Cryptocurrency Q&A
Is Fantom layer 1?
Is Fantom layer 1?
Maria
Wed May 22 2024
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6 answers
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Could you please clarify whether Fantom qualifies as a layer 1 blockchain? I've heard different opinions on this matter, and I'm curious to know your take. As I understand, layer 1 blockchains are the foundational layers that support the entire network, handling transactions and smart contracts. Given Fantom's scalability and performance capabilities, it seems like it could fit into this category. However, I'd like to hear your professional opinion on whether it indeed meets the criteria of a layer 1 blockchain. Thank you for your insight.
6 answers
EnchantedMoon
Fri May 24 2024
Fantom, a noteworthy blockchain platform, introduces its FTM token, a fundamental component of its ecosystem. FTM serves multiple functions, underlying the various transactions that occur on the network.
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Martino
Fri May 24 2024
Each interaction on the Opera mainnet, whether it involves minting a unique NFT or deploying a sophisticated smart contract, necessitates a network fee payment in FTM. This mechanism ensures the security and sustainability of the network.
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KatanaSwordsmanship
Fri May 24 2024
FTM tokens not only facilitate transactions but also play a crucial role in staking and governance. Users can stake FTM to earn rewards and participate in the decision-making process of the Fantom network.
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Silvia
Fri May 24 2024
Furthermore, FTM tokens enable cross-chain interoperability, allowing assets to be transferred seamlessly between different blockchains. This feature greatly enhances the utility and scalability of the Fantom ecosystem.
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EchoSoulQuantum
Thu May 23 2024
BTCC, a renowned UK-based cryptocurrency exchange, offers a comprehensive suite of services tailored to the needs of crypto enthusiasts. Among its offerings are spot trading, futures trading, and wallet services.
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