Michael 0:01
Welcome to the New To Crypto podcast designed to guide you through the crypto landscape with pinpoint accuracy created for the new and intermediate crypto investor. Join your host Crypto Travels Michael as he takes you through the different facets of getting started and succeeding in your crypto journey. New to crypto podcast brings you new episodes daily Monday through Friday with surprise bonus episodes sometimes on the weekend. Let me ask you, are you new to crypto don’t know where to start? Are you more experienced but have questions? Then you’re in the right place. This podcast is designed for you, coming at you from the training center in the lifestyle design studio. Here’s your host Crypto Travels Michael.
What’s going on crypto nation. Happy to report to you that we have now been heard in 86 countries around the world in almost 800 cities. Today’s episode is all about Fantom. It’s an excellent, excellent project that has an entire ecosystem under it. And without further ado, let’s jump into it. Fantom is a fast high throughput open source, smart contract platform for digital assets and dapps. Another way to say it would be that Fantom is a high performance scalable and secure smart contract platform. Fantom is a directed acyclic graph also known as a D-A-G or DAG smart contract platform, providing decentralized finance services to developers using its own bespoke consensus algorithm. It is designed to overcome the limitations of previous generation blockchain platforms. Fantom is permissionless decentralized and open source. Lachesis its revolutionary aBFT consensus mechanism allows Fantom to be much faster and cheaper than other older technologies. However, it’s extremely secure. Fantom’s. aBFT consensus protocol delivers unparalleled speed, security and reliability. And there’s almost instant transactions and extremely low fees.
Fantom’s validator nodes form a global trustless and leaderless proof of stake network, Fantom can process thousands of transactions per second and scale to thousands of nodes. So it’s highly scalable. It’s also Ethereum compatible, Fantom is EVM compatible, you can deploy and run your Ethereum dapps on Fantom, it’s an all in one DeFi suite. You can mint trade, lend and borrow digital assets directly from within your own wallet. And the fees are nearly zero and instant transactions. So they have liquid staking. You can use your FTM as collateral for DeFi. And I’ll get into what FTM is shortly. They also have something called F mint you can mint dozens of synthetic assets, including crypto currencies, national currencies and commodities. They also have excellent you can lend and borrow digital assets to trade and to earn interest without losing exposure to your FTM. There’s also f trade trade Fantom based digital assets without leaving your wallet. And it’s fully noncustodial and decentralized. An AMM exchange is available. So why Fantom Well, directly from their website, Fantom dot foundation explains it best. So let me paraphrase here. Bitcoin, for example focuses on decentralization and security, which makes it less suited for any kind of transaction that requires speedy and fast confirmation like day to day payments, data transfer, asset trading, and other transactions consumers and businesses rely on for everyday type of things in your everyday life, especially the legacy financial system from the processes that happen in the back end to consumer facing solutions requires high throughput and fast finality decentralizing the services at scale, while providing bank grade security represents a challenge for the whole blockchain industry.
Well, Fantom tackles this problem at its core. Its high speed consensus mechanism allows digital assets to operate at unprecedent Then it speed and delivers dramatic improvements over the current systems. Unlike other solutions, Fantom does not sacrifice security and decentralization in favor of scalability. Indeed, the advantages brought by Fantom are not merely pure performance. It’s modular architecture allows for a full customization of blockchains for digital assets, with different characteristics tailored to their use case. Fantom also offers exceptionally high levels of security by using leaderless proof of stake protocol to secure the network. Fantom’s, aBFT consensus called Lachesis is capable of scaling to many nodes around the world in a permissionless open environment, providing a good degree of decentralization. It does not use delegated proof of stake, and has no concept of masternodes. So how does Fantom work? Fantom is modular. Lachesis represents one layer the consensus of the blockchain technology stack, and can be plugged into any distributed ledger. Lachesis powers Fantom’s, opera main net deployment that uses the Ethereum virtual machine, and it’s compatible with Ethereum.
So the fact that it’s modular makes Fantom exceptionally flexible, and developers can port their existing Ethereum based dapps on Fantom opera main net in a matter of minutes, and this substantially upgrades the performance and lowers the cost because the gas fees are very, very small on Fantom. So Fantom is scalable. Each network built on Fantom is independent from another, their performance and stability are unaffected by traffic or congestion. Fantom is secure, and environmentally friendly Fantom is secured by proof of stake, Lachesis can provide institutional grade security to distributed networks. Fantom offers absolute finality, which means that transactions can never be reverted, like in networks with probabilistic finality. Fantom is open, it’s open source, I actually have a link on our site to their open source code if you’re interested. And their teams are committed to creating building blocks for anyone to use and customize to their needs. Fantom is also open participation. And it’s permissionless anyone can run a node on Fantom’s opera chain, it’s virtually unlimited number of validator nodes can participate in securing the network as long as they keep a minimum of 1 million FTM at stake.
And if you’d like to stake lower amounts, and you’re not an expert at running systems or a node, you can still participate in securing the network and you can delegate as little as one FTM token to a validator node and get rewarded. Fantom has its own token called, you guessed it FTM. FTM is the primary token on the Fantom network. And it’s used for securing the network through staking for governance, for payments and for fees. So securing the network. The main utility of the FTM token on Fantom is to secure the network via a proof of stake system. You can also use FTM. For payments, the FTM token is ideal for sending receiving payments, thanks to the Fantom networks, high throughput, fast finality and low fees. So how low are these fees? You’ve heard a lot of projects claim that they have low fees. And how fast is this network? Well, let’s break it down. Fantom claims that money transfers can take less than one second. And the cost is way less than one US Penny. Let me break it down for you. It’s point 0000001. That’s the fee to send on their network. And FTM also has on chain governance.
It’s needed for on chain governance because Fantom is a fully permissionless and leaderless decentralized ecosystem. Any decision regarding the network is carried out by on chain governance with governance stakers can propose and vote for changes and improvements. FTM is the governance token required to participate in the voting process and FTM is also used for network fees as mentioned before, so transaction fees and fees to deploy smart contracts, or even to create new networks. So let’s break down some of the token numbers. For FTM, The total supply is 3.17 5 billion FTM and 2.1 billion are currently in circulation, with the remainder reserved for staking rewards. The current price of FTM is just about $1.20. And the current market cap is now over $3 billion.The total value locked is now over $125 million. So you can stake on Fantom, you can earn rewards by staking your FTM. To help secure the network. You can choose your staking preference, you can start earning with a few clicks, and you can use your stake funds as collateral and DeFi. So just to reiterate, Fantom is a global decentralized network with validators and community members from all around the world. As always, this is a reminder that this channel is not financial advice. Definitely do your own due diligence, but I’m just breaking down and unpacking some information about Fantom and about staking, who are the founders of Fantom the Fantom Foundation was founded by a South Korean computer scientist.
And currently, the platform CEO is Michael Kong. The team behind Fantom has extensive experience primarily in the field of full stack blockchain development, and its aim is to create a smart contract platform which privileges scalability, decentralization and security. So it’s important to note that Fantom’s team also consists of specialized specialist engineers, scientists, researchers, designers and entrepreneurs. I’m happy to report to you that Fantom’s ecosystem is going places I see a bright future for the projects in their ecosystem. So who’s involved with Fantom? Well, if you check out on their website, under their partners in their ecosystem, you’ll see under Oracle’s and API’s that Chainlink Fantom works together with Chainlink to build secure and scalable defi products. Also band protocol is on chain Oracle, the graph covalent and anchor with integrations Ren Ren is building cross chain bridges between Fantom and other blockchains including Ethereum Orion protocol is working with Fantom, DAO maker, superfarm, Injective; Injective has decentralized derivatives trading, and it will allow trading of Fantom based synthetic assets on their decks. Some of the partnerships that Fantom has is crypto.com is Travala.
Many of you have booked vacations around the world and have used sites like hotels.com Cheap.air, and many other ones will travel. Travala allows payment if you don’t know this, you can pay for your vacations and your travel on Travala with dozens of different cryptocurrencies and Travala is working with Fantom and ethereum classic Labs is working with Fantom waves. Gravity. Fantom is even working with governments and enterprises in Afghanistan. The Ministry of Health is working with them, the Afghanistan Chamber of Commerce and investment, the Afghanistan National Standard authority, and the Afghanistan railway authority. And even in Pakistan, the Pakistan private educational institutions regulatory authority. So Fantom is busy working with numerous governments. It’s just an exciting project. So I trust that this has provided value for you today and painted a better picture as to what Fantom is. If you like today’s episode, be sure to like and subscribe to the podcast. I’m working hard to bring you relevant content, which will help you navigate the crypto landscape. So be sure to chime in here tomorrow for another special episode. Until then, I’m out.
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