You can now trade Fantom (FTM) against USD on Okcoin. Here’s what the protocol and the token are all about, in simple terms. 🤓
- What? You can now deposit, withdraw, and trade FTM against USD on Okcoin.
- Who? All Okcoin customers including those in the United States, except for residents of the EU, the UK, Singapore, and Brunei.
- When? Deposit, withdrawal, and trading are live as of February 15.
What’s Fantom (FTM) token?
FTM is the native token of Fantom, a decentralized smart contract platform using a bespoke proof-of-stake algorithm called Lachesis. The project’s long term mission is to offer “compatibility between all transaction bodies around the world.”
Fantom aims to overcome the limitations of previous generation blockchains by offering a better balance between scalability, security, and decentralization. Its transaction processing capacity is indeed touted as being considerably higher than Ethereum’s, and its finalization times as being around two seconds. Lachesis is also deemed to resist attacks that would bring down traditional proof-of-stake platforms. Fantom offers a set of tools to simplify the process of integrating existing decentralized applications (DApps), as well as a detailed staking reward system and built-in DeFi instruments.
Fantom is a technical project primarily aimed at developers, with a wide range of APIs and SDKs available to help them get up and running. Fantom’s compatibility with Ethereum also makes it relatively straightforward to use for those with experience in that ecosystem.
The role of the FTM token within the Fantom ecosystem is fourfold:
- Securing the network through staking,
- Voting on governance matters
- Processing payments
- Paying for transaction fees
Despite its technical nature, Fantom has acquired a healthy following on social media, with sizable communities on Telegram and Twitter. 💪