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Good morning! |
All about Fantom (FTM)
In previous editions, we have discussed Aave (AAVE), Algorand (ALGO), Arweave (AR), Audius (AUDIO), Avalanche (AVAX), Binance Coin (BNB), Bitcoin (BTC), Cardano (ADA), Celo (CELO), Chiliz (CHZ), Chainlink (LINK), Dogecoin (DOGE), Ether (ETH), Filecoin (FIL), Solana (SOL), Polkadot (DOT), Polygon (MATIC), Terra (LUNA), and Theta. We have also covered the top DAO cryptos, DeFi protocols, and Metaverse cryptos.
This week we take on Fantom (FTM).
Let's start with some interesting crypto news:
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Iran is unlocking opportunities for importers & exporters to use crypto in international deals.
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Kim Kardashian and Floyd Mayweather Jr. are being sued for scamming their social media followers in the EthereumMax crypto project. Kim is a reality television star while Floyd is a past boxing champion. In 2018, Floyd had been fined for promoting initial coin offerings (ICOs) on social media without disclosing that he had been paid for them.
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1. What is Fantom (FTM)?
Name: Fantom
Symbol: FTM
Overview:
Fantom is a network of blockchains where transactions are finalized in a second and cost a fraction of a cent. Its main use cases include payments, digital identity, and medical records.
Fantom uses a leaderless Proof-of-Stake consensus mechanism called Lachesis. The Lachesis consensus can be plugged into any blockchain and also powers Fantom’s Opera mainnet which is compatible with Ethereum.
Here are some of the things I love about Fantom:
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It conquers the blockchain trilemma. According to the trilemma, a blockchain can have only 2 of these 3 features - scalability, security, and decentralization. Fantom achieves all 3 - scalability, security, and decentralization.
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Fantom has a modular architecture that makes it highly customizable. Ethereum-based dApps can be ported easily to Fantom Opera mainnet.
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In Fantom, each application has its own blockchain and its performance and stability are not affected by traffic or congestion. In many blockchains including Ethereum, all dApps use the same infrastructure. This reduces scalability.
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Each blockchain on Fantom can have its own custom tokens, tokenomics, and governance rules. Since all these blockchains use Lachesis, they can interact with each other.
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Fantom's native token is FTM, which can be staked. Delegated FTM gives investors sFTM, a synthetic asset that can be used in the Fantom ecosystem.
While anyone can run validator nodes on Fantom, there is a huge cost to this - you need to stake a minimum of 1 million FTM. This is what I hate about Fantom.
2. Metrics
As of 18 January, the core metrics of FTM are:
Price metrics:
Current Price
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$ 2.88
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All-time high (Oct 28, 2021)
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$ 3.48
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All-time low (Mar 13, 2020)
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$ 0.001953
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Supply metrics:
Circulating supply
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2.5 billion FTM
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Total supply
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2.5 billion FTM
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Maximum supply
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3.175 billion FTM
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Note:
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Circulating Supply is the number of coins / tokens in public hands.
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Total Supply is the number of coins / tokens created minus the number burned.
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Maximum Supply is the maximum amount of this crypto that can ever exist
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Figures have been rounded off for convenience
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Marketcap & Volume metrics:
Market Cap:
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$ 7.4 billion
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Fully Diluted Market Cap:
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$ 9 billion
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Volume (24h):
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$ 1.6 billion
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Volume / market cap ratio:
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0.22
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Note:
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Market cap = Current Price x Circulating Supply
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Fully Diluted Market Cap is the market cap if the maximum supply was in circulation
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Volume (24h) is the fiat value of this crypto traded over the last 24 hours
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Volume / market cap ratio = 24h Volume / Marketcap
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Figures have been rounded off for convenience
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3. Wallets
fWallet is the Fantom Official wallet. Other popular wallets include Metamask, Ledger, Trust Wallet, and Math Wallet.
Note: The data is from CoinMarketCap, Messari, and Future Money Wallet and may be rounded off.
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The author is an amateur boxer, a blockchain architect, a Tintinologist and a retired hacker.
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