About Fantom

Fantom Review: Mining Guide, Price & Analysis of the Fantom Cryptocurrency

Fantom is a decentralized finance platform that offers users fast transaction times. Additionally, this blockchain project capitalizes on scalability. This blockchain allows developers to launch their sidechain projects quickly. The main chain of Fantom hosts the sidechains in the network. Hence, it has a parallel computing structure.

In a sense, Fantom is a network of blockchains. The mainnet allows different other sidechains to operate on top of it. Therefore, Fantom offers consensus as a service. This is very impressive, but not something new.

Fantom is following in the lead of the Ethereum blockchain. However, Fantom tries to solve the blockchain trilemma. It focuses on decentralization, scalability, and security. Therefore, its architecture and consensus mechanism helps it achieve high efficiency and security.

Further, Fantom is permissionless and open-source. This means that users do not need a central institution to process transactions. Moreover, it means that users can participate in the development of the blockchain.

How Fantom Operates

The Fantom blockchain is modular in nature. It provides a consensus as a service. The Lachesis consensus acts as a layer of the blockchain. This way, developers can plug it into their distributed ledgers.

Additionally, it provides the network with EVM compatibility. It does this by powering Fantom’s Opera mainnet. This gives the network super-fast smart contract executions. Therefore, it leads to faster transaction times.

Moreover, modularity makes Fantom very flexible. Developers can easily plug their existing Ethereum DApps on the Opera mainnet. This allows them to increase efficiency while lowering the cost.

Further, Fantom is very scalable. This is because it allows each application to run on its own sidechain. This gives it a parallel computing feature. It is the same as running each application on a different computer.

Each blockchain runs on an isolated virtual environment. Developers can issue their own tokens and set their governance rules. However, different blockchains can communicate with each other. This interoperability is very appealing. It allows businesses to collaborate and share information.

Fantom encourages open participation. Any users can run a node on this blockchain. Moreover, an unlimited number of nodes can act as validators on the Opera chain. They only need to stake their FTM tokens.

Can Investors Mine On Fantom?

No, it is not possible to mine FTM tokens. This is because the blockchain does not use a consensus that supports mining. Fantom uses a variation of the Asynchronous Byzantine Fault Tolerance consensus. They call their new directed acyclic graph consensus Lachesis.

The developers chose this consensus because it encourages maximum decentralization. Additionally, it is one of the most secure consensus mechanisms that exist. This is because it follows the Proof of Stake model.

In any case, this consensus supports staking. Here, validator nodes verify the validity of transactions. Their work is to create the next ledger blocks. However, not everyone can become a validator node.

Users have to stake a minimum of 3,175,000 FTM tokens to become validators. This ensures that they do not abuse their power. They cannot attack the network with so much at stake.

The Developers of Fantom

Fantom has a great team of developers behind it. The team consists of engineers, scientists, researchers, designers, and entrepreneurs. Their mission is to improve the lives of everyone. They do this by making technology more accessible.

This team also shows a lot of dedication to improving the network. They continue to build simple user interfaces that anyone can use. Moreover, the team consists of professionals from all over the world. Therefore, they achieve the goal of decentralization even within the team.

The leadership of this team falls in the hands of Michael Kong. He serves as the CEO and CIO of Fantom. He has excellent experience in software development and deployment.

By his side are several other individuals. These include David Richardson and Michael Chen. These are professionals with great leadership experience. Therefore, it is safe to say that this project is in safe hands.

The FTM Token

The FTM token is the native cryptocurrency of the Fantom network. It has several uses on this network. For starters, it is usable in paying for transaction fees. Additionally, it pays for smart contract deployment fees.

Further, this token powers on-chain governance. Holders of this coin can submit proposals for changes on the network. Additionally, this coin gives users voting rights. Holders of this coin can vote on the changes the developers should implement.

Finally, this coin acts as a payment tool. Users can use this coin to pay for goods and services. They only need to find a merchant that accepts FTM tokens.

Privacy and Security

Fantom has excellent security features. It runs on one of the most secure blockchains, Ethereum. The Ethereum blockchain provides it with security through the Proof of Work consensus.

Additionally, Fantom has its own consensus. It uses the Lachesis consensus. It is a variation of the Proof of Stake consensus. This consensus is immune to 51% attacks and double spends. Further, the consensus is resistant to Sybil attacks. The smart contracts on the Fantom blockchain also add a layer of security. They facilitate transactions and ensure there are no irregular activities.

Moreover, this is a blockchain project. Therefore, there is no central database to attack. Validators on the network ensure that the network stays secure. They verify the validity of transactions.

The blockchain maintains transparency throughout operations. Validators record each transaction the immutable public ledger.

Our Take on Fantom

Fantom has a great value proposition behind it. It is easy to get behind the vision that Fantom proposes. It is a fast and highly scalable network. Moreover, this blockchain has interoperability and modularity.

Developers can easily launch their decentralized finance applications. They do not have to worry about the complexity of the underlying blockchain. However, this blockchain faces stiff competition from Ethereum. Ethereum is the best network for launching decentralized applications. It is impossible to see how Fantom can dethrone it.

Advantages

• Fantom offers fast transaction times.
• It is highly scalable.
• It has a high level of decentralization.
• Fantom is secure and reliable.

Disadvantage

• Fantom faces stiff competition from Ethereum.

How to Buy and Store Fantom Tokens

There is no denying the benefits that come with Fantom. Luckily, you can easily add this cryptocurrency to your portfolio. You can do that by buying it from several exchanges. Some of the best exchanges to use include Binance, DigiFinex, OKEx, and VCC Exchange. The current price of one FTM token is $0.02646.

You can hold this coin to sell at a later date. It has great liquidity and a great market cap. To store the token, you will need a crypto wallet. The best wallet to use is the Fantom Wallet. It is secure, and it allows you to stake your tokens.

Final Verdict

This blockchain project is very impressive. It has a relatively encouraging performance in the market. It currently holds the 153rd rank in market cap share. Additionally, it offers a fast and scalable blockchain. It shows some great growth potential.

However, this blockchain faces stiff competition from Ethereum. It is impossible to see how it can dethrone Ethereum as the best DApp platform. Moreover, the launch of Ethereum 2.0 may lead to less adoption for projects like this. Therefore, it is impossible to tell the direction that the FTM token will take in the markets.