Fantom provides a highly scalable infrastructure for Web 3.0. FTM is the native currency of Fantom, which is utilized extensively by the users of the network. FTM also is an ideal currency for making donations. After all, Fantom’s incredible efficiency makes FTM transactions cheap and rocket-fast. Charities can accept FTM donations using NOWPayments’ donation tools.
Key points:
- Fantom is a smart-contract-oriented, scalable platform.
- FTM donations enable charities to get fast, low-cost, private donations.
- NOWPayments assists charities in accepting FTM and other cryptocurrencies as donations.
What is FTM?
Fantom is a high-performance, scalable, EVM-compatible, and secure smart-contract platform. Fantom is built on the consensus mechanism, Lachesis. Fantom is a leaderless, asynchronous, and Byzantine Fault-Tolerant Layer 1 blockchain protocol. Lachesis enables Fantom to deliver fast transaction speeds, low transaction costs, and deterministic finality. This is achieved while remaining permissionless, decentralized, and open-source.
Benefits of Fantom donations for charities
Accountability
Transparency is at the core of every charity work. Organizations receiving donations need to keep their operations, especially financial ones, completely open to their donors and the wider public. Since the majority of blockchains are public, information about crypto transactions is available to everyone. In other words, absolutely anyone
can go on the Internet and check out info about different crypto addresses, including those of FTM holders. This feature boosts transparency and is particularly beneficial for organizations accepting donations. Charities, by featuring FTM donations, can demonstrate the highest level of accountability. By presenting their donors with an FTM crypto address, charities will be able to not only accept FTM donations but also keep the information about income and spending public.
Speed
Every charity organization needs to receive funds quickly. Unfortunately, standard donation methods cannot offer fast money transfers. Bank transfers sometimes take days. Yet, charities always need money now and not tomorrow. This is why Fantom donations can become a fast-speed alternative to the standard donation options. FTM transactions need mere seconds to complete. Moreover, the speed of the transaction will not change depending on where the sender and recipient live. Essentially, charities can get FTM donations from any part of the world without compromising the speed of transfers.
Fees
Charities always need funds, but the problem is that when making donations, a percentage is lost due to bank fees. These transfer-fees add up to significant losses for charities.. Fantom’s low-fee structure eliminates this issue. On average, a user will pay just a few cents in fees for an FTM transaction. Such low fees enable both charities and donors to maximize the value of contributions.
Privacy
The Fantom blockchain is decentralized, which means that all FTM transactions are peer-to-peer. Moreover, Fantom users do not need to disclose their identities when using the network. Charities can offer FTM donations as an anonymous donation method for their donors. Not all people want to expose their identity when donating to charity. Usually, affluent people and celebrities do not wish to generate any excessive publicity around their name when donating to charities. Therefore, charities can provide them with an opportunity to keep their personal details private through FTM donations. FTM transactions are not tied to names or any other personal info, so they are completely safe.
Supportive community
Finally, one of the main benefits of using FTM donations is the amazing Fantom community. FTM enthusiasts have a track record of supporting new use cases of their coin. Therefore, charities that accept FTM as donations can expect that a certain number of FTM investors will consider making an FTM donation. At the same time, the entire crypto community, in general, is quite supportive. So, the more cryptocurrencies charities decide to feature, the more potential donors they can attract from the crypto camp.
How to accept Fantom donations?
1. In order to start accepting FTM as donation, you need to follow these simple steps:1. Sign up or sign in to NOWPayments.
2. In your Account, find Store settings. If you haven’t used NOWPayments yet, add your Fantom wallet address.
2.1. In Store Settings, click the “Add a new key” button. Here’s your API key for the donation widget or button.
3. Paste the key in the special line here for the widget and here to add a donation button. Then copy the code from the section below and put it in your web page code.
Conclusion
Fantom is a smart-contract platform which provides infrastructure for the decentralized economy of the future. Charities can accept Fantom’s native cryptocurrency, FTM, and get many benefits out of it. NOWPayments provides tools to charities that want to receive FTM donations.