Fantom (FTM) crypto: Things you need to know before buying it

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Highlights

  • Fantom aims to surpass flaws of earlier generation blockchains
  • It offers higher scalability and efficient transaction processing
  • Its native token is FTM

The global cryptocurrency market continued to be in the red zone as bearish market sentiments remained in the picture. Today, at the time of writing, the global crypto market cap fell to US$976 billion, a 4.3% rise over the past 24 hours.

Major cryptocurrencies like Bitcoin, Ethereum, BNB, Cardano etc. experienced an increase in prices in the last 24 hours. However, one crypto which is gaining a lot of traction is Fantom.

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What is Fantom crypto?

Fantom is a smart contract blockchain protocol offering decentralised finance (DeFi) services to its users, with an aim to take on Ethereum.

Interesting Read: Is Fantom a crypto? Does Easy Crypto offer trading in Fantom?

South Korea-based scientist, Dr. Ahn Byung Ik, created the Fantom Foundation. As of now, Micheal Kong is the platform’s CEO.

Do Read: Why is L-1 blockchain Fantom (FTM) crypto rising?

Its main goal is to outdo flaws of the previous generation blockchains and address issues related to security, scalability and decentralisation. Being a Layer-1 blockchain, the crypto makes use of Lachesis, an independent consensus layer, thus facilitating transactions related to decentralised finance and related services.

Here, it must be noted that Lachesis is an aBFT (Asynchronous Byzantine Fault Tolerant) PoS, i.e., Proof-of-Stake consensus mechanism, maintaining the efficiency of Fantom’s network as well as providing security at the maximum speed. Further, this mechanism is leaderless, i.e., it can operate transactions independently rather than relaying the process to a miner. In other words, the model has no block leaders and participants, and users can join or exit the nodes’ network as per their convenience.

It boasts efficient transaction processing and offers enhanced scalability at reduced costs.

Also Read: Why is VeChain (VET) crypto gaining attention?

 

Where to buy Fantom tokens from?

The crypto’s in-house token is called FTM, which allows fee collection, staking, as well as governance. Fantom is currently trading at US$0.2322, down 0.8% over the previous day. There are around 2.5 billion FTM coins in circulation, while the maximum supply is 3.17 billion coins.

The crypto can be bought from Binance, FTX, Bybit, KuCoin, Gate.io, Gemini, etc.

 

Bottom Line

Crypto investors must not get carried away with the emergence of new tokens equipped with innovative features and invest in haste. Instead, they should conduct thorough research while investing in the crypto space.

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