermore, Fantom employs a unique way to avoid network congestion and offer extensive scalability to dapp developers and users, that is to assign each dapp its own customizable blockchain. Though the "child" blockchains are independent and customizable in terms of governance and tokenization, they have the benefits of the Lachesis. Since Lachesis is the common thread that ties all these child networks together, there is an obviously inherent interoperability among them.

How Many FTM Tokens Are in Circulation?

Fantom’s primary token is FTM. FTM is used for securing the network, sending and receiving payment, on-chain governance, staking, and network fees.

To run a validator node on Fantom, one needs to stake at least 500,000 FTM.

The total supply of FTM is 3.175 billion. Among those, 2.1 billion is in circulation and the rest is reserved for giving out staking rewards to holders. If the staking reward distribution remains at the same speed, the remaining 1.075 billion FTM will take about two years to be issued completely and the total supply of 3.175 billion FTM be in circulation.

The initial distribution of FTM is as follows:

- 32.75% is allocated to Block Rewards

- 12.00% is allocated to Advisors/Contributors

- 6.00% is allocated to Strategic Reserve

- 1.57% is allocated to Public Sale

- 11.69% is allocated to Private Sale II

- 25.35% is allocated to Private Sale I

- 3.15% is allocated to Seed Sale

How to Buy Fantom (FTM)

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Fantom (FTM) Resources

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Official Website