What is Fantom (FTM)

What is Fantom (FTM)

In today's blog, we will cover a topic that I've seen been discussed a lot more in the crypto space recently. It seems that the coin called fantom has picked up more traction in the community recently. Now there are many reasons for this ranging from the growth of the cryptocurrency, community coverage, and partnerships. This is why I decided I should over this special cryptocurrency. With all that being said though we can now get into the article.

Why Was Fantom Coin Created

Fantom was created to make DeFi easy accessible to everyone not just those that can afford the high fees associated with DeFi especially on the Ethereum blockchain. The fantom coin was also created so that it's ecosystem could be created and could flourish. Their ecosystem is built around making DeFi more accessible as stated before my making the interface easier and by allowing you to make passive income off of your crypto easier with little to no crypto education. The coin was also created with the intent of giving incentives via FTM to its ecosystem developers to incentivize development and to keep them in the ecosystem. They keep them in the ecosystem by giving them reward tiers so the more they develop on the ecosystem the more incentives they get.       

How Does Fantom Coin Work

Fantom is a directed acyclic graph (DAG) smart contract platform providing DeFi services to developers using its own bespoke consensus algorithm. With its token FTM, Fantom aims to solve problems associated with most smart-contract platforms. That being the usual slow transaction speed and high transaction fees associated with smart contract platforms. The developers say they have reduced the transactions speeds to just under two seconds. The Fantom Foundation, which oversees the Fantom cryptocurrency, was originally created in 2018, with the launch of OPERA which is Fantom’s mainnet, happening back in December of 2019.

How Is Fantom Coin Doing Right Now

Now fantom is currently dumping right now and there are multiple reasons for that. One of the main reasons fantom is dumping right now is because bitcoin is dumping as well. The second main reason for the dumping is also because fantom had almost hit its all-time high which caused a sell-off to happen on the crypto. fantom has had a 24 hours loss of 12.3% with its current price being $2.32 as of writing this(1/21/22). We can expect the crypto to recover once the market starts to recover or more once more incentives are given to the ecosystem. 

What Is The Future Of Fantom Coin

The future of fantom looks bright if they continue down the path they are going as of now. I say this because the developers on the ecosystem seem to be loyal and plan on contributing to developing the ecosystem that fantom has. If they also can find some way to take liquidity away from Ethereum and other crypto blockchains then I think fantom will become a top 15 or top 10 cryptocurrencies. I also believe that as fantom becomes more mainstream within the community and outside of it that it will grow as well. Only time will tell but me personally and this isn't financial advice I believe this is a great crypto to buy right now as it's down from the all-time high and hasn't even seen the biggest explosion in growth yet.   

My Final Words     

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