The impulse behind the brilliant vision of the Fantom (FTM) project is to overcome the constraints of legacy blockchains like Bitcoin and Ethereum. Fantom bills itself as a smart contract platform that is turbocharged, scalable, secure, and directed acyclic graph (DAG). Bitcoin (BTC), arguably the most breakthrough technology of the last two decades, was not designed to scale. Its proof-of-work consensus technique is slow and energy-intensive when processing transactions.
Fantom (FTM) is a blockchain initiative with a quest to become a critical component of the next generation of blockchain ecosystems. Fantom’s low-cost ecosystem continues to be perfect for decentralized banking protocols, according to developers and users. One of the triggers for the total crypto market’s explosion in 2021 is decentralized finance (DeFi). With the introduction of DeFi, bitcoin investors can now receive a higher return on their investments than they would from a bank-based savings account.
The Fantom network is a layer 1 solution that addresses legacy blockchain’s scalability, security, and transaction speed concerns. Fantom can move digital assets safely at high rates thanks to the Lachesis consensus process. Asynchronous Byzantine Fault Tolerance is used in this proof of stake consensus process (aBFT). The Asynchronous Byzantine Fault Tolerance is a key component of Fantom’s network strengthening, assuring fast transaction speeds and security. Fantom has established itself as a top alternative for consumer and commercial payments, asset trading, and other transactions.
Purchasing Fantom
If you’re new to the crypto world, figuring out how to successfully purchase your tokens can be difficult. The steps of the process, on the other hand, are quite straightforward to learn. Here’s how to make your first Fantom investment (FTM).
Sign up for an online account
There are a variety of exchanges to choose from in the wide realm of cryptocurrency. It’s a good idea to look into a few different trading platforms to identify the most trustworthy and feature-rich exchanges and stay away from those that use dangerous or opaque techniques.
The FTX crypto derivatives exchange is a forward-thinking platform with a solid reputation. For cryptocurrencies, FTX offers leveraged trading and index futures. To register for FTX, go to their registration page and input the email address that will be associated with your username and password. Your account will be created if you agree to the terms and conditions, with a withdrawal limit of $1000. You can increase your withdrawal limit by completing the KYC (Know Your Customer) process. KYC necessitates the completion of a residence form as well as personal information such as your full name and date of birth.
Gemini is a cryptocurrency trading platform founded by the Winklevoss twins that is simple for novices but has extensive capabilities for professionals. To sign up for a Gemini account, go to their homepage and provide your full name, email address, and password. You will be sent an activation code through email, which you must enter. Then, link your bank account, which must be in your name and that of the new Gemini account holder. Finally, you must complete their KYC process by providing proof of residency and identification.
Purchase a wallet (optional)
You have the option of keeping your tokens on your preferred exchange. Getting a hardware or software crypto wallet, on the other hand, improves the protection of your digital assets. Your tokens will be off the exchange and safe in your wallet in the case of a hack. Your assets are held in trust by exchanges, whereas you own your bitcoin directly through a crypto wallet.
Make your purchase
You’re ready to buy crypto once you’ve funded your trading platform account. There are a variety of cryptocurrency projects to pick from. When you’ve decided which cryptocurrency to buy, type in its ticker symbol — for example, FTM for Fantom — and the number of coins you want to buy.
Is Fantom a Good Investment?
The Fantom blockchain has been rapidly onboarding new DeFi projects looking for a way to avoid Ethereum’s high fees and restricted scalability. On the Fantom Network, other industries, such as NFT initiatives, have also been launched. The number of users and on-chain transactions will continue to rise as more projects debut on Fantom. Because of its widespread adoption, Fantom appears to be a promising investment opportunity.
