What is Fantom?
Fantom uses a network architecture that can live on its own and develop and also bring a solution to the Blockchain Trilemma through security, decentralization, and stability. Fantom being an Ethereum alternative emerged to provide lower cost and scalability than other smart contract platforms that also rely on the Ethereum 1.0 iteration.
One of the unique features of Fantom is that it enables users to create and also own their independent networks rather than depending completely on Fantom’s main consensus layer.
Any application that was built using Fantom leverages the security, speed, and other features from the parent Fantom blockchain.
Fantom network which is quite conceptualized as a parent network is made up of other individual child networks and they host decentralized applications of diverse sizes and shapes.
From the time that Fantom was built, it has a new model which helps to reach consensus on every single transaction and this is known as the Lachesis consensus engine. This Lachesis consensus engine uses Directed Acyclic Graph (DAG) based algorithm to obtain asynchronous Byzantine fault tolerance (aBFT) in the Fantom foundation.
Moreover, Lachesis has four (4) different qualities which include:
Asynchronous: This quality allows participants to have freedom while processing commands at their favorite time
Byzantine Fault-Tolerant: Helps to support one-third of the faulty nodes
Leaderless: This quality ensures that no participant plays a special role during the block production
Near-Instant Finality: This quality boosts the transaction speed and ensures that transactions are performed within 1 to 2 seconds.
Right from the Fantom foundation, it has practiced the use of Lachesis as a consensus layer which increases the extent of some layers in the Fantom system. Over time, the Fantom ecosystem is composed of assorted blockchain layers in the Lachesis.
Meanwhile, the first visible layer within the Fantom is known as Opera, and this is an EVM-compatible smart contract platform that emerged as of 2019 and was officially launched in December.
The Opera serves as a Proof-of-Stake (PoS) layer which helps to validate transactions as well as produce new blocks during production. As of recently, Opera is now being featured in lots of decentralized finance (DeFi) applications. For instance, SushiSwap, Curve, etc.
Right from the time that Fantom Foundation emerged, it has always focused on DeFi through the help of Andre Cronje who is the founder of Yearn Finance. Andre Cronje is one of the backbone technical advisors to Fantom Foundation. Some of Andre Cronje’s advice and effort helped to launch Fantom’s bridge to the Ethereum blockchain platform.
How is Fantom blockchain different from other L1 blockchain networks?
Below are things that makes Fantom different from other L1 blockchain networks:
Its Protocol System – Proof-of-Stake
Fantom has up to eight (8) different blockchain consensus that exists on the platform. Also, its Proof-of-Stake has helped it to gain popularity over other blockchain networks.
The Trilemma Solution
Fantom uses three (3) parameters to measure its success among other several factors, and these parameters include scalability, security, as well as decentralization.
How to Buy Fantom
Step 1 – Choose Your Fantom Wallet
Fantom is a new project and that’s why there isn’t a huge variety of wallets available. However, those available are really good and more than enough to store your FTM coins securely. If you are going for a hardware wallet, Ledger Nano S and Trezor Model T can be used to store a FTM. Get the Nano X for mobile support.
For a desktop wallet, you can’t go wrong with the official Fantom wallet which you can download off the website. It’s an open source digital currency wallet which is available for both Mac and Windows operating systems. If you are looking to go mobile then Atomic Wallet can store FTM and 300 more cryptocurrencies for you.
Step 2 – Choose Your Fantom FTM Exchange
In order to purchase FTM, you will have to pick an exchange and there aren’t many to choose from. If you are just looking to trade then eToro is a good choice as you can make money by speculating on the price and don’t actually have to buy the currency. However, if you want Fantom in your possession, then Binance, Bittrex and Coinmama are few great choices. Before making a purchase decision, check out the features of all exchanges including transaction fee, withdrawal charges, and processing time.
Step 3 – Take Precautionary Measures
Prior to buying any cryptocurrency, there are certain rules you should always follow. These include the following:
• Safeguard your exchange account with a strong password and use a distinct email address that’s only reserved for crypto trading
• Inspect all your devices for vulnerabilities and make them safe using firewalls and antivirus software. Don’t open your exchange account or keep your coins on an unsecure device
• Protect your exchange email with a strong password and make sure it’s different from the one you’re using for the exchange
• Always enable two-factor authentication to add an extra layer of safety
Step 4 – Purchase Fantom
If you have picked your exchange, wallet, and gone through the precautionary measures, it’s time to purchase the currency. Sign into the selected exchange and go to the marketplace and enter the amount of FTM you’re looking to buy. Hit the buy button and the exchange will find the best price for you in that moment. The digital currency will show up in your account in few minutes.
Step 5 – Withdraw Cryptocurrency and Store in Your Wallet
And once the FTM coins are in your account, make sure you transfer them to your digital or cold wallet to keep them accessible and secure. Exchange website can go through outages or any other uncertainty can strike any time. That’s why it’s prudent to keep your coins in your own wallet.