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What is FTM coin? What can FTM coins do? How to store FTM coins?

Fantom's native cryptocurrency (FTM) powers transactions by covering computational costs and network security, while allowing holders to participate in governance and earn rewards through staking.

Oct 27, 2024 at 03:25 pm

Understanding Fantom (FTM) Coin

1. What is FTM Coin?

Fantom (FTM) is a native cryptocurrency of the Fantom blockchain, a scalable, high-speed, and cost-efficient platform for decentralized applications (dApps). Its primary function is to fuel transactions and provide governance rights to FTM holders.

2. Capabilities of FTM Coins

FTM coins facilitate the following capabilities:

Transaction Fees: FTM coins are used to pay for transaction fees on the Fantom blockchain, covering computational resources and network security.
Governance: FTM holders have governance rights to participate in decision-making regarding the future development of the Fantom ecosystem.
Staking: FTM coins can be staked to secure the network and earn rewards.

3. How to Store FTM Coins

FTM coins can be stored in various ways:

Official Fantom Wallet: The official software wallet, accessible through a web browser or mobile app, provides secure and convenient storage.
Hardware Wallets: Hardware wallets, such as Ledger and Trezor, offer enhanced security by storing private keys offline.
Software Wallets: Popular software wallets like Metamask and Trust Wallet support FTM storage.
Centralized Exchanges: Some centralized cryptocurrency exchanges, such as OKX, allow you to store and trade FTM. However, it's important to note that exchanges have been known to have security vulnerabilities, so consider storing coins in a separate wallet for added protection.

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