Introduction to Fantom (FTM)
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Fantom is a fast, high-throughput open-source smart contract platform for digital assets and D-Apps. In the below article, we will talk about how Fantom is different from other Ethereum killers and its uniqueness.
What is Fantom (FTM)?
Fantom is a smart contract platform popular with De-Fi, business applications and developers, due to the small transaction fees, open-source and speed.
D-App developers are more likely to develop D-Apps on Fantom as it is much faster and cheaper than other Blockchains. If you try to carry out yield farming on Fantom, you may produce a higher return as more transactions can be carried out quicker with cheaper fees.
Fantom is also an open-source platform, allowing developers to move their smart contracts and projects from other Blockchain platforms like Ethereum to the Fantom Opera.
How does Fantom work?
Fantom is a modular Blockchain system. It is supported by the Ethereum Virtual Machine (EVM) and it’s compatible with Ethereum.
Fantom is secured by POS (Proof-of-Stake). Unlike POW (Proof-of-Work), Fantom is more environmentally-friendly as electricity is saved. The consensus mechanism of Fantom can scale to hundreds of nodes, increasing decentralization and security.
It is also a highly transparent Blockchain platform. Based on these principles, the code is open-source and available on Github.
What can FTM token do?
FTM is the native token of Fantom. With FTM, you can do:
- Governance: FTM can be used in Fantom's governance, including voting on proposals.
- Staking: FTM can be staked and become a validator. A faster node that can confirm more transactions will receive more rewards.
- Paying the Network Fee: FTM can be used to settle the payment on Fantom Opera when making transactions or executing smart contracts.
According to the official site of Fantom, the total supply of FTM is 3.175 billion, and 2.1 billion FTM are currently in circulation while the remainder is reserved for staking rewards.
At the moment, FTM is available as native mainnet token, as ERC-20 token, and as BEP-2 token.
How to buy FTM tokens on Bitget?
The simplest way to buy FTM tokens is through cryptocurrency exchanges. You can establish an account with an exchange like Bitget, and then fund the account with fiat by credit card, Apple pay and Google pay.
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