Fantom Coin is a digital currency designed for the gaming industry. It was created to help developers and players reach new heights in gaming by providing them with a platform that is secure and transparent.
The fantom coin price prediction is a cryptocurrency that was released in 2018. It has been predicted to have a high potential in the future.
Take a look at Fantom (FTM) coin if you’re searching for a new(ish) cryptocurrency project with big aspirations. This currency is establishing a smart contract network that will serve as the foundation for smart cities.
Fantom hopes to achieve unlimited scalability and near-instant transactions at a low cost by using its sophisticated Directed Acyclic Graph, or DAG, technology. A high-powered virtual computer is also being developed as part of the project, which will provide secure and safe smart contracts.
Is it possible for this enterprise to accomplish such high goals? And, if they can, how do they intend to do this?
Read our Fantom coin review for the answers to these and other questions. We’ll fill you in on all you need to know about the project. The way it operates, how its tokens are used, and who its leadership team is
What exactly is Fantom?
Fantom created and developed a DAG-based platform using distributed ledger technology. This platform will be utilized to provide energy to smart cities as well as all of the services that make up the platform. Fantom aims to use it to integrate new scaling techniques as well as the ability to execute smart contracts securely and reliably.
This initiative thinks it has the potential to become the IT backbone for smart cities as they expand and evolve, thanks to its extremely fast and high-performance network. Fantom is developing a platform that can process 300,000 transactions per second and will be able to connect with many service providers. As a consequence, the team thinks it has the answer needed to securely and safely store a large quantity of data.
It intends to achieve these ambitious objectives by making decentralized application (dApp) adoption as well as smart city smart contracts powered by large quantities of data accessible to stakeholders. Smart home networks, public utilities, healthcare, traffic control, environmental sustainability, and education are among the sectors and industries where Fantom envisions its platform being utilized.
What Is Fantom and How Does It Work?
The protocol architecture of the Fantom project is divided into three levels. Each layer is in charge of a certain set of responsibilities. These levels are known as the Opera’s Basic Layer, Layer of Opera Ware, and Application Layer, according to Fantom.
Let’s take a deeper look at each of the levels in the Fantom architecture, their behavior, and what they do for the protocol.
Opera Core Layer
The Opera Core is the platform’s foundation. Its major duty is to ensure that the protocol’s nodes are in agreement. In addition, this layer is in charge of event generation. It verifies transactions with the help of a DAG as the nodes process them.
Every verified transaction is stored on each platform node, similar to what you’d expect from a blockchain. Despite the fact that the DAG technology does not need that each transaction be stored on each node, Fantom does so.
Fantom also employs a second node, dubbed the witness node. This node is responsible for verifying and confirming transactions. Witness nodes are in place to ensure that the data recorded by all nodes in the Fantom network is accurate. The witness nodes elect nodes for validation purposes using the Delegated Proof of Stake (DPoS) consensus method.
Opera Ware Layer
The Opera Ware layer of the protocol is the protocol’s middle layer. This layer is responsible for providing payments and incentives, as well as performing other network tasks.
Opera Application Layer (Application Layer)
The Application layer, which sits at the top of the Opera architecture, is where the public APIs are stored. These APIs let developers to integrate Fantom’s Opera Ware layer into their decentralized apps. One encounter stands out in particular. It’s referred to as “Story Data” by Fantom.
Fantom handles and records all transactions that have happened in the past using this Story Data. Ethereum, on the other hand, has restrictions when it comes to maintaining account of previous transactions. Every transaction and smart contract performed on the Fantom network saves a tiny bit of data called Story Data, which the project utilizes to trace previous transactions.
In markets where keeping data forever is critical to business, this feature is very useful. The healthcare and supply-chain management sectors, for example, are two businesses that might significantly benefit from this kind of technology.
Fantom is a fictional character.
Fantom has a big development team, led by an 11-person team, with an additional eight resources serving as advisors. Fantom has a team of 16 developers that contribute to the project on a regular basis, in addition to the core fundamental members.
Fantom’s creator and CEO is Dr. Ahn Byung Ik. He has a Ph.D. in computer science and has served as the president of the Korean Food Technology Association. Dr. Ahn is no stranger to the startup scene, having established a service firm called Point-I in 1998 and another company named SikSin in 2010.
Michael Kong, Fantom’s Chief Information Officer, brings many years of blockchain expertise to the team. He offers smart contract programming experience, which he gained while working as the CTO of Block8, a blockchain incubator.
The rest of the Fantom team is made up of a diverse group of extremely accomplished, experienced, and driven people. Finance, business development, encryption, software engineering, and architecture are among their varied backgrounds.
Fantom has great advisers in addition to a leadership team with lots of digital asset expertise. Steve Bellotti, the COO of Digital Currency Holdings, Cho Min Sik, a Kakao board member, and Kim Hyeong Joo, the current president of the Korean Blockchain Association, are among them.
Fantom Token (FTM) and Initial Coin Offering (ICO)
The Fantom token (FTM) is a digital asset based on the ERC-20 standard that is mainly used for staking and paying Fantom witness nodes. Fantom also intends to utilize its FTM tokens to entice users and contributors to join the Fantom network.
In June 2018, Fantom conducted its initial coin offering (ICO). The project sold 40% of its entire supply of FTM tokens at the moment. At $0.04305 per token, the 3,175,000,000 tokens raised almost $40 million during the ICO period.
Fantom’s tokens were not distributed over many months. The market was in the midst of a bear market at the time. As a consequence, the FTM token’s initial price hovered at $0.02 per token, about half of the ICO price.
Because all cryptocurrencies were suffering during the so-called “crypto winter,” FTM’s price plummeted even more. Fantom coin hit its all-time low on February 4th, falling to $0.003105. Since then, FTM has made a big comeback, rising more than 2005 in the months that followed.
Buying and Keeping Fantom Coins
Fantom may be purchased on a variety of exchanges, including KuCoin, BitMax, and Binance. The Binance platform, however, sees the most substantial trading activity for FTM.
After purchasing FTM tokens on an exchange, you should transfer them to a safe digital wallet. FTM now has two kinds of tokens with the introduction of its BEP-2 tokens. That means you’ll have to figure out which one you’re purchasing so you can put it in the right wallet.
Although the ERC-20 is the elder of the two, it is still the more often used. You may store them in any ERC-20 wallet, such as MetaMask or MyEtherWallet. On the other side, BEP-2 coins must be stored in a Binance chain wallet. Before you can convert ERC-20 assets to BEP-2 tokens, you’ll need to establish this wallet.
Possibilities and Strengths
Fantom has done a fantastic job of outlining strategies for gaining market share. Its website lists a number of partners and affiliations, including the South Korean Food-Tech Association, whose president is Dr. Ahn. Fantom, on the other hand, now has a relationship with a corporation that controls a $200 billion industry.
Dr. Ahn is guiding Fantom along a route that enables them to develop their environment with decentralized applications for many markets, thanks to his vast expertise in both the technology and food industries. Delivery services, meal reservations, and supply-chain management are just a few examples.
As a consequence, the team has shown interest in partnering with the Food-Tech Association to gain a competitive advantage. This includes marketing its product to street sellers and merchants as a means to save down on transaction and card fees. However, no mechanism has been established as of yet.
Fantom offers a scaling approach that has been shown to function while enticing prospective investors, thanks to its DAG-based protocols. Due to the usage of DAG technology, projects like as Nano, IOTA, Byteball, and others have experienced significant profits on their ICOs.
Fantom’s integration of decentralized apps and smart contracts is one of the most valuable features it provides to both investors and customers. Previous initiatives, such as Nano and IOTA, did not provide this kind of technology and have yet to include it into their own products. The previous success of DAG-based initiatives, on the other hand, provides cause to be optimistic about the Fantom project’s future.
Threats and Weaknesses
Other DAG protocol initiatives like Constellation and Hedera pose two of the most serious challenges to the Fantom project. Both of these alternatives use designs that are comparable to Fantom’s in that they include smart contract functionality in their platforms.
Another issue that the platform confronts is the possibility that they may lose control of their local market. It’s worth keeping an eye on the project as it develops. What will Fantom do in response to rivals, and how will it promote enterprise adoption?
The absence of business alliances or customers is the most significant obstacle in the Fantom initiative. While there have been many rumors, nothing has been confirmed. Fantom’s scaling approach requires the involvement of an enterprise partner. This is a crucial part of the project, and progress must be made as quickly as possible.
Is Investing in Fantom Worth It?
When it comes to Fantom coin, it’s essential to note that it’s not the only scaling project that uses DAG technology. Nano and IOTA were among the first initiatives to use DAG. Furthermore, we stated that both Hedera and Constellation use a similar design to Fantom’s by incorporating smart contracts.
Fantom’s allure is that it intends to bring value to the ecosystem by enabling decentralized apps and smart contracts via its infrastructure. This offers Fantom an edge over projects like Nano and IOTA, which did not debut with this feature. The success of IOTA’s smart contract implementation, on the other hand, offers investors confidence that Fantom may experience a similar outcome.
As smart cities expand and develop in South Korea, Fantom has the ability to seize control of the market. This isn’t a certainty, as Fantom must still demonstrate substantial progress and demonstrate to investors that it can stick to its schedule and plan. If the project succeeds in doing so, it should have no trouble maintaining its market position in South Korea.
The capacity of the Fantom project to handle large rates of transactions per second is another attractive feature. As it moves closer to corporate integration, this, along with the platform’s cheap costs, is leading in increased adoption across many industries.
In light of this, the Fantom team seems to possess the essential experience, knowledge, and skill to be successful. It has a lot of industry ties, which should help it have a firm grip on the South Korean market. Fantom is, in our opinion, a project worth keeping an eye on for the foreseeable future.
DISCLAIMER: The activity of the cryptoassets discussed in this paper is uncontrolled. This post is not intended to provide financial advice. Always do independent research.
Fantom Coin Review 2019 is a new cryptocurrency that has been created to help people in the world today. This review will go over all of the information you need to know about this company and what they have done so far. Reference: ftm coin review.
Frequently Asked Questions
Is Fantom crypto a good investment?
The Fantom crypto is a good investment because it has a lot of potential.
What is Fantom coin used for?
Fantom coin is a cryptocurrency that is used as the currency to buy and sell items on the Fantom platform.
Is Fantom safe?
Yes, Fantom is safe. Q: What are the best Beat Saber songs? The best Beat Saber songs are The Monster by Eminem and Hurt by Johnny Cash.
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