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What Is Fantom (FTM)? How To Buy Fantom?

What Is Fantom (FTM)?

Fantom (FTM) is a decentralized, open-source blockchain platform that aims to provide fast and secure transactions for enterprises and individuals. It uses a hybrid consensus algorithm called "Lachesis," which combines proof-of-stake (PoS) and directed acyclic graph (DAG) technology to enable high-speed transaction processing and low transaction fees.

Fantom is designed to be scalable and flexible, with the ability to support a wide range of applications and use cases. It aims to solve many of the issues that plague other blockchain platforms, such as slow transaction speeds, high fees, and lack of interoperability.

Fantom has a native cryptocurrency called FTM, which is used to power the network and facilitate transactions. FTM can be traded on various cryptocurrency exchanges and is used to incentivize network participants and reward them for contributing to the network's security and stability.

Overall, Fantom is a next-generation blockchain platform that aims to provide fast, secure, and scalable solutions for a variety of applications and industries.

Who Are the Founders of Fantom?

Fantom was founded by a team of experienced professionals in the technology and blockchain space, including Dr. Ahn Byung Ik, Dr. Matthew J.C. Martin, and Michael Kong.

Dr. Ahn Byung Ik is the CEO and co-founder of Fantom. He has a Ph.D. in computer science and has worked in the tech industry for over 20 years. He has a strong background in software engineering and has held leadership positions at several companies, including Samsung SDS and LG CNS.

Dr. Matthew J.C. Martin is the CTO and co-founder of Fantom. He is a computer science researcher and has a Ph.D. in the field. He has a strong background in blockchain and distributed systems, and has published numerous papers on these topics.

Michael Kong is the Chief Commercial Officer and co-founder of Fantom. He has a background in business development and strategy, and has held leadership roles at several companies, including Samsung SDS and LG CNS.

Together, the founders of Fantom have a wealth of experience and expertise in the technology and blockchain space, and are well-equipped to lead the development of the Fantom platform.

A Brief History of Fantom

Fantom is a decentralized platform that utilizes a distributed ledger technology known as the "Opera" blockchain. The project was founded in 2018 by Dr. Ahn Byung Ik, Michael Kong, and Brian Kang, with the goal of creating a high-performance, scalable, and secure blockchain platform that could be used for various applications, including the creation of digital assets, smart contracts, and decentralized applications (DApps).

One of the key features of Fantom is its ability to process transactions quickly and efficiently, with the platform claiming to have the ability to handle thousands of transactions per second. In addition, the Fantom platform uses a unique consensus algorithm called "Lachesis", which is based on directed acyclic graphs (DAGs) and is designed to be more efficient and secure than traditional blockchain consensus mechanisms.

Since its inception, Fantom has gained a significant following within the cryptocurrency and blockchain community, with many people recognizing the potential of the platform to revolutionize various industries. The project has also garnered support from a number of prominent figures in the tech and investment sectors, including Tim Draper and Jeff Garzik.

In the years since its launch, Fantom has made significant progress towards its goal of becoming a leading decentralized platform, with the company releasing a number of updates and enhancements to its technology. In 2020, Fantom launched the mainnet for its Opera blockchain, and the platform is currently being used by a growing number of companies and organizations around the world.

How to Fantom Works?

Fantom is a distributed ledger technology (DLT) and smart contract platform that aims to provide fast, secure, and scalable infrastructure for decentralized applications (dApps). It is based on a unique consensus mechanism called Lachesis, which utilizes a directed acyclic graph (DAG) data structure to achieve high transaction throughput and low latency.

Here's a brief overview of how Fantom works:

  1. Transactions are processed and validated by nodes in the Fantom network. These nodes are called validators.
  2. Validators reach consensus on the order of transactions using the Lachesis consensus mechanism. This ensures that the transaction history on the Fantom ledger is tamper-proof and can be trusted by all participants.
  3. Once a transaction is confirmed, it is added to the DAG and becomes a part of the permanent record of the Fantom ledger.
  4. Developers can build dApps on top of the Fantom platform using the Fantom Opera Chain, which is a layer-1 protocol that provides the necessary infrastructure for building decentralized applications.

Users can interact with dApps built on the Fantom platform using a wallet that supports the Fantom token (FTM). Transactions made through these dApps are recorded on the Fantom ledger and are subject to the same security and consensus mechanisms as other transactions on the network.

How To Buy Fantom?

To buy Fantom (FTM), you will need to follow these steps:

  1. Find a cryptocurrency exchange that supports Fantom: First, you will need to find a cryptocurrency exchange that supports the trading of Fantom. Some popular exchanges that support FTM include Binance, Huobi, and OKEx.
  2. Create an account on the exchange: Once you have found an exchange that supports FTM, you will need to create an account on the exchange by providing your personal details and verifying your identity.
  3. Deposit funds into your exchange account: In order to buy FTM, you will need to deposit funds into your exchange account. Most exchanges support a variety of payment methods, including bank transfers, credit or debit cards, and other cryptocurrencies.
  4. Place an order to buy FTM: Once you have deposited funds into your exchange account, you can place an order to buy FTM. To do this, you will need to select the FTM/BTC (or FTM/ETH) trading pair, enter the amount of FTM you want to buy, and confirm the transaction.

Withdraw your FTM to a secure wallet: After you have successfully purchased FTM, it is important to withdraw your FTM from the exchange to a secure wallet that you control. This will ensure that your FTM is safe and secure, as exchanges are vulnerable to hacking and other security threats

How To Sell Fantom?

sell Fantom (FTM), you will need to follow these steps:

  1. Find a cryptocurrency exchange that supports Fantom: First, you will need to find a cryptocurrency exchange that supports the trading of Fantom. Some popular exchanges that support FTM include Binance, Huobi, and OKEx.
  2. Create an account on the exchange: Once you have found an exchange that supports FTM, you will need to create an account on the exchange by providing your personal details and verifying your identity.
  3. Deposit your FTM into your exchange account: In order to sell FTM, you will need to deposit your FTM into your exchange account. To do this, you will need to send your FTM from your wallet to the exchange's FTM deposit address.
  4. Place an order to sell FTM: Once you have deposited your FTM into your exchange account, you can place an order to sell FTM. To do this, you will need to select the FTM/BTC (or FTM/ETH) trading pair, enter the amount of FTM you want to sell, and confirm the transaction.
  5. Withdraw your proceeds: After you have successfully sold your FTM, you can withdraw your proceeds to your bank account or another cryptocurrency wallet.

How Is the Fantom Network Secured?

The Fantom network is secured through a combination of technical and economic measures. Here are some of the key ways in which the Fantom network is secured:

  1. Consensus mechanism: The Fantom network uses a unique consensus mechanism called Lachesis, which utilizes a directed acyclic graph (DAG) data structure to achieve high transaction throughput and low latency. Lachesis ensures that the transaction history on the Fantom ledger is tamper-proof and can be trusted by all participants.
  2. Validators: The Fantom network relies on validators to process and validate transactions. Validators are responsible for reaching consensus on the order of transactions and ensuring the integrity of the Fantom ledger.
  3. Token economics: The Fantom network uses a token called FTM, which is used to incentivize validators to act honestly and secure the network. Validators who act dishonestly or fail to follow the rules of the network risk losing their FTM, which serves as a disincentive for malicious behavior.
  4. Cryptographic security: The Fantom network uses strong cryptographic algorithms to secure the ledger and protect against tampering and other security threats.

Overall, the combination of these measures helps to ensure the security and integrity of the Fantom network.

Where Can You Buy Fantom (FTM)?

Fantom (FTM) is a cryptocurrency that can be purchased on various online exchanges. Some of the most popular exchanges that support the trading of FTM include:

  1. Binance: Binance is a major cryptocurrency exchange that supports the trading of FTM against a variety of other cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Tether (USDT).
  2. Huobi: Huobi is another popular exchange that supports the trading of FTM against various other cryptocurrencies.
  3. OKEx: OKEx is a digital asset exchange that supports the trading of FTM against various other cryptocurrencies.
  4. Bitfinex: Bitfinex is a digital asset exchange that supports the trading of FTM against various other cryptocurrencies.

Before buying FTM, it is important to compare the fees and features of different exchanges to find the one that best meets your needs. It is also important to ensure that the exchange you choose is reputable and secure, as exchanges are vulnerable to hacking and other security threats.

Where Can Fantom Be Traded?

Fantom (FTM) is a cryptocurrency that can be traded on various online exchanges. Some of the most popular exchanges that support the trading of FTM include:

  1. Binance: Binance is a major cryptocurrency exchange that supports the trading of FTM against a variety of other cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Tether (USDT).
  2. Huobi: Huobi is another popular exchange that supports the trading of FTM against various other cryptocurrencies.
  3. OKEx: OKEx is a digital asset exchange that supports the trading of FTM against various other cryptocurrencies.
  4. Bitfinex: Bitfinex is a digital asset exchange that supports the trading of FTM against various other cryptocurrencies.

Before trading FTM, it is important to compare the fees and features of different exchanges to find the one that best meets your needs. It is also important to ensure that the exchange you choose is reputable and secure, as exchanges are vulnerable to hacking and other security threats.