Unbanked Yield is connected to the Fantom blockchain at launch. If you do not have any Fantom chain assets in your connected wallet, you can squire Fantom assets in your self-custody web3 wallet (the easiest being Metamask, or we also support several WalletConnect wallets) in several ways — please see this article for help on getting started.
The Ethereum chain will be supported in the near future as well, but Fantom has several benefits over Ethereum. Fantom acts like a helper to Ethereum and is a smart contract-supporting blockchain that maintains Ethereum's ease-of-use and interoperability while solving its core issues – it's speed and cost. While it can take several minutes to clear a transaction on Ethereum and Bitcoin, transactions take just seconds on Fantom.
If can you wish, you can invest in Unbanked Yield directly in Fantom — Fantom token (WFTM for Unbanked Yield) is available on all the major cryptocurrency exchanges and is very easy to purchase. For more information about how to add Fantom assets to your connected wallet, such as Metamask, please see the information in the linked guide.
What is FTM token?
FTM is the native token of Fantom, a decentralized network built on an aBFT consensus mechanism. On Fantom, transactions are confirmed in less than one second and cost just a few cents.
Fantom is an open-source decentralized smart contract platform for decentralized applications and digital assets that was created as an alternative to Ethereum. Fantom has the goal of overcoming the limitations of previous generation blockchains and balancing three components: scalability, security and decentralization.
More information – how does Fantom ecosystem work on a technical level?
FTM is the native utility in-house PoS token of Fantom that powers the ecosystem and is applied for payments, network fees, staking, and governance. FTM forms the backbone of transactions, and allows fee collection and staking activities, along with the user rewards the latter represents.
The ecosystem is based on two main technologies: Lachesis protocol and Opera.
The Lachesis protocol is the core consensus layer that secures the Fantom network by providing both transaction speed and security.
Lachesis is an aBFT consensus engine that uses a directed acyclic graph (DAG) algorithm. Network data can be processed at different times, and the network filters the participants, allowing only one third, which are allocated due to erroneous or malicious behavior, without compromising network processes.
Fantom's Asynchronous Byzantine Fault Tolerant (aBFT) Proof-of-Stake (PoS) consensus mechanism maintains the efficiency of the entire network, its design provides security at maximum speed. Fantom developers emphasize that the PoS mechanism is a leaderless phenomenon — there are no leaders of blocks and participants, and anyone can join (or leave) the network of nodes at a convenient moment.
Opera, by extension, is an application development layer or Fantom's mainnet deployment platform. Thanks to EVM integration and support for the Solidity programming language, Fantom has a full set of smart contract capabilities, which allows users to seamlessly interact with Ethereum platforms while maintaining the advantage of Fantom's transaction efficiency. Fantom also features on-chain governance where users vote with FTM tokens.