The platform’s assets are employed as a means of exchange, which uses encryption to protect users’ transactions and verify transfers. The transaction costs on the blockchain platform are lower than those of other popular cryptocurrencies such as Bitcoin and Ethereum. This is due to Fantom’s adoption of a Proof-of-Stake (PoS) consensus process, which is more energy-efficient and speedier than Bitcoin’s and Ethereum’s Proof-of-Work (PoW) consensus mechanisms. The gas fee, which is paid by users to the network determines the exchange charge after performing a transaction. Gas prices sometimes vary depending on network congestion and transaction complexity. The average gas fee for a transaction on the platform is around 0.00003 FTM, which is equivalent to a few pennies in USD. The cost of the transaction is estimated based on the value of computing resources consumed to make an exchange. On the network, gas prices might vary based on congestion and transaction complexity.
Cryptocurrency exchanges and wallets often impose extra fees for transaction processing, thus these fees must be factored in when determining the overall cost of a transaction.
What it is
The network has everything needed to create dApps that can be utilized by millions of people. Because of its unique architecture, developers may create extremely scalable, quick, and low-cost Web3 applications. It is EVM compatible, which makes porting dApps from Ethereum and other blockchains easier. Additionally, it is a platform that is available to all developers and users without restriction. The average gas fee for a Fantom transaction is around 0.00003 FTM for a single trade.
How it works
To trade FTM, an individual must first create or access a wallet. Thereafter, the user can begin delegating available FTM to validator nodes directly from the Fantom Wallet to earn rewards. Users can use Metamask, fWallet, or TrustWallet to create and access their wallets. There are also existing technologies such as Foundry, Covalent, and IFPS that can be used by developers. On the network, gas prices might vary based on congestion and transaction complexity. The average gas fee for a Fantom transaction is around 0.00003 FTM, which is approximately a few pennies in USD. Each operation in a smart contract uses a certain volume of gas, and users pay a charge based on the total volume of gas they have used for the exchange. The actual cost of Fantom trading usually differs based on key indicators such as network congestion, gas prices, and the intricacy of the executed smart contract.
Features of the platform
To begin sending and receiving FTM, you must first create or access a wallet. When you’re ready, you can begin delegating your FTM to validator nodes directly from the Fantom Wallet and start receiving rewards. Some characteristics of the network include the following:
- It is designed to prioritize the security of users’ tokens.
- Validators and delegators defend the network from attacks through Proof of Stake.
- When powered by BFT consensus, 13% of network power can fail without harming the network.
- No validator node serves a special role, as a precaution against bad nodes
- With a single confirmation, transactions are finalized and irreversible
- Reorganizing forks and chains are not allowed
It is essential to keep in mind that the prices of transactions are likely to change based on the conditions of the network; consequently. It is always a good idea to check the current charge structure before continuing with the network and beginning a transaction. This is because transaction prices are likely to change based on the conditions of the network. It is important to be aware that cryptocurrency exchanges and wallets may, on occasion, charge additional fees for the execution of transactions. These fees must be taken into consideration when establishing the total cost of a transaction.
