A Guide for Beginners to Fantom (FTM Ecosystem)

A Guide for Beginners to Fantom (FTM Ecosystem)

A thriving Defi sector is based in Ethereum-compatible Layer 1. It is a favourite among many of the most productive developers in cryptocurrency, allowing blockchain development.

 

Fantom is a Layer 1 Proof-of-Stake blockchain with low financing costs and quick completion. Fantom also has a substantial Defi ecosystem that includes both native and Ethereum-native services since its inception in 2019.

What does Fantom mean?

Fantom, one of the Layer1 blockchain alternatives, gained momentum in 2021. Due to its high gas costs, many developers and consumers have now discovered the network. Fantom’s base chain uses Directed Acyclic graphs to establish agreement.

Fantom Opera is an additional layer of implementation that protects the blockchain platform. It performs more complex and specific operations. Fantom Opera is often referred to when discussing Fantom. It is also the home of the blockchain’s Defi network.

Opera is the first Fantom-in-built execution layer compatible with the Ethereum Virtual Machine. Programmers can build, deploy and manage solidity-based smart contract on Fantom just like they could on Ethereum. Fantom’s interoperability to Ethereum has helped growth as developers can quickly transfer apps from Ethereum to Fantom using minimal changes to the core technology. Fantom has, along with other Layer 1 blockchains a Proof of-of-Stake process.

There is no initial wager: players can collect incentives with one FTM. Participants who stake less must transfer their coins to a verified participant. The minimum stake required to run a network is currently 500,000 FTM.

Fantom’s Lachesis agreement process makes the validation process fast and easy to manage. Fantom doesn’t rely on a single verifier to determine the legitimacy of each operation in each block. Instead, it relies upon the network-wide agreement.

The bulk of transactions are no longer dependent on the verifiers who have the most coins. This is also the case with other Proof of Stake chains like Solana or Avalanche. Fantom’s decentralization is promoted and, as such, the reliability of transactions is increased by requiring that all verifiers perform the appropriate position in the consensus mechanism.

Fantom can be used with prominent Web3 wallets like MetaMask, because it is Ethereum-compatible. Users simply need to add Fantom Opera to MetaMask to connect to Fantom.

What does FTM stand for?

FTM is the principal cryptocurrency of Fantom, and it is used to pay out, manage governance, stake, and make charges as well as for network security.

Payments

Transactions are processed in a fraction of a second thanks to the Fantom network’s fast finality. The FTM token’s speed and low expenses (approximately $0.00001) make it ideal for money exchange.

Governance

FTM is vital for on-chain administration. Participants can suggest and vote on governance improvements and changes. Fantom is completely permissionless decentralized ecosystem. All system decisions are made online. FTM, the governance coin should be involved in the voting process.

Staking

FTM can be used without the need for additional hardware or software to stake FTM to protect Fantom’s system and to receive FTM coins as a reward. It’s so simple to understand. It is possible to do this from your smartphone or laptop.

Network fees

FTM can be used to pay network costs, such as the cost of implementing Fantom smart contract or setting up new systems.

This charge ensures that spam is not obvious in the system and that bad operators cannot slow down or clog it with irrelevant information.

Fantom’s service costs are low but they can deter hackers. They make it prohibitively costly for malicious attackers to get into the network.

Network safety

FTM coins are designed to protect the network using a proof of stake method. Holders must lock their coins and verifiers need to have at least 3,175,000 FTM in order to function. Approvers and stakers are paid with epochs and charges for their actions.

Fantom Decentralized Markets

Fantom currently offers two decentralized exchanges that allow consumers to trade commodities and provide cash flow. SpookySwap has been the most popular of the two. SpookySwap is the most popular native Defi protocol on Fantom, having a combined value of approximately $1 billion. SpookySwap’s interface is simple, making it an ideal place to start exploring the platform’s Defini marketplace.

Swapping works in the same way as other automated market makers (AMMs). Customers select the assets they wish to swap and then exchange them. The SpookySwap exchange interface provides valuable information such as pricing effect and slippage before you submit transactions. Advanced consumers can also set trade limits for asset pairings.

SpookySwap customers can earn incentive points such as the BOO coin or transaction costs by offering credit. BOO stakers make 0.03 percent of the exchange fees. Therefore, the amount of incentives given outgrows with protocol participation.

SpookySwap is more than just a trading platform. It also provides a user-friendly interface to the Multichains Fantom Bridge, which seamlessly integrates with the exchange.

Participants can send assets to and from Fantom and many other Ethereum-compatible Layer 1 or Layer 2 platforms via the bridge.

SpiritSwap is Fantom’s second largest exchange. It has similar capabilities to SpookySwap but has also incorporated Multichain’s Fantom bridge. SpritSwap is known for its inSPIRIT token mechanism.

Liquidity providers who acquire the native SPIRIT token can freeze it on exchange and receive inSPIRIT coins. InSPIRIT investors receive a portion of the exchange’s fees, similar to SpookySwap’s BOO coin. Voting is available for consumers to vote on which liquidity funds will yield higher yields.

SpiritSwap’s vesting method is similar to Curve Finance’s, Ethereum’s largest Defi mechanism. Investors who keep their SPIRIT coin assets safe will get more inSPIRIT coins, which will give them additional voting power. SPIRIT owners want to be able to control which produce farms get higher payouts so they are more motivated to keep their coins locked up for longer periods.

Lending and Borrowing

After trades, Fantom’s next crucial component is its lending and borrowing platform. Geist Finance is Fantom’s largest “Defi Bank.” Geist Finance debuted in October 2021 and has quickly gained significant attention.

Geist functions in a similar way to Aave and Compound, which are both Ethereum-native lending technology. It has also grown to be Fantom’s third largest protocol due to its innovative token incentive program.

Geist has managed to provide attractive returns for its customers by rewarding them with its native cryptocurrency, GEIST. Geist tokens are subject to a three month vesting period, unlike other protocols that allow liquidity miners instant trade token prizes. Owners begin to receive a share of the protocol’s income, as though their tokens had been staked.

You can redeem your coins at any time during the three month vesting period. Investors will lose half their original coins after that period. Customers who choose to keep their GEIST locked up for three months are eligible to receive the forfeited coins. This further benefits long-term owners.

Geist Finance is also home to Scream, a loan and borrowing platform. Scream is a tribute to the horror series of the same title and functions almost identical to Geist Finance. However, the protocol allows you to borrow and lend for a wider range of assets such as many minor stablecoins such as FRAX, DOLA and TUSD. In its token award mechanism, Scream differs from Geist.

It is improving its SCREAM token-staking system to funnel 70% of net income to token holders, and 30% to a newly launched DAO. As insurance against catastrophic events such as a hack or token flaw, approximately half of DAO’s assets are kept in reserve. Depending on community approval, the remaining half can be used to finance new goods, reward members, or conduct token buybacks.

Fantom’s 14th-ranked network mechanism, Tarot is another important lending platform. Tarot’s specialty lies in leveraged yield farming. This allows liquidity suppliers to rent assets from creditors to increase their returns. This approach can generate substantial returns but it could also lead to members losing their holdings.

Tarot allows individuals to deposit their funds to be used by others in leveraged strategies. Account holders can make substantial profits on certain assets and not be subject to liquidation if the market turns against their account. However, it is possible to delay withdrawing assets if the lent coins are used heavily. People who need quick access to their investments may be at risk by locking up their coins.

Storing FTM

Custodial concerns should not prevent you from removing your FTM from exchanges. You will also lose out on stake incentives if you rely upon custodial services. Instead, wallets such as MetaMask and Ledger (Fantom wallet), MetaMask and Ledger (other popular mobile wallets) can store FTM and Fantom currencies like USD Coin and fUSDT.

You can use fWallet to receive, transfer, stake and access Fantom DeFi. MetaMask allows you to communicate with Fantom DeApps and store FTM on the mainnet.

The Ledger Nano hardware wallet is the most popular and safest. It allows you to keep your mainnet FTM, interact with Fantom DApps and more. Coinbase wallet is used by more than 1,000,000 people to store FTM, and connect to the Fantom network.

Is Fantom an investment worth making?

No stake will bring the expected returns due to the volatility of the cryptocurrency market. Before you commit your finances, do thorough research about the process, organization, sponsors, as well as relationships. Never spend more than you can afford.

Fantom is not a secure investment but it is a highly efficient platform for corporate apps and cryptocurrency DApps. Should you invest in Fantom (FTM). The unregulated cryptocurrency market is vulnerable to hacks, frauds and cyberattacks. FTM, as with many other financial assets, can be considered an unsafe investment. You must accept the risk.

Stay up-to-date on cryptocurrency thefts and protect yourself by using different security methods like 2FA, limiting custodial accounts, and so forth.

The Future of Defi – Fantom

Fantom’s ecosystem is expanding rapidly, and there are many new initiatives that will bring more cash flow to the chain. Fantom will soon get the popular degenbox technique from Daniele Sestagalli’s Abracadabra.

This allows consumers to invest in Terra’s UST stable currency in order to borrow Abracadabra’s MIM stable cryptocurrency. MIM and UST are both stable securities so borrowing can be increased with a lower risk of liquidation than borrowing against unpredicted holdings. However, the degenbox approach is dependent on UST maintaining its $1 peg – if UST drops below $1, any leveraged holdings on Abracadabra are terminated.

Degenbox has been a success with Ethereum DeFi users despite the risks.

The leverage used can result in profits of 40 to 110 percent on stablecoins. Abracadabra, although it is available on Fantom, allows consumers to borrow MIM in exchange of FTM coins. However, Abracadabra is expected to continue the degenbox technique once Terra combines UST and the Fantom network.

With the help of Sestagalli, Andre Cronje is working on a new DeFi system for Fantom. This proposal will include many prominent DeFi elements taken from other protocols. It includes a token vesting scheme similar to Curve Finance as well as an anonymous provision for protocol corruption, which Convex Finance popularized.

Cronje recently revealed that the proposed framework will function as an automated professional trader of techniques. This allows them to kickstart volatility, and just give coins rewards to create a more efficient DeFi system on Fantom. The 20 largest Fantom DeFi companies with the highest combined value will receive the first allocation to ensure fair implementation of the technology. To ensure that coins are chosen by DeFi consumers who are most committed and engaged, each protocol will decide how and where coins should be allocated.

Conclusion

Fantom already has over $8 billion in borrowings and coin markets. A growing number of manufacturers and consumers are choosing Fantom to design, deploy, and maintain their commodities and protocols, thanks to its Ethereum interoperability. This trend is confirmed by the network’s recent growth. Fantom’s total secure worth has risen 109 percent over the past month, and there are no signs of slowing down.

source https://www.blockchain-council.org/blockchain/fantom-ftm-ecosystem/

Beginner’s Guide to Selling Online

With the condition of the world at this time, online sales are crucial. Lots of you might already have an internet store–if so, we have you covered with suggestions on the best way best to enhance the online store you have already got.  But for those who have hitherto only sold from physical stores, or those of you that are only just beginning your journey to retail–we are here for you! This is your guide to beginning your very first online shop.

There is always the option of choosing a company or a programmer to build your online store for you, if you’ve got the funds for this. But for those who would rather learn yourself and save costs, here is the comprehensive guide to starting your very first online shop!

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  1. First things first.  Get yourself a website builder.  There are many platforms to select from, such as WordPress or Wix. We recommend WordPress, just because it’s free with small external costs, and because it is open-source so that you can customize it how you want. It is possible to install design plugins like Elementor making  it effortless to build your own website. To get a more comprehensive guide on the best way best to use WooCommerce, click here. However, if you would like something much more user-friendly, Wix could possibly be a better choice for you.
  2. Select a hosting service for your site.  there are lots of alternatives, such as Bluehost, which works with WordPress. Regardless of what hosting service you choose, there’ll be a cost to your domain name and for the hosting agency. Shared hosting–meaning your website is hosted on the same server as other sites –will be the cheapest choice. But if you’d prefer a heavier site you might choose to choose dedicated hosting, meaning that your website includes a server all to itself! Hosting services have an assortment of different strategies with varying prices, so check them out and see which one works best for you.
  1. Select a theme for your online shop . Themes do the groundwork of layout for you–your pages are already laid out, you only have to fill in the blanks. The main point to consider when picking a theme is the type of your pages–what attributes you need to display on your webpages, and how you would like your shoppers to browse your webpage. Look through the topics that your eCommerce builder provides, and see which one suits you best.
  1. Once you have chosen a theme, you can begin to customize it. Choose color schemes, fonts, images, and other attributes to design your pages. Based upon your Site Builder, you can add all sorts of different features like embedding your social networking posts or reviews from outside sources on your webpage.
  1. Next, add your products. The main information you want to begin with is name, price, and descriptions. Based on what eCommerce platform you go for, the amount of products or the amount of variations (colours, sizes, etc.) may be restricted. Product images are also extremely important for internet sales, so it is a fantastic idea to have high-quality photos of your products.
  1. Set up a Payment System.  Popular methods include Stripe or Paypal, however your choices might be limited based upon your eCommerce platform.
  1. Setup Shipping.  Shipping prices depend on your organization and the kinds of goods you sell–you may have a fixed shipping rate, or based on size, weight, or price of this merchandise being sent, or the place the goods are being sent to. Most eCommerce websites have partnerships with unique couriers, such as FedEx or USPS to make your life easier.

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Then… well, you’re all done! Take a look through your new eCommerce website, maybe even examine a few sales to be sure everything is running smoothly. If all is well, push your website live and start selling!

A few suggestions to boost your online shop:

Have Shipping and Return information readily accessible on your website. Clients will not be likely to shop with you if they do not understand your policies on shipping and returns!

If you intend to have a physical store in the future, it is a fantastic idea to have a point of sale software that connects with your online shop, such as ConnectPOS, which is totally free.

Have excellent customer support. During times such as these, customer service is more important than ever. Be quick to react, and do anything you can to make their experience the best it can possibly be. Customer support is the best way to grow your brand, and also to develop loyal customers–the base of your retail business!

If your clients have a wonderful experience with your store, offer them an incentive to leave a review. Give them a discount on their next purchase to leave a few words on your website. Reviews go a long way!

Get an SSL Certificate for more secure payments, and to come across as more professional and legitimate to your clients.

Ship Internationally. If you can, obviously. This way, you won’t lose out on any clients!

Social Media. Create a Facebook or Instagram webpage for your online shop. This is great for expanding and marketing your brand, but it is also possible to use these platforms to market! Product images in your social networking pages can be linked to a online shop to make it easy peasy for your customers to shop with you.