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FANTOM (FTM) – COMPLETE GUIDE
FANTOM (FTM) – COMPLETE GUIDE
Updated on: Jul 19th, 2022
|
6 min read
CONTENTS[Show]
* How does Fantom work?
* Native token of Fantom: FTM
* How to buy FTM?
* Storing your FTM tokens
* Staking on Fantom
Established in 2018, Fantom is a level 1 blockchain that is an essential
alternative to the low speeds and high costs of transacting through Ethereum.
Powered by its native token, FTM, it is a blockchain network that is highly
scalable. This blockchain platform is for crypto dApps, DeFi and other
enterprise applications.
Want to know more about this blockchain platform?
Read on.
HOW DOES FANTOM WORK?
Fantom is an open-source and fast smart contract platform for various digital
assets.
Built on the aBFT consensus mechanism, Fantom has used many innovations that
make it better than the rest. Besides using all the security and versatility of
blockchain technology, Fantom uses a directed acyclic graph (DAG) to increase
its speed. In this system, the transaction histories of the blockchain are
displayed in the form of a ‘hashgraph’.
It also uses Lachesis, a leaderless consensus mechanism which is a kind of
‘proof of stake’ system. Its advantage is that it can operate seamlessly even
when a third of the transaction data is fraudulent. Thus, Fantom can validate
transactions independently without going through a queue of transactions.
With these innovations in effect, Fantom processes a transaction in two seconds,
while blockchains like Bitcoin and Ethereum can take several minutes.
Fantom is also compatible with Ethereum Virtual Machine (EVM). Thus, it is easy
to port Ethereum-based decentralised applications to this blockchain.
NATIVE TOKEN OF FANTOM: FTM
FTM is this network’s native token, which can be used for payments, governance,
securing the network via staking and other necessary purposes.
The FTM token has three versions:
Ethereum (ERC-20) token
This version of the FTM token can be used on Ethereum, thereby providing you
with many investment opportunities on the blockchain. If you are interested in
NFTs, this FTM variant can come in handy.
Opera Mainnet token
You have to pay a small network fee for every transaction on this network, like
creating smart contracts and creating new networks. It is done to compensate
validators for their work and prevent transaction spam. You can use the Opera
version of the token to pay this network fee.
Fantom uses a Proof-of-Stake method that requires its validators to hold this
token. If you decide to lock up your FTM assets, you can run your validator node
and earn transaction fees and rewards.
You can also receive staking rewards by delegating your tokens to a validator.
Although you hold full custody of their funds, the validator takes a small fee
for their service.
By locking in your FTM assets, you can help the network stay secure and
decentralised.
Also, as Fantom is a fully decentralised and leaderless system, all chains
regarding the network are carried out by on-chain governance. If you are a
staker on this network, you can vote for changes and propose improvements for
the ecosystem.
Binance Chain (BEP-2) token
This variant of the FTM token enables you to use it on the Binance blockchain.
Using FTM, you also get the benefit of high-speed transactions. Money transfers
take approximately 1 second, and it costs around $0.0000001.
The total number of FTMs available in the ecosystem is 3.175 billion. 2.1
billion are in circulation, while the remaining are reserved as staking
rewards.
Fantom states that depending on governance decisions, it may take more than two
years to distribute all the staking rewards and the supply to reach total
circulation.
HOW TO BUY FTM?
You can buy FTM tokens using both fiat currency and crypto. You can use bank
transfers and debit or credit cards to buy with money. To buy FTMs with crypto,
you must use Ethereum, Bitcoin, BNB or Tether.
You can buy this token from all major decentralised crypto exchanges. For your
convenience, let’s take the instance of KuCoin. You can follow the steps
mentioned below to buy FTM using KuCoin.
1. Sign in to your official KuCoin account or sign up if you do not have one
2. Activate 2-factor authentication from the security settings
3. Scan the barcode with your Google Authenticator app and enter the 6-digit
verification code
4. Validate your email and submit an ID proof to validate your identity
5. Go to the ‘Assets’ menu and select Fantom(FTM)
6. Then, go to the ‘Deposit’ menu on the left side of your screen and fund your
account.
7. Select ‘Markets’ from the trading menu and click ‘Trading.’
And you are ready to trade your FTM tokens.
STORING YOUR FTM TOKENS
Fantom discourages storing your FTM tokens on exchanges due to custodial risks.
Also, you can lose out on staking rewards if you do so. You can use MetaMask,
Ledger, fWallet (Fantom wallet) or any other reliable crypto wallet for storing
your FTM assets.
Let’s take the example of the Fantom wallet to understand how to add an FTM
token to your crypto wallet. You can install this crypto wallet on Google Chrome
as an extension or even use it on your Android and iOS device.
The steps to create a new account are:
1. Go to https://pwawallet.fantom.network/#/
2. Tap on ‘Create Wallet’
3. Create an at least 8-character long password
4. Re-enter the password, click on the checkbox and download the keystore file
To access your crypto wallet from other devices, you can use the password and
keystore file. Make sure you securely store your keystore file. It contains a
private key that is encrypted with the password you set.
1. Click on ‘View your private key’ and copy down your 24-word mnemonic phrase
and your private key
2. Verify your 24-word mnemonic phrase
3. Press ‘Access your wallet’
You can now see your wallet with the public address on the home screen. You can
click on the address to access the wallet.
Steps to receive FTM tokens are:
1. Go to the ‘Wallet’ tab and click on the ‘Receive’ button
2. Use the copy icon to copy the Opera FTM address to your clipboard
3. Send funds to your crypto wallet using this address
Note: You can only send and receive Opera Mainnet FTM tokens
Based on your investment strategy, when you decide to sell your tokens, you can
do it in the following ways:
1. From the sidebar, click on the ‘Wallet’ option and click on ‘Send’
2. Enter the amount and address
3. Type your password and click on ‘Send’
STAKING ON FANTOM
You can stake your FTM tokens on the Fantom network in the following ways:
1. On the Fantom website, go to the ‘Staking’ menu
2. Click on ‘Delegation’ from the drop-down menu
3. Based on social media presence, select a reputable validator
4. Choose your Annual Percentage Rate (the higher the tenure, the better the
reward)
5. Enter the FTM amount
6. Select the period you want your assets to be locked up
It would help if you kept some important factors in mind before staking.
* It would help if you staked your tokens to validate your transactions on the
Fantom network
* For staking, you will receive FTM tokens in return
* You can unlock and stake/unstake tokens whenever you wish
* 1 FTM is the minimum staking amount on this network
* Upon getting staking rewards, the delegation fee is 15%
* When you unstake your FTM tokens, there is a bonding time of 7 days, after
which you get your funds
* The minimum number of days for locking your FTM holdings is 0 days. You will
earn the minimum reward rate in this case.
* You can lock your FTM holdings for 365 days, thereby getting the maximum
reward rate.
Indeed, Fantom is not the sole project that uses DAG for scalability. However,
offering a high transaction rate each second at a surprisingly low fee is
letting it receive increased acceptance in certain industries. This will lead to
higher adoption among various enterprises.
CONTENTS
* How does Fantom work?
* Native token of Fantom: FTM
* How to buy FTM?
* Storing your FTM tokens
* Staking on Fantom
;
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