Fantom is a secure and scalable smart-contract framework for creating decentralized financial (Defi) applications. It was launched in 2018 by a South Korean Computer Engineer with an intention to circumvent the transaction speed restrictions that affected earlier blockchain systems running smart contracts.
To support smart contracts, Fantom employs Lachesis, a new consensus algorithm. It is an Asynchronous Byzantine Fault Tolerance (aBFT) consensus protocol, which the company says is quicker and less expensive than prior technologies while retaining vital security requirements. It is the blockchain’s consensus layer, and it can be linked to any distributed ledger.
Fantom coins come in three variants:
- The Opera FTM token which operates on the Fantom mainnet.
- An ERC-20 FTM token, which runs on the Ethereum blockchain.
- A BEP-2 FTMtoken which runs on the Binance Chain and allows transactions on the Binance decentralized exchange (DEX).
What is so special about Fantom Coin?
FTM, Fantom’s native utility coin, drives the entire Fantom blockchain ecosystem. FTM coins are utilized on the network for staking, governance, payments, and fees. There are 3.325 billion FTM coins in total, with 2.5 billion in circulation as of March 2021.
There are many ways you can buy fantom coin. For example, you can directly buy the fantom coin from the official website by linking a wallet, or you can buy the coin from a trading platform like Binance, Coinbase, and Gemini.
Here we are providing you with a step-by-step guide on how to buy Fantom coin from the binance wallet.
Step 1: Visit binance.com
Visit the binance website. If you are investing for the first time on binance, you need to create a new account and go through the verification process. Depending on the region you live in, it may take an hour or two to get verified on binance. This verification will enable you to buy, sell and hold various cryptocurrencies.
Step 2: Add payment option
After the exchange has validated your identification, you will be asked to link a payment method. Most exchanges allow you to connect your bank account directly using a debit or credit card. Although you may buy cryptocurrency using a credit card, it is not a wise idea since cryptocurrency price fluctuation could increase the overall cost of acquiring a coin.
After choosing the payment option, you can find Coins listed on the website. Scroll down until you see Fantom and click on it.
Step 3: Place an order
By choosing an exchange, add the amount of fantom coin you want to buy and click on buy FTM. After that, confirm your order, and your order will proceed.
What to consider when buying Fantom coins?
Transaction Speed and cost: – According to Fantom’s website, the network can execute thousands of transactions each second, each of which costs a fraction of a penny.
Adoption: – In June 2021, FantomFantom stated that Uzbekistan would utilize its technologies to improve its information technology infrastructure. It has also attracted multiple Defi projects and has a total value locked (TVL) of $850 million on the system.
Technology: – Fantom claims to have solved Ethereum’s scalability issue by giving each application its blockchain, effectively creating a network of networks.
All of these factors can have an impact on Fantom coins’ future values since they will depend on the main framework, so do your homework before investing in this cryptocurrency to maximize your gains or avoid a loss.
Where else can you buy Fantom Coin?
CoinMarketCap features a list of purchase options for each cryptocurrency. Visit coinmarketcap.com and search for Fantom Coin. Near the price chart, press the Market button. This section will find a comprehensive list of where you can buy Fantom Coin. Under Pairs, you’ll notice the abbreviation for Fantom Coin, FTM, as well as a second currency. The second currency is the currency you will swap for buying the coin. For example, if you want to buy FTM using the US dollar, check for FTM/USD.
How to sell Fantom Coins?
The procedure of selling FantomCoins is similar to that of purchasing them. The sale button is located on the other side of the buy button, making the process less confusing and faster.
Thanks to its unique technology, Fantom’s approach to quick, scalable dApp development is still asserting itself in the larger blockchain ecosystem. The Fantom blockchain has a total value locked (TVL) of $10 billion and 150 separate blockchains functioning on the network as of February 2022. So even though the blockchain business is already crowded, the speed and interoperability advantages Fantom provides developers are substantial, and the platform is primed to gain popularity.