Fantom (FTM) Network Crypto: How to Buy and Sell, Price and Advantages
Fantom is a smart contract blockchain network that is highly popular among developers of Decentralised Apps (dApps). The platform is capable of hosting DeFi, crypto dApps, and enterprise applications. It can also be used to establish the ownership of non-fungible tokens (NFTs). The native cryptocurrency of the Fantom blockchain network is called Fantom crypto (FTM). Owing to its scalability potential, Fantom has been posing to be a reliable alternative to Bitcoin and Ethereum.
Let’s dive in to learn more about FTM and the ways and methods to buy and sell it.
What is Fantom (FTM) Crypto?
Fantom is an open-sourced, decentralised and permissionless smart contract platform for digital assets and decentralised apps (dApps). It was built to become a faster and cheaper alternative to Ethereum with the help of its powerful proof-of-stake consensus mechanism. It provides a steady balance of security, decentralisation and scalability.
One of the unique aspects of the Fantom network is its absolute finality. This means that transactions on the platform cannot be reverted like that of the Ethereum-based blockchains. The consensus mechanism is also highly scalable, which increases decentralisation, and therefore, security.
Who Created the Fantom Network?
Fantom was launched in 2018 by the Fantom Foundation. The foundation was established by Computer Scientists, Dr Ahn Byung Ik and Michael Kong. Michael Kong is the CEO as well as CIO of the Fantom Foundation at the moment. Currently, the headquarters of the Fantom Ecosystem is based in South Korea.
The Fantom network was created to be a scalable smart-contract platform where developers can create DeFi applications. It also aims to be the alternative to the Ethereum Blockchain by offering improved scalability potential and decentralisation.
Also Read: What is the Avalanche Network and What is the AVAX Token?
How Does Fantom (FTM) Work?
The Fantom network works with the help of two consensus mechanisms – Directed acyclic graph (DAG) and Lachesis. DAG allows users on the platform to confirm transactions very quickly. On the other hand, Lachesis works towards securing the multiple chains that work inside this ecosystem.
The Byzantine Fault Tolerance algorithm of the Lachesis protocol allows nodes to create blocks independently, which enhances the transparency of the network. The algorithm also safeguards the network from any potential malicious attacks. Decentralisation of the network ensures complete freedom, which the Byzantine Fault Tolerance safeguards.
Advantages and Disadvantages of Fantom (FTM)
Here are some of the primary benefits of using the Fantom network:
- Swift transactions: Due to the DAG technology, the network can verify up to 3,00,000 transactions per second. To do this, the nodes do not need data from previous transactions, which is the case for other blockchains.
- Confirms transaction rapidly: Fantom crypto network takes between one to two seconds to confirm and complete an operation. Compared to other cryptos like Bitcoin and Ethereum, it is much faster.
- Lower transaction cost: The cost of transaction is considerably low, which is around 0.00001 dollars.
- Interoperability: Fantom crypto is compatible with the Ethereum virtual machine (EVM). This means that the popular applications of the Ethereum network are operational on the Fantom network.
- Stable currency: The Fantom cryptocurrency can be easily exchanged with stable currencies like USD, with an exchange rate of 1-5.
- Tiered governance system: The network is governed by a multi-tier community that uses a transparent on-chain voting system to offer their views.
Here are some of the disadvantages of using this network:
- Lower security compared to other blockchains: The DAG system does not provide as much security as traditional blockchain technology.
- High inflation rate: During the initial days of launching a cryptocurrency, an inflation of 5% is expected. However, this is expected to decrease as more users join. Unfortunately, this has not been the case for the Fantom network.
- Competition: There is a remarkable amount of competition in terms of scalability and security between Fantom crypto and its competitors NEO, Ethereum, Hashgraph, etc.
Price of Fantom (FTM)
As of August 2022, the FTM coin price has been hovering around the $0.34 mark. Currently, it is 90.26% below its all-time highest price of $3.50. The rank of Fantom crypto in terms of Market capitalisation is above average, hovering around the 40th rank. The FTM coin has been seeing a declining trajectory since its launch, primarily because of rising inflation.
Why Use Fantom (FTM)?
FTM crypto is unique as it is compatible with Ethereum-based smart contracts. Its scalability makes it usable at the industry level. In Fantom, smart contracts that are written in Ethereum’s language (Solidity) can be used in a more secure, faster and cheaper manner. If Fantom crypto continues its growth in the DeFi space, it could become one of the biggest cryptocurrencies in terms of market cap and volume.
FTM crypto that operates the entire Fantom ecosystem is versatile and can be used for payments, staking, governance and paying transaction fees on the network. FTM crypto is also available in the form of a BEP-2 token in the Binance ecosystem and an ERC-20 token in the Ethereum ecosystem.
How to Buy Fantom (FTM)?
In India, you can buy Fantom crypto from cryptocurrency exchanges like Binance, FTX, WazirX etc. The whole process does not take more than 15 minutes. The only things that you will require to buy Fantom cryptocurrency are:
- Smartphone or a computer
- Internet connection
- Photo identification
- Method of payment
Here are the steps that you can follow to buy Fantom crypto:
Step 1: You can buy Fantom via the cryptocurrency exchanges very easily. However, before buying, you must compare the features available in the various exchanges to see which suits your needs. Some exchanges might offer ease of use while others might offer low fees or 24-hr customer service.
Step 2: To buy crypto, you must have an account on an exchange. You can create an account in an exchange by verifying your email id and identity. Keep your phone and photo id ready for faster approval.
Step 3: Once your account is created, you can deposit money by choosing your preferred mode of payment.
Step 4: After this, you can exchange your deposited funds for Fantom. To do this, enter the amount of Fantom crypto you wish to purchase and click on “Buy”. After the purchase, you can transfer your Fantom tokens to your own personal crypto wallet.
How to Sell Fantom (FTM)?
You can sell Fantom crypto via crypto exchanges like Binance, FTX, etc. Here are the steps you can follow to sell your crypto tokens:
Step 1: Sign in to your account on an exchange platform.
Step 2: If you have the Fantom crypto tokens stored in an offline wallet, you will be required to transfer them to the platform.
Step 3: Once the Fantom tokens are uploaded for selling, choose the sell option.
Step 4: Choose the amount of Fantom you wish to sell and place the sell order. Your crypto tokens will be sold once the exchange finds a buyer.
Fantom Price Prediction
The FTM crypto price prediction for 2022 seems quite hopeful. The maximum price of Fantom will be around $3.65 towards the end of the year, and the minimum price will be around $3.2. The average price will be something around $3.38 which is quite positive. Additionally, the forecasts show that in the years 2023 and 2024, the value of Fantom will increase and finally reach its new high in 2026.
The Future of FTM
Fantom is currently working on many projects, and the newest one that would join the list is the FTM Incentive Program. The FTM team is also coming up with a number of products to compete with the other networks on the market. Additionally, the Fantom developers are also working on creating their own blockchain.
Also Read: Internet Computer Protocol (ICP): Price, Investment Benefits and Drawbacks
Final Word
Fantom crypto, a faster and cheaper alternative to the existing networks, poses a threat to Ethereum and Bitcoin. Fantom is one of its kind, with the independent nodes having no bearing even if one block is congested by traffic. However, despite being a highly scalable platform for crypto dApps, Fantom is not a completely risk-free investment. Since the crypto market is not liable to any government regulation, it is prone to all sorts of scams and hacks. This makes it essential to do research before investing in crypto.
FAQs on Fantom Crypto
Ans. FTM tokens are available in three versions:
• Ethereum (ERC- 20) token
• Opera Mainnet Token
• Binance Chain(BEP-20) token
Ans. Yes, it is a safe network as it works on the Proof-of-Stake algorithm. All transactions in the network are verified by network participants who stake their crypto to get validation rights.
Ans. Yes, Fantom crypto could prove to be a sustainable source of income provided you invest wisely. The Fantom ecosystem is planning to be the hub for decentralised apps, which makes it a great investment option for the long term.
Ans. Currently, there are 2,545,006,273 FTM coins in circulation. The maximum supply of Fantom coins has been capped at 3,175,000,000.
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Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions.
Mutual Fund investments are subject to market risks, read all scheme-related documents carefully.
This article has been prepared on the basis of internal data, publicly available information and other sources believed to be reliable. The information contained in this article is for general purposes only and not a complete disclosure of every material fact. It should not be construed as investment advice to any party. The article does not warrant the completeness or accuracy of the information, and disclaims all liabilities, losses and damages arising out of the use of this information. Readers shall be fully liable/responsible for any decision taken on the basis of this article.
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