Fantom and Cosmos; How do these cryptocurrencies work?2 min read
Fantom and Cosmos have seen increases in turnover and market prices in recent days.
Fantom and Cosmos enjoyed increasing success throughout 2022 as they expand the use of their currency and reveal more information about promising projects. However, it is essential to understand what they are and how they work first.
• The Fantom token, also known as FTM, is the native currency of the Fantom network and allows its proof of stake system to work. FTM can also be used for governance within your ecosystem, network fees and sending or receiving payments.
• The Fantom network allows DApps, or decentralized apps, to deploy on your blockchain and already supports over 80 DApps. SpookySwap, SushiSwap and Curve are just a few.
• Fantom and its FTM token pride themselves on having three main components that run. The speed and cost of all transactions, the security provided by the validation nodes, and the scalability of the network.
• Cosmos uses ATOM on its network for a variety of purposes. For example, ATOM can be used to stake, hold, spend within the Cosmos ecosystem. Which means that as the size of Cosmos continues to grow, the token value must follow in its footsteps.
• Owning ATOM also allows users to take part in the administration of Cosmos. The number of tokens you own will be proportional to your vote in the decision.
• Cosmos is known as the ‘blockchain internet’ due to the growing number of teams using its open source tools to streamline transactions between other crypto networks.
Fantom (FTM), Cosmos (ATOM)
• Tokens was created to be a wealth-generating token that gives equal opportunity to those with small purchasing power alongside those with large amounts of capital.
• Tokens are part of a much larger project, as it is new that this project will come in the future.
Those cryptocurrencies provide different elements to the crypto world and can achieve positive results in their respective fields. While Fantom and Cosmos are well established and may continue to show signs of growth into 2022, investors’ earning power may be somewhat lower as these projects tend to grow slower once they become popular.