A Beginner's Guide to Fantom Blockchain

A Beginner's Guide to Fantom Blockchain

What Is Fantom Blockchain?

Fantom is a high-performance, scalable, and secure Layer 1 blockchain platform utilizing the Lachesis consensus algorithm. This allows for significantly faster transaction speeds compared to traditional blockchains. Focusing on integration in various sectors like finance, healthcare, and commerce, Fantom offers a flexible smart contract platform. As a decentralized network, it supports the creation of DApps and DeFi products, while offering low transaction fees and high processing speed. Its mainnet is known as Opera.

Brief History and Development

Fantom was founded in 2018 by Dr. Ahn Byung Ik, a South Korean computer scientist, with the aim of addressing the scalability issues faced by traditional blockchains. In 2019, Fantom launched its mainnet, Opera, introducing a novel consensus mechanism, Lachesis, which significantly enhanced transaction speed and efficiency. In 2020, Fantom gained significant attention in the decentralized finance (DeFi) space, as it began offering compatibility with Ethereum, allowing for seamless migration of DeFi applications. A pivotal moment came in 2021, when the network saw substantial growth in its ecosystem, with numerous partnerships and integrations, particularly in sectors like finance and supply chain management. This rapid development positioned Fantom as a key player in the blockchain and DeFi sectors, known for its innovative approach and robust technology.

What You Need to Know About Fantom Ecosystem

The Fantom ecosystem is quite diverse and includes many different DApps. Numerous projects issue their tokens based on the Opera blockchain network. The NFT direction is also developing within the network. Let’s take a look at some examples of the Fantom ecosystem.

Top Fantom Ecosystem Tokens

The Fantom blockchain has established itself as secure and reliable, and its low fees and high speed make it an attractive alternative for hosting tokens, such as the stablecoin USDC. The total market capitalization of tokens on Fantom exceeds $57.61 billion.

Top Fantom Ecosystem Tokens Top Fantom Ecosystem Tokens. Source: crypto.com

Fantom NFT

For NFT enthusiasts, the Fantom blockchain is also of interest. Thanks to its low fees, it’s cost-effective to mint new collections, and its high speed enables almost real-time NFT trading, opening up prospects for various GameFi projects.

Top Popular NFT Collections on Fantom Top Popular NFT Collections on Fantom. Source: PaintSwap

Getting Started With Fantom Blockchain

Getting started with the Fantom blockchain is straightforward - just follow the recommendations below:

Setting Up an Fantom Wallet

The first thing you need to do is install a wallet that supports the Fantom Blockchain. Gem Wallet is a self-custody mobile wallet with open-source code that is 100% suitable for working with the Fantom Blockchain and its token, FTM.

Acquiring FTM

The next step will be acquiring FTM tokens for your wallet, which are necessary to cover transaction fees and execute smart contracts. You can obtain FTM tokens through various methods, such as withdrawing from an exchange, asking friends, or winning in giveaways. Additionally, you can buy FTM directly within Gem Wallet using a credit card - a simple and convenient method that will prevent address errors and save you time.

Staking FTM

And the final step in getting acquainted with the Fantom Blockchain will be staking your FTM tokens. Staking is not just about earning passive returns on your capital; it also contributes to the security and functionality of the entire Fantom network. Therefore, it is important to participate in staking even if you are not solely interested in passive income.

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