Fantom is a blockchain-backed decentralized “Ethereum helper” – as it claims to be in contrast to other Ethereum killers. The platform adds value and hence complements the already existing Ethereum infrastructure. Fantom’s mantra “Performance matters” implicates the Ethereum blockchain trilemma of speed, security, or scalability. It employs Direct Acyclic Graph (DAG), Proof of Stake (PoS), and Smart Contracts to achieve this.
By its DAG functionality over each node, network nodes continuously record transactions with nearby nodes, and as a result, Fantom provides fast confirmation on transactions. Fantom’s PoS consensus mechanism offers everyone equal rights for the consensus. The PoS model, Lachesis, requires validators to stake about a million of its native coins, FTM.
But you can earn rewards with as little as only one FTM coin as a delegator by delegating FTM to a trusted validator. For this, you will have to select a lockup period from 1 day to a year, as the longer you stake your FTM, the higher the rewards you will eventually earn. Smart contracts accelerate the overall transaction process and remove the security risks from third-party involvement. With smart contracts, the transfer of digital assets such as NFTs is easy.
Its compelling features provide fast transactions of up to 4500 transactions per second with transaction costs as low as a single penny. Given all the positive incentives of Fantom, here’s an easy guide on how to get started with its native coin, FTM.
Since FTM can be purchased directly with fiat currency, the easiest and best way to buy FTM is with the Binance exchange, as it offers straightforward FTM transactions. Here are the three primary and exact steps to purchasing the FTM coins on Binance:
Step 1: Set up an Account on Binance
First, make an account on Binance to buy the Fantom coins. Binance allows the creation of an account with either email or mobile. Choose the one you prefer and provide your details accordingly. Don’t forget to agree to the terms and policies. After successfully submitting the form, you will have to verify it by email or mobile. After this, your account will be created on Binance.
After making your Binance account, you must verify your identity to buy FTM. From your profile icon, select Identification. You will have the following verification page.
Under verified, you will see a list of required identity credentials. Among them is listed the Government-issued ID. This can be your passport, driving license, or other Government-issued ID. Your account will be verified upon successful submission of the listed identity credentials.
Step 2: Make your purchase.
After you are done with making and verifying your account and identity, now you gain access to buy the FTM. For that, click on Buy Crypto. A drop-down list will pop up showing a list of all the payment methods. Choose a payment method of your choice.
After payment method selection, it will direct you to the buy crypto interface.
In the Spend section, choose the currency of your choice for the transaction on this page. In the Receive section, cryptocurrency is selected as Bitcoin by default. Click this to change it to FTM.
Enter your amount to continue with the transaction.
Step 3: Confirm your purchase
As with account creation, verification, and buying steps, you must provide relevant details. Now here, too, to continue with your purchase, it will prompt you to enter relevant information about your payment method, such as card number for credit/debit card payment method. Enter the required payment information and proceed with the follow-up verification of the payment method credentials. Finally, the FTM coin transaction is confirmed.
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Takeaways
- Fantom is a blockchain-backed decentralized “Ethereum helper.” It complements the already existing Ethereum infrastructure.
- Fantoms DAG functionality provides fast confirmation on transactions.
- A lockup period must be selected from 1 day to a year for staking FTM coins and earning rewards via the Fantoms PoS consensus model, Lachesis.
- Fantoms smart contracts accelerate transactions and remove third-party security concerns. With smart contracts, the transfer of digital assets such as NFTs is easy.
- Owing to DAG, PoS consensus mechanism, and smart contracts, Fantom provides instant transactions with low fees.
- Binance is one of the best exchanges to buy FTM. To buy FTM on Binance, register and verify your account and identity, and purchase and confirm your purchase.