How do I Start Running a Fantom Node?
If you’ve heard of the potential of Fantom and want to launch your app on the platform, you’ll need a robust connection to the Fantom blockchain. This can be achieved via an FTM node – a full-fledged network member that allows you to test and deploy your dApp, wallet, decentralized exchange, or any other type of project.
Fantom is a promising open-source smart contract platform with lower fees and higher scalability compared to Ethereum and other dApp networks. And while an FTM node lets you unleash the platform’s potential, maintaining one is very costly in terms of time and money. NOWNodes is here to help you leverage Fantom with minimum effort.
What is Fantom?
Fantom is a high-throughput platform for smart contacts, digital assets, and dApps. It’s one of the fastest public blockchains with a transaction settlement time of 1 second, and the gas fees are just a few cents. Fantom is open-source so anyone can check the validity of its code.
The platform is compatible with the Ethereum Virtual Machine (EVM) – a tool that developers use to create dApps on the Ethereum network. This compatibility means that any Ethereum-based smart contract can be easily deployed on Fantom, but it will cost many times less as the platform boasts low fees.
Fantom’s Lachesis aBFT consensus mechanism simplifies the interaction of nodes, allows to increase throughput while keeping instant transaction finality and high decentralization.
The platform partners with the RenVM project, which lets Fantom users port their Bitcoin, ZCash, and Dogecoin and use these assets in the network as wrapped coins.
What is a Fantom node?
A Fantom node is a full-fledged member of the Fantom network. It participates in block creation and securing the network. Every node contains the full copy of the current version of the Fantom blockchain, so it is always updated on what’s happening in the network – this is crucial for any project’s operation. A Fantom node allows you to promptly get the balance of any FTM address, see the transaction data, block height, etc.
Why run a Fantom node?
If you want to launch a project on Fantom such as a dApp, wallet, or decentralized exchange, you need to get access to an FTM node. The node allows you to build a smart contract, test and deploy it, as well as send and receive transactions, and much more.
You can get access to a Fantom node and start working on your project right now with NOWNodes. Here’s how it works:
- Get a free API key (find the instructions below), visit our Docs to see the library of requests, and connect to the Fantom node via an API connection.
- Our API response time is less than 1 second. We monitor the state of the network 24/7, and the API uptime rate is 99.95%.
How to create a Fantom wallet?
Any Fantom wallet you know is running on a Fantom node. The node allows the wallet to initiate transactions, stay updated on their status, and lets users leverage the Fantom dApp ecosystem.
To launch your wallet on the Fantom blockchain, you need to access a high-speed FTM node. It’s possible to set up your own one – however, that’s very demanding in terms of time and money. First, you’ll need at least 500,000 FTM to launch a node, which is almost $1 million at the time of writing. The network also has certain hardware requirements that will in turn need some investment.
Even if you install the node, you will need to keep it running, which requires technical skills. If something happens to your node, the wallet will lose its connection with the blockchain, and the wallet users will be upset for being unable to send and receive transactions.
Instead of this hassle, you can access a Fantom node with NOWNodes. This will cost you a small fraction of the price that you’d have to pay for an FTM full node. You have 20,000 requests a day for free, and you can get 30 million requests a month for only $200. Importantly, we do all the maintenance and guarantee a stable node operation. For rare cases of node downtime, we have backup features that ensure you won’t have lags in your connection to the Fantom node.
What’s more, if you ever decide to launch a wallet or application on another blockchain, you will be able to use any of our 40+ nodes using the plan that you’ve already purchased for your FTM node.
NOWNodes free API key
GET ACCESS TO FANTOMSince NOWNodes provides access to the Fantom node via API, you’ll need an API key to start using the service. To get one, simply head on to our main page, enter your email address, and submit. This is completely free. You will receive the key in a few seconds and can start using it immediately.
To see the samples of requests that you can make to the Fantom node, visit our Docs. Insert your API key in these samples and enjoy building on Fantom!
Summary
Fantom is a platform for building smart contracts and dApps that boasts low fees and high scalability. Building a wallet or an application on this blockchain allows you to leverage its potential. To do this, you’ll need to access a Fantom node to test and deploy your functionality. Running a dedicated FTM node is a hard nut to crack, so you can simply use NOWNodes – we do all the maintenance for the node and ensure its proper work. Our fast API with a high uptime rate allows you to build a service that your customers will enjoy. Get a free API key and start building on Fantom today!
