What is Fantom (FTM)?
Fantom is a smart contract platform that provides an environment for decentralised application (dApp) development. Fantom uses a complex Directed Acyclic Graph (DAG) protocol that enables it to provide infinitely scalable solutions in a diverse manner of ways. The applications of Fantom are vast, some examples include developing and linking nodes to act as a service regulator for smart city applications, and creating complex networks and nodes for the Internet of Things (IOT).
The FTM token is a Proof of Stake (PoS) that powers the fantom ecosystem. It is primarily used for fee collection, staking activities, rewarding users and as payment for network fees. Staking FTM forms an important part of its tokenomics and therefore a portion of the supply of FTM tokens are reserved for staking rewards.
You buy Fantom on the Australian crypto exchange, Swyftx.
How to buy Fantom in Australia?
Swyftx lists FTM for trading on its trading platform. You’ll first need to create an account by providing your name, email address and phone number. We are required to collect this information as Swyftx is an AUSTRAC registered exchange. To activate your account, you’ll then need to verify your email address, phone number and identity. You’ll be sent a code via SMS and an email that will be required to verify your contact details.
Swyftx have an ID verification system that scans your ID and verifies your account in just a few minutes. This saves the hassle of printing or scanning your ID documents. Once your account is activated, the next step is to deposit funds. Unlike other cryptocurrency exchanges that only allow crypto-to-crypto trades, Swyftx gives customers a number of trading options. You can deposit money into your account bank transfer, POLi, PayID or debit card.
Once your funds have landed in your account, you can then buy FTM instantly via the trade tab in the left-hand side navigation.
Is Fantom a good investment?
Swyftx is unable to provide investment advice and can therefore cannot say whether FTM is a good investment or not.
Fantom has performed very well since its launch in 2019. The buzz and excitement around Fantom largely comes from its potential to be better than other smart contract platforms like Ethereum and Solana. Similar to Etheruem, the Fantom network has smart contracts and decentralized application capabilities. One of the main draws of Fantom is its transaction processing is quick and cheap. It can handle 1000 transactions per second (TPS) and fees are typically a fraction of a cent.
FTM has a lot of potential for future performance, however, as history has demonstrated, there is no such thing as a guarantee in this industry. It’s important to conduct thorough research before buying Fantom in Australia.
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