There are different kinds of blockchain networks out there, and in order for users to interact with them, each user will require a cryptocurrency wallet that supports the tokens built on top of those blockchain networks.
Today, we are going to go over everything a user might need to know when it comes to building a wallet on the Fantom network.
Key Points:
- Fantom is essentially a smart contract platform specifically developed for the creation of decentralized finance (DeFi), and if a user aims to use any of the dApps built on top of it, they will need a Fantom wallet.
- Fantom uses Direct Acrylic Graph, and DAG specifically is a data modeling and structuring technology, where the networks comprise vertices and edges.
- The FTM cryptocurrency token is the native token of the Fantom network.
- You can easily access over 40 nodes through the utilization of NOWNodes.
What is Fantom Blockchain
Fantom is a Direct Acrylic Graph-based smart contract platform purpose-built to facilitate the process of decentralized application (dApp) development. It is a highly scalable as well as a decentralized, permissionless, open-source platform that developers build dApps on top of.
Furthermore, Fantom uses Lachesis, which is a DAG-based asynchronous Byzantine Fault Tolerance (aBFT) algorithm that outperforms many other models, as it is a lot more efficient, scalable, and secure and serves to be the main alternative that allows networks to essentially create peer-to-peer (P2P) applications without needing to build their own networking layer. This means that anyone can build Fantom wallets to connect to the network.
What’s so Special about FTM?
The FTM cryptocurrency token is the native token of the Fantom network and serves multiple purposes. To secure the network, for example, each validator node needs to hold a specific amount of FTM tokens, whereas stakers need to lock up their FTM holding.
By doing this, the nodes, as well as the stakers, are rewarded with epoch rewards, as well as fees. Due to the fact that Fantom is a fully permissionless and decentralized ecosystem, any decision that regards the network is carried out by the on-chain governance. For someone to be able to participate in the voting process, FTM tokens are the main requirement. This is why you need a Fantom wallet crypto to connect, or a FTM wallet.
How to create a wallet on Fantom?
The Fantom (FTM) wallet is the native cryptocurrency wallet for the FTM Opera network. If you want to build your own Fantom crypto wallet, here is everything that you need to know.
Step 1: Install the Fantom wallet – crypto
The wallet Fantom is available on multiple devices, such as desktops, through the usage of Google Chrome on Windows, macOS, or Linux or on iOS and Android devices.
To install it on your desktop, all you have to do is navigate to the pwawallet.fantom.network website and click on the install button on the top browser tab, after which you can click on “Install.” This is how you get the Fantom (FTM) wallet.
Step 2: Create the FTM coin wallet
After you have successfully installed the wallet, you can now move toward the wallet creation procedure. Here, you need to go to the aforementioned website, except this time, you will click on “Create Wallet.” This will create a wallet for FTM.
Here, you will need to enter a strong password, where it has to be at least eight characters, including an upper-case letter, a symbol, and a number. Remember to store your password at a safe location, as if you lose it, it can never be reset or recovered. Then you need to re-enter the password and click on the checkbox. You will be able to download the Keystore file and continue afterward. This Keystore file contains your private key encrypted with the password you chose, so ensure that you keep it safe.
Step 3: The 24-word mnemonic phrase and private key
You will not see a 24-word mnemonic phrase as well as a private key at the “View your private key” checkbox. Here, you will need to verify the 24-word phrase by entering it in the correct order and clicking on “Access your wallet.”
You will be able to view your wallet with the public address, which is displayed on the home screen, and to access it, all you have to do is click on the address.
If you want to run a Fantom (FTM) node, you can do so by connecting to the Fantom (FTM) network with ease through the utilization of NOWNodes.
NOWNodes is a service that supports over 40 blockchain networks where all you need to do is create an account and get your API key in order to access them.
Conclusion
Hopefully, now you know everything there is to know about building a wallet on Fantom. You can now utilize everything on the network and gain access to all of the dApps that are built on top of it. Remember to check out the NOWNodes node explorer as a means of accessing any information that you require.
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