Would you like to participate in the action? Phantoms can be purchased at Gemini!
In 2021, Ethereum’s gas prices soared. These charges can reach hundreds of dollars in a single transaction during peak hours. For this reason, many users are looking for cheaper alternatives to provide similar decentralized services. These new projects want to achieve speed and low rates. phantom (FTM) is one of these projects. Fantom allows developers to create smart contracts and decentralized finance (DeFi) tools at a fraction of the cost of Ethereum blockchain.
Overview of Phantom (FTM)
Fantom works by creating a new blockchain every time someone deploys a new project. These new blockchains are directed acyclic graphs (DAGs). These blockchains are Layer 2 solutions. That is, it is based on Fantom’s mainnet, but inherits its own characteristics. It is intended to help scalability by allowing users to deploy projects that do not take up space on layer 1 or base blockchains.
Fantom’s Layer 1 blockchain is called Lachesis. This blockchain basically handles the bold work of a Layer 2 project. Lachesis is responsible for verifying consensus or transactions. This is done via a modified Proof of Stake (PoS) system.
Lachesis’s modified PoS works like a traditional PoS system, but allows you to make quick changes to your blockchain. The main change is within governance. Validators typically vote to validate events on the blockchain over a specific time period. Lachesis combines several periods and casts one vote on them. This will reduce the number of elections and provide the blockchain with the ability to accelerate the transaction process.
FTM is a blockchain token and is used in various scenarios. It is used by developers to pay for deploying projects. It can also bet for interest. Finally, it can be used as a governance token, giving holders voting rights to proposals that can determine the future of the project.
Fantom is already used in some major projects. Decentralized exchanges (DEX) such as SushiSwap and Curve are integrated with Fantom along with wallets such as MetaMask, Trust wallet and Ledger. Over the past few years, Fantom has attracted some of its biggest crypto projects to its blockchain.
History of Phantom (FTM)
Fantom was founded by Korean computer scientist Ahn Byung Ik. However, the current CEO is Michael Kong. The team has engineers and scientists from around the world who aim to provide users with scalability, security, and decentralization.
The FTM was launched in late 2018 and started trading for about $ 0.02. The launch was an Initial Coin Offering (ICO), which was used to raise $ 40 million to fund the project. Since then, tokens have risen dramatically, reaching a high of nearly $ 3.50 in late 2021. Tokens are currently trading for about $ 2.
Is Fantom (FTM) convenient?
Fantom is very useful in many situations. With this project, anyone can safely and reliably deploy smart contracts on the blockchain. It’s a powerful tool that allows developers to create new projects that require high throughput and low transaction costs that Ethereum can’t do. Examples of using Fantom include blockchain games, music streaming, and micropayment smart contracts.
To deploy a new project, developers can code their ideas and deploy them to the new Layer 2 blockchain. These projects are compatible with Ethereum virtual machines (EVMs). This means that as long as your application supports FTM, users can easily use applications created in Ethereum using Fantom. This is powerful because developers can move the project to Fantom and make it more affordable.
Where to buy Fantom (FTM)
FTM has rapidly surpassed the ranks of cryptocurrencies and is currently in the top 35 by market capitalization. For this reason, a small number of trading platforms are beginning to offer trading tokens. There are many platforms that support tokens, but FTX and Gemini stand out in terms of ease of use, low cost, and security.
Opening an account on Gemini or FTX is easy and users can usually start trading within 24 hours. Once you have a verified funded account, you can purchase FTM on either platform.
Gemini is a cryptocurrency exchange and custodian that provides investors with access to 26 coins and tokens. Founded in the United States, Gemini is expanding globally, especially in Europe and Asia. Offerings include both major cryptocurrency projects such as Bitcoin and Ethereum, as well as smaller altcoins such as Orchid and 0x.
Gemini is one of the only brokers with multiple platform options based on skill level. New investors will love Gemini’s streamlined interface for mobile and web apps, but senior investors may appreciate all the tools that come with ActiveTrader.
In addition to numerous platform choices, Gemini users can also access an insured hot wallet to store their tokens without worrying about the theft of digital assets. See reviews to see what Gemini can do for you.
- New investors looking for simple mobile and web apps
- Experienced investors in need of a more sophisticated platform with more tools
- Users looking for a one-stop shop to buy, sell and store all their coins
- Easy and quick sign-up — get started in minutes
- Numerous platforms for traders of all skill levels
- The hot wallet includes insurance to protect you from theft and hacking attempts
- Charges both fees and conveniences to users who buy and sell through desktop or mobile apps
Phantom (FTM) blockchain and other blockchains
Fantom’s main competitors are Ethereum and Ethereum alternatives such as Cardano, Avalanche and Solana. All of these are blockchains that allow users to deploy decentralized applications. However, there are some clear differences between Fantom and these other blockchains.
The main difference between Fantom’s blockchain and other blockchains is the creation of a new blockchain for each smart contract deployed. This allows you to distribute your workload across the blockchain and support scalability. Fantom distributes all the information across hundreds of blockchains instead of storing it all in one chain. All of these blockchains are connected and use the same consensus model.
The consensus method is also a bit different from most blockchains. With the exception of Ethereum, most competitors also use PoS. However, Ethereum plans to announce ETH 2.0 in 2022, which will shift its structure to PoS. PoS is already very efficient, but Fantom wants to make PoS even more efficient by combining nodes and reducing the number of times validators actually need to vote.
Fantom offers a very similar service to its users, but incorporates unique technology to make the process more efficient. However, common blockchain changes such as ETH 2.0 could rival these unique and powerful technologies.
How to safely store your Fantom (FTM)
Trading platforms are the easiest place to store cryptos, but they can be the least secure. A hardware wallet is a physical device that stores the private key needed to send a cipher. For this reason, it is often considered the safest and most secure way to store ciphers.
Ledger is a brand of hardware wallets that supports sending, receiving and exchanging FTMs. We currently offer Nano S and Nano X models. The Nano S provides basic security, and the Nano X focuses on ease of use with features such as a large screen and Bluetooth connectivity.
Safely from the Ledger Hardware Wallet website
Launched in 2014, Ledger has transformed into a fast-growing enterprise, developing infrastructure and security solutions for cryptocurrencies, as well as blockchain applications for enterprises and individuals. Born in Paris, the company has since expanded to more than 130 employees in France and San Francisco.
With 1.5 million ledger wallets already sold in 165 countries, the company aims to secure a new destructive class of crypto assets. Ledger has developed a unique operating system called BOLOS. It is integrated into a secure chip for the wallet line. So far, Ledger is proud to be the only market player to offer this technology.
- ERC-20 token
- All experience levels
- Easy to set up and use
- Supports over 1,500 different digital assets
- Tamper prevention
- Long-lasting battery
- Bluetooth connection function
Phantom (FTM) and competitors
Fantom has the potential to become a leader in the deployment of blockchain projects. However, we are facing great competition for Ethereum and Ethereum alternatives. If Fantom can differentiate itself from its competitors and attract new projects, Fantom could become a major player in this space. However, if ETH 2.0 is successful, or if the new blockchain proves to be better than Fantom, it may not be very useful.
Benzinga has created a specific methodology for ranking cryptocurrency exchanges and tools. We prioritized platforms based on offerings, pricing and promotions, customer service, mobile apps, user experience and benefits, and security. To see a comprehensive breakdown of our methodologies, please visit our Cryptocurrency Methodology page.