Fantom aims to be the world’s first Directed Acrylic Graph (DAG) based smart contract platform that solves the issue of scalability and confirmation times of the existing blockchain technology.
The goal is to provide secure and fast transactions via an open-source and permissionless platform. Fantom differentiates itself by incorporating smart contract dApp infrastructure into a DAG-based platform so that it offers instant payment, near zero cost and infinite processing scalability.
ICO
The Fantom ICO was quite well marketed and managed to bring quite a lot of attention. The company, registered in the Bahamas, managed to raise over $49 000 000 for their project.
Conclusion
Fantom is a relatively new project for us to make any strong conclusions. The idea behind it seems solid and DAG infrastructures are quite an interesting subject currently in the crypto space. We’ll be waiting to see how development unfolds, and what the future holds for the Fantom team.
OPERA Infrastructure is the core of the FANTOM ecosystem. FANTOM uses FANTOM OPERA Infrastructure (OPERA Chain™). While collecting and settling blockchain data in a distributed environment, OPERA chain should provide more functionality compared to other blockchains.
In the OPERA Infrastructure layer, information on transactions, Smart Contracts, and Story (historical information), etc. that arise from various applications in areas such as Payments, Reservations, Deliveries, Commerce, and Reputation, as well as the outcome of operating the data of the current and previous event block at the computation layer, including the data that indicates the value of the previous event block, are each mapped and stored in the Control Layer.
A Main Chain of event blocks that occur in each applica tion is created, as well as the index of event blocks that are directly connect ed to the Main Chain, and the index of event blocks that are indirectly connected are stored. The Infrastructure layer should ensure a smooth and reliable transfer of data between the entities above a physical network.
It provides the functional or procedural means that are required to transfer event block data or to discover and fix errors. In order to verify that the data that identifies or transfers physical equipment is not falsified, it provides a function for fixing errors.
It checks and modifies errors by grouping and transferring event block data into frames, and then re-calculating and comparing the checksum of each frame. Also, it performs a flow control task in order to prevent frame loss by verifying and regulating data transfer speed, as well as an error control task that processes errors by checking whether all frames have been delivered to their destination in the correct order. Furthermore, it manages possible collisions that may occur.
The OPERA Ware layer provides open source APIs, Smart Contract scripts, a functional programming language, Wallets, and Middleware. In the OPERA Ware layer, the FANTOM token is a fundamental component of transacting. In addition to this core functionality of FANTOM tokens, OPERA Ware allows the payment of the appropriate reward associated with transactions.
The FANTOM OPERA chain provides a Smart Contract script editor. It facilitates writing Smart Contracts by allowing the entry of various transaction conditions that fit the characteristics of a DApp.
OPERA Infrastructure is the core of the FANTOM ecosystem. In the OPERA Infrastructure layer, information on transactions, Smart Contracts, and Story that arise from various applications in areas such as Payments, Deliveries, Commerce, and Reputation, as well as the outcome of operating the data of the current and previous event block at the computation layer are each mapped in the control Layer.
The control layer evaluates whether certain operations for a given transaction or smart contract have been accurately calculated. It also records all details that are required to write a Smart Contract. Further, it verifies operations performed by the computation layer and physically maps each event block data to the infrastructure layer.
The computation layer analyses traffic received from the control layer and classifies the types of services.
The Interface layer creates an environment where each Application accesses the FANTOM OPERA Chain. It manages and supervises accounts that participate in each network, and limits and certifies the authority of nodes.
The FANTOM OPERA chain provides a Smart Contract script editor. It facilitates writing Smart Contracts by allowing the entry of various transaction conditions that fit the characteristics of a DApp.
The Smart Contract script of the OPERA chain processes transactions types that typically arise for each participant in industries such as communications, finance, logistics, and electric vehicle provision. Smart Contracts are coded in Scala and complied to bytecode through the FVM, and therefore have Turing completeness.
Fantom is a bunch of hype right. It's all hype, main net that is not launching till q3 2019. So I mean after that ICO, what's gonna keep it up but I mean I think I've been told to be having good people working behind them and I think the team behind them is gonna be good.
I think I heard those through different channels, they'll know the good market maker, something like that.
As we mentioned, since FTM is still an ERC-20 token, it can be stored both in the Ledger and Trezor.
Ledger
As for using the Nano Ledger S, the first step towards setting up your device is unboxing you device and checking if you have received all the accessories with the device. Once you have unboxed your device, you need to configure it and initialize it before being able to use it. The process is quite simple and will hardly take about 20-30 minutes post which you will be set to use your Ledger Nano S device.
Setup guide video: here
Trezor
As for Trezor, installing is really simple. To properly install it users should attach the unit to the computer. After that continue with installing the bridge which allows the Trezor to join with the computer. The first step is to connect the Trezor to device’s USB slot with the cable given in the box. After that, go to myTrezor.com and proceed with installing the browser extension. Trezor can also be used on Android or an iPhone, or on a Windows or Mac computer. Now, initiate the extension and myTrezor will direct you to pick a PIN. After this, you will notice nine buttons but the numbers are hidden. After this, users should check the Trezor’s screen to recognize which numbers are in which place because it switches every time. Now set the PIN. Shortly after, Trezor should present a 24-word wallet “seed”. In short, one word at a time. Note down this seed and save it carefully. If your Trezor device malfunctions or is lost, you can utilize the seed to reconstruct the complete wallet.
Setup guide video: here
Exodus
First, we have Exodus, which supports a ton of other cryptocurrencies along with FTM and is pretty straightforward and easy to use. Just download the app from the official site(exodus.io) and get straight into creating your wallet. Exodus stores your Private Keys on the machine you choose and not on any server, providing you with a relative peace of mind when it comes to the security of your coins.
Atomic Wallet
Another option is Atomic Wallet.
Atomic Wallet is a desktop wallet built with security, anonymity and decentralization in mind.
Atomic Wallet was designed to leverage the potential of atomic swaps and become part of a fully-fledged decentralized cryptocurrency ecosystem.
The “physical” wallet itself is a PC application that can be downloaded onto your computer. Your private keys and other data will then be stored on your PC in an encrypted form.
This means you hold your own keys, which are encrypted and kept only on your own device, control your own funds and can efficiently swap tokens without needing to go through a centralized exchange.
This application then interacts with the blockchains of supported coins. For example, if you check your transaction history in the program, it looks it up on the blockchain and then shows it to you, rather than storing this potentially sensitive information somewhere.
FTM still hasn't launched its mainnet which means the token is still under the ERC-20 standard, so all ERC-20 supporting wallets can house your FTM. For an online-based wallet, we recommend MyEtherWallet. The wallet offers a brilliant combination of speed, trustworthiness and simplicity, making it the most popular online wallet for ether and any ERC20-based tokens.
MyEtherWallet
Simply visit myetherwallet.com and set up your wallet with a method of your choosing, just make sure to store your private key somewhere safe. It's wise to have it written down on paper in case your PC/notebook malfunctions.
The only downside to using an online wallet like MEW is that there are literally hundreds of phishing scams out there to get your eth, so you better double check the address everytime and make sure to watch out for any malicious activity on your browser or PC.
Unfortunately, there are currently no trusted ways to safely buy FTM with either a credit card or bank transfer. However there are quite a lot of reputable exchanges that offer FTM trading so get your BTC/ETH ready. If you don't have any or this is your first time buying any cryptocurrency whatsoever, we suggest you visit either Coinbase or Coinmama to load yourself with some ETH or BTC. Those brokers have user-friendly interfaces that will make purchasing crypto a walk in the park, even for absolute beginners.
Our choice of exchange would be either Binance or Bittrex
Binance
Binance is one of the most popular altcoin exchanges on the market, and most frequently the go-to exchange for cryptocurrency traders to trade a whole host of altcoins. In their relatively short lifetime, they have built up a strong reputation in the community. When it comes to trading fees on Binance, they operate a standard 0.1% trading fee. If you hold funds in the exchanges BNB token then this will first be subtracted. Morevoer, if you place your trades in BNB, then your trading fees are reduced by 25%.
However, one should be cautions and never keep large amounts of crypto on the exchange, as it has been a target for quite a lot of security breaches as of late.
Bittrex
Bittrex is one of the OG altcoin exchanges, so to speak. Many of the older crypto traders will probably remember Bittrex as their favorite exchange when it comes to purchasing various altcoins. Bittrex operates a simple fee structure and all trades are charged a .25% fee, however, any portion of an order that has not been executed will be fully refunded upon the cancellation of the order.
There are no deposit fees; although, some coins require the exchange to move your funds to another address before crediting you with them. This can result in the coin’s network charging you the normal transaction fee for the transfer.
Withdrawals also incur a small fee as each coin has a network transfer fee attached to moving the coin between addresses. Bittrex charges a small amount to cover this fee.
