April 21, 2020

How to buy Fantom (FTM)

Fantom

The Fantom platform aims to solve the problem of scalability. The project involves creating a network with high bandwidth. The platform can be used to perform a huge number of transactions per second. In this article, we will detail the main features and benefits of FTM.

Key aspects

Blockchain technology allows you to maintain consensus across all nodes in a decentralized manner. However, it has two fundamental problems: transaction speed and scalability. Despite the relatively effective consensus, one block can be implemented once. It reduces the speed of confirmation of operations, which is a consequence of the limited use of technology in various fields. Smart contracts also did not lead to a solution to this problem.

The new model, created based on DAG technology, will help solve the issues related to scalability. It is already implemented on platforms such as Hashgraph, Byteball, IOTA and Nano. DAG ensures that transactions are executed in real-time, as all node processes are asynchronous. This technique allows for virtually infinite scalability, which can amount to hundreds of thousands of operations per second. It is possible by using a significant number of nodes on the network.

However, all the platforms listed above cannot be combined with smart contracts and the Dapp infrastructure used with Ethereum.

The author of the project came up with the idea to develop a new platform to solve the problems mentioned. He previously created the successful SilkSin food platform. The creator is considered a recognized specialist in distribution systems and blockchain.

Features of technology

Fantom (FTM) is currently the only DAG-based smart contract platform. It allows you to solve the problems of scalability of operations. The platform also makes it possible to exchange data with a low rate of commission.

Fantom developers claim that the blockchain has the following problems:

  • scalability;
  • high transaction costs;
  • data history.

It should be noted that the platform is not a classic blockchain. The technology is slightly different from the usual solutions. DAG is a new architecture; through which it is also possible to form a centralized network.

The developers promise that after the platform is 100% operational, users will get the following:

  • Commission – less than 0.01 USD;
  • speed – 300,000 operations per second;
  • confirmation – instant;
  • scaling – unlimited.

Fantom will solve the problem of scaling through Lachesis. The bottom line is that the block of events will be checked by the previous block, and tps themselves will be tested asynchronously without the participation of miners, as is the case in other blockchains. All this leads to the fact that the load on the network due to transactions does not increase, respectively, there is no increase in the confirmation time.

Blocks will store information divided into several packages. They are needed to store the following data:

  • reputation;
  • smart contracts;
  • operations;
  • historical information;
  • mining rewards.

Fantom Opera Chain can change the structure of processing operations to a format with higher security.

FTM tokens

The FTM coin is based on the ERC20 standard. It acts as the platform’s internal currency. The coin will be used to pay commissions within the current ecosystem. The distribution of coins is as follows:

  • the reward for the project’s authors – 15%;
  • payment for advisor services – 15%;
  • funds for the development of the platform – 30%;
  • public distribution – 40%.

All wallets that work with the ERC20 standard support the token. There are no problems with storing coins. For this purpose, you can use cryptocurrency exchanges or install the appropriate wallet on your computer.

How to sell Fantom (FTM)

There are many ways to sell and buy FTM. You can solve this problem by resorting to the following services:

  1. Cryptocurrency exchanges. Here you can quickly purchase or sell the right amount of FTM on comfortable conditions. The token exchange rate varies between platforms. As a result, some users are involved in arbitrage trading.
  2. Exchange services. These are sites where you can exchange one currency for another. Here you can purchase FTM for fiat money. If you want to learn how to buy Fantom (FTM) on such a service, study the instructions and user agreement. Typically, you can perform this procedure in a few clicks.

Which option is better, it’s up to you. If you need to learn how to sell Fantom and profit from it, we advise you to study the principles of cryptocurrency trading. Electronic coins are a convenient financial instrument. High volatility attracts many traders from all over the world to the cryptocurrency market. FTM can also act as a reliable instrument for investment. This cryptocurrency is quite promising. 

Summary

The Fantom Platform (FTM) is a very promising project. The key question is how successfully the stated objectives will be achieved. If they are 100% realized, this cryptocurrency will have a bright future. In the case of a mediocre result, the prospects will not be as optimistic. At the moment, it makes sense to add the cryptocurrency to your investment portfolio.