Fantom Crypto Scares Bitcoin (BEST Profit Potential)

Posted 3 mins ago | by Catoshi Nakamoto

October started with a BOO that must have scared the hell out of the rest of the coins in the top 50. Spooky season is upon us. Before you binge watch all your favorite Halloween flicks like Phantom of the Opera, Phantom of the Megaplex, and Phantom of the Auditorium, lets take a dive into the a coin from the great beyond; Fantom. Seeing this coin double in price in just over a fortnight must have been a horror for its competitors. This Fantom levitated up the market ranks to #35, leaving AAVE far behind in the fog. (He will be mist). The functionality of Fantom haunts other layer one protocols and Today we’re going to take a ride on Fantom’s hayride and unlock the mysteries to how and why Fantom was able to conjure up so many gains

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Lets get it!

Welcome to BitBoy Crypto. Home of the Bitsquad, the largest crypto community in all of the interwebs. My name is Ben. Every day on this channel I show YOU how to MAKE MONEY in Crypto. If you like money and crypto then make sure to hit that subscribe button. In this video we will discuss the growth and development of Fantom and its native coin FTM, why it has recently gained so much momentum, and where it could go by the end of Q4.

Fantom Scares Bitcoin

Dr. Ahn Byung Ik, a computer scientist from South Korea, launched Fantom back in 2018. It was one of the first coins to ever be tagged as an “Ethereum killer”. It is a threat to many other smart contract platforms because it prides itself on solving the “blockchain trilemma.” The three components: scalability, security, and decentralization are the three points of this triangle. Many coins will have two of these three components mastered, but will struggle with one of them. This leaves space for more sophisticated up and coming protocols to improve upon. Bitcoin for example, has the security and decentralization bases covered, but the scale of how many people that would rely on its technology wasn’t fully considered during its inception in 2009. This is why its transaction speeds suffer. In today’s digital world, most people will side with whatever works the fastest. The amount of time someone has to wait to guarantee a transaction has been executed, without it being altered or reversed, is known as finality.

Bitcoin’s finality is around thirty minutes to an hour. The Opera chain, Fantom’s mainnet, is a decentralized, open-source, permissionless blockchain that is compatible with the Ethereum virtual machine. The Opera mainnet was released by Fantom in December of 2019. It can achieve finality in one to two seconds. Its transaction fees are also a fraction of a penny. The three points of the trilemma are solved by its use of the Direct Acyclic Graph (DAG), which enhances the scalability of the network. Its high speed is a result of its consensus mechanism, Lachesis, also known as the engine of the blockchain. Its high levels of security are attributed to its use of a leaderless Proof-of-stake protocol. Without getting too deep into the technical aspects of these concepts, essentially this project was meticulously designed to exploit the weak points of other layer one protocols to make a highly secure, lightning fast, scalable decentralized protocol. On their website, they make the analogy that if Ethereum was a decentralized computer, Fantom is a network of infinite decentralized computers that think the same way, but are independent of each other. “Fantom is a network of networks” This Asynchronous Byzatine Fault Tolerance algorithm allows the nodes communicate each other in an extremely efficient manor and can reach consensus independently.

Besides having solved the “blockchain trilemma” so far; what makes Fantom stand out from the field is how well the project is its approach to Defi, which has been quite effective to say the least. It’s not just a costume, it’s all apart of the plan, AND it’s working. For example, one of the new DEXs built on Fantom is called Spooky Swap, which uses a governance token called BOO. According to their tweet, there are only four decentralized exchanges with more volume than Spooky Swap in all of DeFi. SpookySwap let’s you do all the farming, staking and cross chain swapping you can do on ETH, but for a fraction of the cost. Spirit swap is another DEX built on Fantom that works with a leveraged yield farming/ lending pool called Tarot. The first algorithmic stablecoin built on Fantom is called TOMB finance and the experts will tell you, any smart contract platform making its own stablecoin is a very healthy sign.

There’s even a compounding yield optimizer built on FTM called Grim Finance. The list goes on and on. What’s important here is how well this is marketed. Lets be honest, there’s a lot of letters in crypto and sometimes unless you already know what projects go with what, you wouldn’t know what works together and what doesn’t. The genius behind strategy this is: anytime you see a name of a project with some sort of scary/ Halloween type reference, you know right away that this is most likely a Fantom project. These are the types of ideas that can make or break a project. The proof is in the witches brew. On January 1^st of this year, FTM was trading for just over a penny. On October 8^th, FTM hit its all time high of $2.43, over a 6400% increase just this year. With a current market cap of over $5.3 billion this coin having its biggest pump to date in October, it feels like there might be paranormal forces moving this project. Having partners like Chainlink, Yearn Finance, The Graph, Band Protocol, Ankr certainly helps as well.

There are countless NFT drops on FTM, but if I had to pick one that stands out, I’d have to go with Pumpkittens. That’s right. A cross between pumpkins at kittens, purrrfect idea. Michael Kong, CEO of FTM, recently Retweeted “Many are asking why Pumpkittens became such a massive success? The only reason is ‘because we’re on Fantom’, because of the wonderful FTM community”. This rare, limited drop of 100 NFTs all live in one of the “nine provinces of the magical, secret Pumpkinland that’s living under Earth”. According to the website “The GameFi Features of this NFT will be developed and deployed in a timely manner.”

As well as developing their own stablecoin, Fantom also has their own Wallet.

The Fantom Wallet, or fWallet is a progressive web app. This means you can access this web-based wallet on a computer as well as a smart phone application. You can use the fWallet to send and receive coins, stake your FTM tokens as well as gain access to the Fantom defi ecosystem. It’s important to note that there are three different types of FTM tokens. There’s Opera FTM, which exists on the Opera Chain mainnet. There’s ERC-20 FTM for the ETH network and BEP-2 FTM for Binance chain. Just a note on the Fantom wallet you can stake your tokens without locking them up and earn an APY of 4%. If you do choose to lock up your tokens, you must do so for a year and two weeks for an APY of 13%.

If you happened to miss out on the initial pump up to the all time high in early October, don’t worry. It’s not too late to join this supernatural project. Many professional traders implement strategies based around buying into a coin after a correction when it begins to retest previous price targets. This is known as “buying the breakout”. It has already started its pull back off of an all time high of $2.32 cents per coin. Keep in mind, when Bitcoin dominance is up, alts tend to pull back temporarily while BTC is running the show.

There is still plenty of money to be made in this Bull Run, and I believe our biggest run up is yet to come. Not financial advice, but history shows up that retracements after a new all time high are good buying opportunities to set up the rest potential gains for the remainder of this bull run. Just take a look at Polygon for instance. It’s new ATH hit right before this years mini- bear market and it hasn’t had any big moves since. So it’s primped to pump. Fantom has been bucking the trends so watch it’s movements while Bitcoin shakes up the market over the next six weeks. Only a magician could tell you how high it could go in the next 3-5 years, but for the rest of this run, I predict that Fantom could jump another 10 spots on the Coinmarketcap rankings and snag a token price close to $5 dollars, that’s a gain of over 130%, and it’s not a bunch of Hocus Pocus. It’s alt season fundamentals.

That’s all I got, be blessed, BitBoy out!

Source: https://thebittimes.com/fantom-crypto-scares-bitcoin-best-profit-potential-tbt4379.html?utm_source=blogger_source&utm_medium=blogger_medium&utm_campaign=blogger_cam

Category: Cryptocurrency News

Post by: TheBitTimes.com