Futo (FTO) is a cryptocurrency created by the Futo Foundation, a non-profit organization dedicated to promoting blockchain technology and decentralized systems of governance. It is currently listed on several major cryptocurrency exchanges, including Binance and Huobi Global.
The FTO token was launched in October 2018 as part of an Initial Coin Offering (ICO). The ICO raised over $20 million from investors to fund the development team’s efforts in creating a public blockchain protocol that would enable faster transactions with lower fees than existing protocols. The team has since released several updates to the network, including support for SegWit addresses and Atomic Swaps.
The main purpose of FTO is to provide users with access to financial services such as peer-to-peer payments, online shopping, micropayments, lending services, etc., all without relying on third parties or intermediaries. This means that users can transact directly with each other while enjoying low transaction fees and fast transaction times due to its unique consensus mechanism called Proof-of-Stake Delegated Byzantine Fault Tolerance (PoS Dbft). PoS Dbft allows anyone holding at least 1% of total tokens issued by FTO -called “stakers” -to participate in maintaining network security through validating transactions. In return for their service these stakers are rewarded with newly generated coins (block rewards).
In addition to its use as a payment system and digital currency platform, Futo also offers smart contract functionality which enables developers to create applications such as games or prediction markets using blockchain technology without having expertise in coding languages like Solidity or JavaScript. Smart contracts allow two parties who don’t trust each other but both have money locked into a smart contract until certain conditions are met before executing it automatically without any need for human intervention. This makes it possible for individuals around the world who lack access traditional banking services or legal protection against frauds/scams thanks decentralization provided by blockchain technology
Finally, Futo also provides tools allowing users secure their funds via hardware wallets like Trezor or Ledger Nano S which offer extra layers of encryption beyond those offered by most software wallets making them one ideal way store large amounts crypto assets securely especially when trading heavily across multiple exchanges
