How to get Fantom (FTM)
What is Fantom (FTM)
Fantom (FTM) is a decentralized, open-source blockchain platform that aims to provide fast, scalable, and secure blockchain infrastructure for decentralized applications (dApps) and smart contracts. It uses the novel consensus mechanism called “Lachesis Protocol” which is based on directed acyclic graph (DAG) technology and aims to solve the scalability and security issues of existing blockchain platforms. FTM is the native cryptocurrency of the Fantom network, which can be used for various purposes, such as transaction fees, participating in governance, and more.
The history of Fantom (FTM)
Fantom was founded in 2018 by a team of blockchain experts and entrepreneurs from South Korea, Australia, and Norway. The company’s vision is to provide a high-performance and scalable blockchain infrastructure for decentralized applications and smart contracts.
FTM was first introduced in June 2018 as an initial coin offering (ICO), and since then, the Fantom team has been working on the development of its platform, which is based on directed acyclic graph (DAG) technology and uses a consensus mechanism called the “Lachesis Protocol”. The platform was designed to address the scalability and security issues of existing blockchain platforms, and to provide fast and secure transactions for users.
Since its launch, Fantom has received support from several high-profile investors, including Hashed, a Korean blockchain investment firm, and Blockchain Ventures, an investment fund focused on blockchain and cryptocurrency projects. In 2020, Fantom launched its mainnet and has since been working on expanding its ecosystem and partnerships, with the aim of becoming a leading player in the decentralized infrastructure space.
How Fantom (FTM) works
Fantom (FTM) is a decentralized platform that utilizes directed acyclic graph (DAG) technology and the “Lachesis Protocol” consensus mechanism to provide fast, scalable, and secure blockchain infrastructure for decentralized applications (dApps) and smart contracts.
Here’s a brief overview of how it works:
- DAG Technology: The DAG technology used by Fantom allows for parallel processing of transactions, which helps to increase the platform’s transaction speed and scalability.
- Lachesis Protocol: The Lachesis Protocol is a consensus mechanism that ensures the integrity of the network by validating transactions and blocks in a decentralized manner. It uses a combination of voting and random selection to confirm transactions and blocks, making it more secure and efficient compared to traditional consensus mechanisms like Proof-of-Work (PoW) and Proof-of-Stake (PoS).
- Decentralized Applications (dApps): Fantom provides a platform for developers to create decentralized applications (dApps) and smart contracts, which can be run on the Fantom network. The platform’s high-performance infrastructure allows dApps to run faster and more efficiently compared to other blockchain platforms.
- FTM Token: FTM is the native cryptocurrency of the Fantom network and is used to pay for transaction fees, participate in governance, and more.
- Node Network: Fantom has a decentralized node network that helps to maintain the integrity and security of the network. These nodes validate transactions and participate in the consensus process, ensuring that the network remains decentralized and secure.
Overall, Fantom’s combination of DAG technology, the Lachesis Protocol consensus mechanism, and its decentralized node network provide a high-performance, secure, and scalable infrastructure for decentralized applications and smart contracts.
Can Fantom (FTM) be trusted
The trustworthiness of Fantom (FTM) is subjective and depends on multiple factors such as the security of its technology, the integrity of its development team, and the overall adoption and usage of the platform.
Fantom has implemented several measures to ensure the security of its technology, such as its use of directed acyclic graph (DAG) technology and the Lachesis Protocol consensus mechanism. However, like any decentralized technology, there is always some degree of risk involved, and it’s important to conduct thorough research and due diligence before investing in any cryptocurrency.
Additionally, the integrity and transparency of the development team and the wider community also play a role in determining the trustworthiness of the platform. In the case of Fantom, the team has been actively working on the development of the platform and has received support from several high-profile investors.
Ultimately, the trustworthiness of Fantom (FTM) can only be determined by evaluating the platform’s technology, development, and overall adoption and usage. It’s important to stay informed about the latest developments and assess any potential risks before making any investment decisions.
How to get Fantom (FTM)
Here’s a step-by-step guide on how to get Fantom (FTM):
- Choose a cryptocurrency exchange: There are several cryptocurrency exchanges that offer FTM, such as Binance, Huobi, and OKEx. Choose an exchange that operates in your country and meets your security and reliability standards.
- Register an account: Once you’ve chosen an exchange, you’ll need to register an account by providing your personal information, such as your name, email address, and a secure password.
- Verify your identity: Most exchanges require you to verify your identity before you can start trading. This may involve uploading a government-issued ID or passport, and providing proof of address.
- Add funds to your account: To purchase FTM, you’ll need to add funds to your exchange account. You can do this by depositing fiat currency (e.g., USD, EUR, etc.) or another cryptocurrency (e.g., Bitcoin, Ethereum, etc.).
- Buy FTM: Once your account is funded, you can buy FTM by placing an order on the exchange. You can either place a market order, which will be executed at the current market price, or a limit order, which will only be executed when the price reaches a specified level.
- Store your FTM: After you’ve purchased FTM, it’s recommended to store it in a secure, decentralized wallet. This will give you control over your private keys, which are needed to access your FTM.
Note: Cryptocurrency exchanges and wallets are susceptible to hacking and scams, so it’s important to choose a reputable exchange and store your FTM in a secure wallet. Before making any investment decisions, make sure to conduct thorough research and understand the risks involved.
This is a general guide on how to get FTM, and the specific steps may vary depending on the exchange and country you’re in. Before making any investment decisions, it’s recommended to conduct thorough research and consult with a financial advisor.
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