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What is Fantom?

FTM is a coin of a Fantom platform. It is a permissionless, decentralized, and open-source smart contract platform, which tends to exceed the opportunities of the existing blockchains. It has a new consensus mechanism called Lachesis. This technology makes the platform cheaper and faster. It does not use Delegated Proof-of-Stake and has no “masternodes”, instead it is capable of scaling nodes all around the world.
The FTM coins can be used in several ways, such as staking, governing, payments, and fees. Nodes and stakers are rewarded for active participation. Payment transfer takes about 1 second. The fees are extremely low, one transaction costs around $0.0000001. There are also some other network fees. However, it seems to be very low, it is said on the website it is enough to protect customers from attacks.
Stakers of the FTM token are allowed not just to vote, but also to propose new implementations. The Fantom ecosystem is growing rapidly. On the official website it is possible to look through the whole list of partnerships and integrations.

Where did Fantom come from?

Fantom was founded by Dr. Ahn Byung Ik, a computer scientist from South Korea. Fantom’s mainnet was launched in December 2019. The idea behind this project is to create infrastructure for the future. Fantom partnered with the Binance Chain to develop interoperability. Later the focus of the team changed to the integration of DeFi projects. At this point the network has a very big international team.

What are the advantages of Fantom?

  • Big ecosystem
    The more projects are involved the more use cases they create and the more space for development there is.
  • Technologically progressive
    Fantom implements new technologies that make users’ lives simpler.
  • Fast transactions
    Users specifically emphasize the speed of transactions.
  • Bridges to multiple blockchains
    The opportunity to interact with various blockchains widens the horizons of use cases for the project.
  • Low fees
    Make this service more accessible to anyone who would like to try it out.

What are the disadvantages of Fantom?

  • Consensus protocol
    The consensus protocol used by the Lachesis network raises some questions in the community. It brings up some concerns about its decentralization.
  • Fantom Foundation has too much power
    For the decentralized project the Fantom Foundation has too much power over the things that are happening on the network.

How to buy Fantom on SimpleSwap?

In case you are interested in purchasing FTM coins, SimpleSwap would like to help you. Please follow the instructions below:

  • Choose the currency you want to exchange (e.g. BTC) in the first drop-down list. Enter the amount you would like to swap.
  • Select FTM in the second drop-down list. You will see the estimated amount that you will receive after the exchange.
  • Click the Exchange button.
  • Enter the Recipient's Address. FTM will be sent to this address. Be careful and make sure you use the correct address.
  • Create the exchange.
  • You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the exchange.