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Fantom Cryptocurrency - What Is It?

Fantom Cryptocurrency - What Is It?

Fantom (FTM) is the main cryptocurrency of the platform of the same name. It can be used as an electronic currency to provide asset management, payments and stock market transactions. At the beginning of its existence, the coin worked in the Ethereum network, but over time it began to function on its own blockchain.

Thanks to the stable development of the ecosystem, Fantom is one of the safest and most productive smart contract platforms. The cryptocurrency is characterized by its open code and has advantages over previous-generation coins that have restrictions.

Thanks to this, FTM is not only safe, but also quite an inexpensive cryptocurrency. The presence of open source allows users of the ecosystem to set up independent networks and monitor the implementation of transactions in real-time.

Description of Fantom

FTM

The ecosystem of Fantom is based on the DAG (directed acyclic graph) that provides stable operation of smart contacts. And this platform is the only one that has implemented DAG, which is why some investors are still questioning its effectiveness.

Thanks to a separate blockchain called OPERA, transactions in the ecosystem are instantaneous, which none of the existing cryptocurrency platforms can offer. Moreover, the scheme used by the developers of the project allows it to scale regularly.

For this reason, the speed of transactions does not depend on the number of participants in the ecosystem. It is even noteworthy that the more investors begin to use FTM, the faster the transactions are made.

The developers of the platform are confident that it can become a real help for large enterprises whose scope of activity is constantly expanding. By using Fantom token, it will be possible to increase the efficiency of transactions in telecommunications, logistics and speed up the work of financial institutions.

Project History

Fantom is at the stage of active development but is already available to users of the ecosystem. The cryptocurrency has prospects for development as evidenced by the fact that large international companies are interested in the project.

These include:

  • An official subsidiary of the Japanese holding corporation SoftBank Group Corp. operating in South Korea;
  • Korea Food Technology Association;
  • British company Coinsilium Group, working with cryptocurrency;
  • U.S. software maker Oracle.

The founder and general manager of the project is Ahn Byung, a doctor of computer science. The platform team includes engineers, stock market researchers, and scientists. There are also designers, consultants, and investors on staff.

Main features of Fantom

Fantom Crypto

The main distinctive feature of the project is its uniqueness. None of the existing cryptocurrency exchanges, unlike Fantom, uses DAG. Due to the use of new technologies, the development team not only improves the already available product on the market but also gradually introduces innovative technologies that can simplify the process of decentralizing applications.

The advantages of the project include:

  • its relevance;
  • system based on Scala programming language, which is notable for its simplicity and does not cause discomfort for beginners;
  • promptness of transactions - according to representatives of Fantom platform, the blockchain of the same name will be able to conduct up to a thousand financial transactions per second.

It is also worth noting that all of the platform's tokens were sold out during their initial public offering. This shows that international investors trust the project. Therefore are willing to invest a lot of money in its development.

The project aims to automate the work of large international companies operating in the field of logistics and telecommunications. It is cooperating with the Korean branch of Japanese holding SoftBank Group Corp., British company Coinsilium Group, American software developer Oracle.

Fantom architecture

The project is divided into three levels - lower, middle, and upper.

  1. Transactions on the lower level are confirmed due to the DAG. Moreover, they process in asynchronous mode.
  2. The middle-level protocol is for paying out rewards, making payments, and recording the history of transactions.
  3. The upper level is responsible for transaction security and confidentiality of user data.

By using the Story Data protocol, the Fantom platform enables users not only to get information about current transactions in real-time, but also to track all previous financial transactions. This plays an important role in ensuring the smooth operation of logistics, telecommunication companies, and international associations.

Storage of Fantom Tokens

FTM Wallet

Any wallet that supports the ERC-20 standard, can store these tokens regardless of the version (mobile, desktop, web, hardware).

Web options are the most affordable ones. Easy access from anywhere in the world and from any device with only Internet access is what makes online wallets so popular. One such wallet can be found here.

The developers also offer to use their own product - a wallet, which has the same name as the platform. The branded wallet of the system is distinguished by a simple interface, which allows making transactions in a couple of clicks, a reliable protection level, and the possibility of scanning QR-codes and storing keys.

Fantom development prospects

The developers promise to actively scale the ecosystem. This is why many investors consider it reasonable to invest in the acquisition of FTM at the stage of the project development.

In conclusion, stock market experts consider investing in the acquisition of Fantom tokens to be a profitable short-term investment. This is due to the fact that the platform is in the active development and scaling stage. Therefore arouses genuine interest from many investors.

If the developers of the project are able to bring the token to a new level and create competition with other promising cryptocurrencies. Especially, including Ethereum and Bitcoin, it may be a consideration for long-term investment.

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