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Learn more about FANTOM (FTM)

By ELLIPAL | ellipalwallet | 19 Jul 2022


 

FANTOM is a Directed Acrylic Graph (DAG) based smart contract platform for DAPPs. Fantom was created to solve the issue of long transaction times evident in blockchains like Bitcoin and Ethereum. With ELLIPAL's newest update 3.5.0, ELLIPAL users will now be able to store, transact, and trade FTM securely on their ELLIPAL Cold Wallet and ELLIPAL APP Wallet!

Learn more about FANTOM (FTM)

Founded in 2018 by South Korean Dr. Ahn Byung Ik, Fantom has grown to be one of the most popular blockchains for Defi transactions. Fantom is a highly scalable and decentralized opensource platform that developers can use to build DAPPs. 

Blockchains such as Bitcoin and Ethereum were not designed for scalability because they were designed for security and decentralization. A normal BTC transaction can take 10 to 15 minutes.

To speed up transactions, Fantom uses a leaderless proof-of-stake (PoS) protocol to protect the network, giving security and also achieving transaction speed of just a few seconds, with a lower transaction fee.

The Fantom Opera mainnet supports full smart contract functionality via Solidity. Fantom's network is self-contained, meaning that if one area has traffic congestion, it will not affect other areas of the network. 

With Fantom's high scalability, every application on Fantom gets an independent blockchain with specific tokens, governance, and tokenomics. An infinite number of DAPPs work on Fantom while working independently.

Use cases for FTM 

Given the unique design of Fantom, FTM has many use cases. 

Payments:

Fantom network has an incredibly high transaction speed at about 1 second and very low fees at just around $0.0000001. This makes FTM perfect to be used as a currency.

Governance: 

FTM can be used by stakeholders to propose and vote for improvements to the blockchain. As a decentralized system, FTM is an important part of on-chain governance. 

Staking:

FTM can be used to stake to secure the Fantom network and receive FTM tokens as a reward.

Network fees:

FTM is needed as a fee to pay for transactions, smart contract deployments, and new network creation. 

Although the fees themselves are cheap, they can help keep attackers away by making sure spammers will not keep creating meaningless contracts to clog up the system.

Security:

With a proof-of-stake system, FTM token helps secure the network where stakers lock their tokens, and validators hold a minimum of 3,175,000 FTM. 

HODL $FTM Securely on the ELLIPAL Titan Cold Wallet today!

Fantom is a great network with numerous use cases, yet very secure. If you think FTM is a great investment opportunity, HODL FTM on the ELLIPAL Titan Cold Wallet today for secure air-gapped security.

 

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