Buy Fantom (FTM)
What is Fantom?
Fantom is an open source and DAG-based blockchain. Fantom is a network that competes with Ethereum and their smart contracts. They want to score high in all areas, such as affordability, speed, security and decentralization. They have succeeded well in this and that explains their sudden rise.
They have created an extraordinary blockchain technology, including Opera and Lachesis about which we'll tell you more later.
The Fantom Foundation is currently the lead, but they have plans to have governance voted by the community in the future to become completely decentralized.
The history of Fantom
The Fantom Foundation was founded in 2018 by Dr. Ahn Byung Ik, who had made his mark in the food industry. He is a Korean.
During their ICO in June 2018, they raised about $40 million in ETH.
Michael Kong is the CEO of the Fantom Foundation and is from Australia. Michael Kong had been working on blockchain since 2016, including testing smart contracts for vulnerability and decompiling Ethereum.
Andre Cronje is a South African DeFi developer who also founded the well-known Yearn Finance.
This team was primarily responsible for setting up Fantom and their Foundation.
In 2019, Fantom's mainnet went live, Opera.
In 2022, Cronje left.
How does the Fantom chain work?
Fantom is not officially a blockchain, but a DAG (Directed Acyclic Graph). There, blocks are not linked together, but transactions are linked together. This system allows the network to work extremely fast and efficiently. You can also think of it as a kind of scalable blockchain technology.
Fantom therefore allows more than 25,000 transactions per second. In the future, the Fantom team wants to scale this up to several hundred thousand transactions per second. If you compare this to Ethereum which currently only allows tens of transactions per second, the Fantom network is very attractive to many people. People who buy Fantom are therefore often interested in Ethereum.
Why is Fantom so popular?
The design of their network consists of a number of components:
Speed. Nearly instant transactions for an excellent web3 user experience.
Low transaction costs. Each transaction costs a lot less than a dollar cent, beating certain competition by miles.
Scalable. The Fantom network is spread over more than 50 countries, Fantom operates borderless, permissive and global.
Environmentally friendly. The Fantom network uses less power than an average American family.
Fantom supports building dApps that can be used by millions. To accomplish this, of course, they need quite a bit of technology. So many users of the network will also buy Fantom in order to take advantage of all available dApps.
The Fantom coin
Fantom FTM is not actually a coin at all. It is a token. The Fantom FTM token is their network's cryptocurrency and ticker symbol. It can be used for multiple purposes:
Securing the network.
This is done by proof of stake. It is not entirely clear how much FTM you actually need to have. There are 3 quantities listed on their website that you need to have to become a validator or node, namely 500,000, 1 million and 3.175 million. Well, we're not going to do that anytime soon anyway with a price of say 40 cents. Still saving. You get 15% from your delegates and another around 10% APY as a validator. Ordinary stakers get a maximum of 6%. You can staker as little as 1 FTM.Payments.
The high transaction speed and low fees of 0.0000001 per transmission of money make FTM excellent for this purpose.Network fees.
To make a payment, smart contract or create a new network you will have to pay fees in FTM. Most payments are token, to avoid DDoS attacks and other spam.Governance.
FTM is also a governance token, which can be used to vote on important new directions to take. Through their on-chain governance, they provide their permissionless, leaderless decentralized ecosystem.
There are up to 3,175,000,000 FTM tokens. Of these, almost 3 billion are on the market, so much dilution will not occur as a result.
FTM comes in three flavors: ERC-20 token, BEP-2 token and their native token on their mainnet. You are encouraged to staker coins on their mainnet (or trade Fantom) as it is risk-free and you get higher yields.
FTM is very easy if you participate in DeFi and also very inexpensive. A combination of staking digital assets and DeFi is also quite possible. So the high transaction speed ensures that a wide range of dApps are available.
In their fWallet, you can stash mainnet tokens and get rewards. You can also use them to get other tokens in the Fantom network, such as fUSDT.
Fantom FTM prediction
This is always the most fun part. We pull out our crystal ball and look into our cup of coffee for clues. Most of the time, however, we see nothing and have to do it brain-wise, so to speak.
Fantom has gone like a train. They have almost hit the three euro mark, while they sold for less than a penny over the counter in 2018.
Fantom is definitely a good product, and the Fantom Foundation has amassed a whole network of partnerships and collaborations.
The price of a product comes about through supply and demand. Since most FTM coins are already on the market and Fantom is not sitting still when it comes to expanding their network, there is still quite a bit of leeway.
In the next bull market, their utility value for businesses, governments and individuals alike could make them soar. Especially if they start working on smart cities in Asia, things could go fast.
Now you probably want to hear a price forecast from us, but we won't burn our fingers on that. After all, it's hard to predict, especially when it comes to the future. As far as we are concerned, however, Fantom is an excellent investment with high potential.
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Additional information about Fantom (FTM)
How can I save Fantom?
The safest way to store Fantom is with a hardware wallet. However, if you are new to the world of crypto and want us to manage things for you, the Anycoin Vault is the easiest option for you. With Anycoin Direct, you don't have to worry: store Fantom securely in our Anycoin Vault.
Can I buy Fantom with iDEAL?
Yes, you can buy Fantom with iDEAL at Anycoin Direct. You can also pay with SEPA, Sofort, GiroPay, VISA, Mastercard and EPS.
Is buying Fantom safe?
Yes, buying Fantom is safe with Anycoin Direct as we have advanced security techniques and are officially licensed by De Nederlandsche Bank. Buy FTM securely from us with a wide range of payment options.
Is Fantom legal in the Netherlands?
Yes, Fantom is legal in the Netherlands. You don't have to worry about the legality of buying Fantom.
Do you have to pay taxes on your crypto?
Yes. Reporting crypto currencies to the IRS is mandatory. Cryptocurrencies are counted as part of your assets in Box 3. You must declare the market value of your cryptocurrencies on Jan. 1 (the reference date). For this valuation, use the exchange rate on the reference date of the platform you use for exchange.
Can I buy Fantom anonymously from Anycoin Direct?
No, identification is mandatory for all our clients. We are required to conduct a thorough client due diligence. This is done using the Know Your Customer principle.
Can I do a business transaction with Anycoin Direct?
Yes, it is possible to make a business transaction through Anycoin Direct. While creating an account, you can choose a business account.
What is Fantom Opera?
Fantom Opera is their mainnet that went live in 2019. It is a secure and fast environment for building decentralized applications.
Fantom Opera is compatible with EVM (Ethereum Virtual Machine) and is powered by their asynchronous Byzantine Fault Tolerant (aBFT) consensus algorithm called Lachesis. It is capable of processing smart contracts written in Solidity.
Fantom Opera is open source and permissive. So anyone can participate in it, and the source code can even be used to start your own cryptocurrency. Even older blockchains can work with Opera. The Fantom network thus ensures popular cryptocurrencies are supported within the ecosystem.
Fantom Opera works with leaderless proof of stake. This means that validators do not determine whether a block is correct. This makes it a lot more secure.
You can join stakers for as little as 1 FTM, Fantom's token, but if you really want to join you need half a million FTM. So if you still have a few tons lying around somewhere, just languishing there anyway, you can become a validator for Opera.
What is Lachesis?
Lachesis is Fantom's aBFT consensus algorithm. A consensus mechanism is the engine of a blockchain. Lachesis was created to be more scalable and secure than classical consensus mechanisms, such as Nakamoto's. Experts say it is seen as an innovative technology that significantly improves the use of the network.
Developers can use Lachesis to create peer to peer applications without having to create their own network layer.
Properties of Lachesis:
Asynchronous - Users can have commands executed at different times.
Leaderless - No validator has a special feature.
Byzantine Fault Tolerant - Lachesis can handle it if 1/3 of the nodes are faulty or even rogue. The protocol can continue to work as usual within those limits.
Finalized - The outcome of Lachesis can be used instantaneously and within two seconds there is consensus and the transaction is finalized.
The purpose of Lachesis
The goal of Lachesis is to ensure good throughput, fast transaction speed and security. Older consensus mechanisms have their limitations. If you want high throughput, fast transaction speed and security like banks, you've come to the right place with Lachesis.
If you want to create an enhanced version of existing products, such as payments, logistics, data in healthcare or focus on a whole new sector like DeFi, Lachesis can handle it all.
Lachesis can be connected to any distributed ledger. With Lachesis, a fork is impossible.
How does Lachesis work?
Each Lachesis node puts a local DAG (Directed Acyclic Graph) on their computer. This contains the "event blocks" that contain the transactions.
There are approved and unapproved event blocks. New blocks have not yet been approved, while blocks from the past 2-3 frames have been approved by the fair nodes.
Consensus is done in batches, where bundled transactions are approved and block at once.
Lachesis nodes do not send each other blocks, as with many other protocols. Only events are synchronized. Validators periodically share observed transactions and events with peers, or peers.
To promote speed, new events are used by validators to vote on multiple previous blocks in terms of validation.
Lachesis epoch
Lachesis has a DAY of events. This is divided into sub-DAGs which they call epochs. Each epoch consists of many approved blocks.
An epoch is closed when a number of blocks is reached, a certain time has elapsed, a fraudulent validator is spotted or by request by the NodeDriver contract.
Each closed event contains the hash of the previous epoch.
What can you use Fantom (FTM) for?
Fantom has blockchain solutions for both public and private blockchains with consensus-as-a-service. These solutions are scalable and secure. With their Software Development Kit, you can easily get started with modules and integrate what you build with EVM or Cosmos SDK.
You can think of the following types:
Trust and transparency
In this area, Fantom provides reliable, immutable information that anyone can access. Anyone with permission can check the authenticity of the information. No one can change the data because consensus is decentralized.
Safety
Information is distributed across many nodes so that no single point of failure exists. Because information is distributed across all these nodes, there is 24/7 availability, increasing reliability. The use of cryptography makes it very difficult to tamper with transaction data.
Efficiency
By not requiring trusted third parties to keep things running, money and time are saved. By using smart contracts, tasks and manual labor can be automated.
What is the Fantom Foundation?
This 2018 organization has been dealing with blockchain's classic trilemma since its inception: promoting scalability, decentralization and security of their network and processes.
They call themselves blockchain developers and integrators. The Fantom Foundation can build a blockchain from scratch and integrate it into other systems, such as EVM.
They want to build infrastructure for a more democratic and efficient future. Their team includes the brightest minds in science, engineering, research, design and entrepreneurship.
To honor their purpose, they have employees all over the world for a truly decentralized enterprise.
Michael Kong is the CEO and they have a whole battery of hotshots in the ranks, such as David Richardson and Jakub Stepanik. As a result, Fantom runs very smoothly.
Competition for Fantom
The competition for Fantom is not bad and the Fantom price can fluctuate considerably as a result. In terms of DAG, they have competition from IOTA and Nano. On smart contracts, they obviously have competition from Ethereum, but also Cardano, Polkadot, Cosmos and Solana. Hedera Hashgraph has a similar architecture.
Most of these projects are very high in terms of market cap. So there is huge demand for these cryptocurrencies. The question, then, is whether they can continue to coexist or whether some of these projects will at some point lose out and disappear ingloriously to page 5 of CoinGecko.
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