Fantom Wallet | Crypto Wallet to Store, send FTM and other assets
Crypto here, crypto there, cryptocurrencies everywhere! and we thought why not discuss it. So, as you can make out from this very statement, the entire read below has been dedicated to cryptocurrencies.
However, it is not just any cryptocurrency, we took it upon ourselves to introduce you to the FTM crypto token that the Fantom crypto platform launched. The token is associated with exclusive perks along with tons of services on the platform.
One of the many services that the platform provides is the Fantom Wallet, which has certainly acquired a huge user base. When you go on with the rest of the read, you’ll get to know what the Fantom crypto wallet is and how the crypto token of the platform works.
Then again, that would just be a little drop in the ocean, which made us think of other details to cover on the same subject. Therefore, we’ve added exclusive sections that would help you give a clear insight into the FTM crypto journey, as and when you decide in its favor.
We’ll tell you about the major things making the service worth it along with the pros and cons that have been noticed over time. You’d also find extensive details on the FTM token and the wallet followed by some of the platform terms that we frequently hear.
What are Fantom crypto and its wallet service?
Let us help the mentioned question first- Fantom is not a blockchain network, but a network of blockchains that is designed to grant all the users to build their blockchains. And the most used words to describe this service are effectiveness, scalability, and speed.
It is renowned to be the first smart contract platform that tends to provide tons of services and functions for the De-Fi users and is inclusive of trading, borrowing digital assets, minting, staking, lending and so much more.
As we told you before, one of the many services provided by the platform is the exclusive Fantom Wallet. Besides offering effective solutions for typical issues related to the basic blockchains (for instance confirmation time and scalability), it also provides security to all your digital assets.
Know the specifics making the wallet service exclusive
Here, in this part of the read, we’ll be focusing on all the major details that make the Fantom wallet so special. Starting here, we just wanted to tell you that the best part of the wallet is the new changes, developments, and integrations on its service network.
You should know that Fantom has already partnered with tons of institutions and universities to work on developing a database that is more or less similar to EVM, but would house better features and advancements for achieving the highest optimal point on the performance scale, and is said to be launched under the name of Fantom Virtual Machine.
De-Fi users on the network are offered tons of exclusive perks along with keeping it simple, enhanced, decentralized, and fairly secure. And to add to the specifics, all the smart contracts deployed on the globally renowned Ethereum are highly compatible with the Opera Chain.
Let’s help you with the pros and cons of Fantom Wallet
As you can make out from the subject head, this part of the read has been focused on familiarizing you with the pros and the cons of the platform along with its most appreciated service- the wallet service:
Upsides
Users get speed along with scalability when they use the consensus algorithm.
Experience transparent on-chain voting along with community governance.
Compatibility for all ERC20 tokens and Ethereum Virtual Machine for exclusive smart contracts.
Get enhanced responsiveness with TxFlow and improve the performance optimality.
Downfalls
Although there is high ERC20 compatibility, it does not support the use of any other wallet services.
It is designed to be compatible with mobile devices and desktops but can only hold FTM tokens.
Supporting all Ethereum based tokens, it still gets automatically swapped for the Opera FTM.
Using FTM tokens is allowed via the Fantom Wallet only on the Fantom platform and not on other exchanges.
What is the Fantom crypto wallet and how does FTM work?
As it is a highly technical platform acting as a network of blockchains, Fantom crypto uses the exclusive Asynchronous Byzantine Fault Tolerance (aBFT), which is an algorithm with a directed acyclic graph (also renowned as DAG) consensus.
For a better understanding, we thought of sharing some significant details- the aFBT is a specially designed algorithm that belongs to Byzantine Fault-Tolerant consensus. It grants the honest nodes of a blockchain network to guarantee the agreement on the timing and the order of a set of transactions with utmost security.
The Fantom Wallet provides a quick open-source smart contract platform for all of your digital assets and decentralized applications or DApps. The FTM token works efficiently to stand to its parent service, which is a unique next-generation service portal that addresses a ton of limitations that can be found on the existing blockchain network.
Understanding the Fantom crypto token better- FTM
Although Fantom is the first of its kind, it also introduced a native digital asset, just like every other crypto exchange service. It is globally renowned as the FTM token but is categorized under three different token variants:
The first is the Opera FTM, which can only function on Fantom’s main net Opera Chain
Then comes the Ethereum compatible “ERC20” token
And last, but not least, BEP-2, which is made compatible with the Binance Chain
Learn how can you use FTM- the Fantom crypto token?
Let us begin with a few more details about the Fantom Wallet- it has been crafted as a Progressive Web Application which holds ultimate ease to be updated across all the platforms without the need of third-party approvals using a single codebase:
Begin with installing the wallet app (PWA).
Go on to create a wallet on the app software.
Go on to load any of your existing wallets.
Keep up with prompts for sending and receiving.
Choose to stake, claim and unstake FTM.
Go on to voting on proposals and use the address book.
Steps involved in creating the fantom wallet
This part of the read contains the smallest of the detail but is considered extremely crucial for beginning your Fantom journey:
Initiate the account creation by visiting the Fantom wallet network.
Spot and look for the option that reads “Create Wallet”.
Go on to keep up with the prompts and complete the process.
Note: Noe that the wallet creation is done, you can move to sending, receiving, staking, and accessing the De-Fi ecosystem that Fantom Wallet exists on.
Get to know the most used terms on Fantom
This part of the read will walk you through the exclusive terms that users have been searching for on the Internet:
FTM Wallet address- Well, each wallet on the Fantom network has a unique username that gets used when other users try to send or request FTM through it.
Fantom Wallet app- FTM is only accessible on the Fantom platform and the Fantom Wallet app gives you an easy way to do it.
Fantom wallet download- Go on to follow all the prompts to download the Fantom wallet app from the official website exclusively designed for it.
Fantom wallet extension- It is web-based application software that provides you with an exclusive extension service to install on your browsers.
FTM wallet MetaMask- This term is usually looked up to see if Fantom supports the use of MetaMask wallet, and the answer to it is yes.
Conclusion
The detailed read above has been carefully crafted to help you understand the all-new FTM wallet that exists as a service by Fantom. This wallet service has been designed to help users send, receive, stake, swap, and more with the exclusive native FTM token.
Reading through the information piece above, you got to know about the Fantom network, the wallet service it provides, and its in-house token along with its functionalities. Then, you learn about the features, upsides, and downfalls that users have been experiencing over time. But that’s not it, you also got educated on how you can use the FTM token and the wallet.