What is Fantom (FTM)?

Fantom is a layer-1 blockchain-based Smart contract platform that aims to solve the scalability and high-cost issues of Ethereum through its unique Lachesis consensus mechanism and DAG (Directed Acrylic Graph) approach. Fantom or FTM is the primary token of this blockchain that is used in securing the Fantom network, governance, and fee payments. The total supply of FTM tokens is 3.175 billion FTM, out of which around 1 Billion FTM are reserved for staking rewards. FTM is currently available as a native Main net token, an ERC-20 token, and a BEP-2 token. Holders of FTM tokens can interact with and build smart contracts, DeFi, NFTs, and Decentralized gaming applications on the Fantom network. Fantom is EVM compatible, making it convenient for dApps to port from Ethereum and other blockchain networks.

How does Fantom (FTM) work?

Fantom works on a DAG (Directed Acrylic Graph) based distributed network model. This model differs from blockchain because, unlike blockchain, which stores data in blocks connected through hashes, DAG uses a 'gossip' approach to share the same information with all the network nodes. These computers process different transactions individually and then gossip back and forth to share their findings with their neighbouring nodes to validate them. With this continuous gossip with their neighbour nodes, all the nodes agree on a single form of ledger and transaction records. Since DAG nodes can work simultaneously on different transactions instead of waiting for one trade to complete, they can process transactions faster and more efficiently than Ethereum.

Also, Fantom uses a special leaderless Proof-of-Stake (PoS) model called Lachesis to solve the problem of blockchain trilemma. In this model, the Fantom blockchain uses an asynchronous Byzantine Fault Tolerance (aBFT) mechanism that allows asynchronous transaction processing. It means the transactions do not have to follow a particular order to be validated, lowering the work of nodes and increasing the blockchain speed. Also, through the asynchronous approach, the Fantom blockchain can agree even when some nodes are not connected. This consensus agreement is leaderless because no single node leads the process. Since multiple nodes can participate in the consensus mechanism, the system stays decentralized and secure despite being scalable. The nodes of the Lachesis mechanism do not send their data to each other. Instead, each node stores a local DAG consisting of event blocks containing transactions. They only sync events with the help of each other to form a final ledger acceptable to all.

Fantom uses an Opera mainnet to provide a secure and efficient environment for dApp development. It is an open-source platform that comes with no risk of network congestion. Developers can build their decentralized applications in the enhanced environment of Fantom Opera and seamlessly port them to Ethereum with its EVM compatibility.

Only the FTM token holders can become validators in the Fantom platform.

Anyone holding a minimum of 3,175,000 FTM to participate in securing the network through PoS in return for network rewards. FTM is also used to pay for services of the Fantom network, like the deployment of Smart contracts and the creation of new networks.

How to Buy Fantom (FTM) in India?

There are many platforms where you can invest and trade Fantom (FTM) in India. One such platform is Flitpay. To buy Fantom (FTM) in INR, you have to sign up for the relevant application, where you will have to enter the required details and go through a small KYC verification process.

After the KYC approval, ensure you have correctly entered your bank details. Through the linked bank account, deposit the amount of which you want to buy Fantom (FTM) and execute the Fantom (FTM) purchase.

You can instantly convert your INR to Fantom (FTM) and Fantom (FTM) to INR and withdraw your INR through bank transfers whenever you want.

Flitpay also keeps introducing timely rewards for its users.

What to Do After I Buy Fantom (FTM)?

Fantom (FTM) can be used to buy other cryptocurrencies after converting them to INR through crypto exchange platforms like Flitpay. You can also hold Fantom (FTM) till they reach a high price and then sell them through the Flitpay Quick Buy/sell order facility. Users can earn significant profits from buying it at a lower price and selling it at a higher price.

If you already own some FTM tokens, you can use them to participate in securing the Fantom network or participate in its governance. It can also be used to pay network fees for deploying or developing decentralized applications on Fantom Opera.

Why Use Fantom (FTM)?

Fantom (FTM) token is a utility token of the Fantom platform. The holders of FTM can stake them to earn passive rewards in Fantom staking program. They can choose a validator they want to support through their FTM and lock their tokens with them for a specific period. There is no minimum staking amount on Fantom. You can even start staking and earning rewards with 1 FTM token. It also provides the option of flexible staking where the users do not have to lock their FTM tokens. Other than this, FTM is also usable as a platform currency of Fantom, so its holders can use it to pay for services that Fantom provides.

FAQ

What is Fantom (FTM)?
Fantom (FTM) is the primary currency of the Fantom platform. It is usable as a payment of network Fantom network fee, governance of the Fantom ecosystem, and sending value through the Fantom blockchain.

What is the Fantom (FTM) price in India?
Check out the LIVE INR price of Fantom (FTM) in India on Flitpay.

Which is the best platform to buy Fantom (FTM) in India?
The best platform to buy FTM or your favorite cryptocurrencies in India is Flitpay. Flitpay supports instant UPI and bank deposits and bank withdrawals with a minimum deposit and withdrawal limit of INR 100.

What are the Benefits of Fantom (FTM)?
Fantom (FTM) helps to incentivize validators in the Fantom blockchain to secure the Fantom blockchain by validating new transactions and smart contracts. It also allows people to transfer value anywhere in seconds at a very minimal transaction fee.

Is it safe to invest in Fantom (FTM) in India?
Yes, investing and trading in Fantom (FTM) is Safe in India. Flitpay is one of the trusted platforms to invest in Fantom in India. It offers the most real-time prices.

Is Fantom (FTM) a Good Investment?
The DAG-based distributed network and unique Lachesis consensus of Fantom help it challenge the blockchain dilemma existing for years in the crypto industry. Its super fast transactions, high throughput, and very high transaction fee make it a strong Ethereum scaling solution. But cryptocurrencies can be highly volatile at times. Hence, one needs to be careful while making any investment decision.