The variety of cryptocurrencies and the various services that allow it to be extracted are no surprise to anyone today, but not everyone can really understand it.
Furthermore, entire platforms are becoming more and more popular, allowing for various transactions, reciprocal deals and other functions that are not always available for other cryptocurrencies.
And today, in this complete and detailed article by our expert Catherine Morel of FRcasinospot, you will know all about the cryptocurrency Fantom, because it is the main competitor from Ethereum and how to solve the three main problems of the blockchain more effectively.
What is Phantom cryptocurrency, who created it and what makes it so special?
Fantom cryptocurrency originated in South Korea, but is now becoming popular with German investors and investors from other European countries. It maintains blockchain decentralization, provides security for settlements within the network, and has no scalability issues. And the coins can be obtained by stacking.
Phantom is not just a virtual currency, but a decentralized environment for executing smart contracts. Its creators position it as an alternative to Ethereum 1.0, which is characterized by low transaction speed and high transaction fees.
Fantom cryptocurrency is fundamentally different from currently popular projects thanks to the consensus of Lachesis, which explains investor interest in it. An increase in demand for this coin could cause its price to rise and generate revenue for the owners of the coin.
How the ghost works
The core element of the platform is Opera’s decentralized network. The main difference from existing projects is the very high speed of execution of commands, as well as the processing of a large number of requests per second. The system surpasses Etherium and many other blockchains in these respects.
The blockchain is made up of several levels:
- First, the kernel, which processes transactions within the system;
- second, the storage needed to run smart contracts and other elements of the blockchain;
- third, the ecosystem for running DApp.
The developers are particularly proud of the system’s transaction processing efficiency. A transaction can be completed in a second, allowing payments to be made instantly. In comparison, a transaction on the BTC blockchain takes up to 10 minutes.
Phantom’s competitor, Polkadot Network, does the same thing in 5 seconds. In a world where efficiency and speed are paramount, Phantom has taken its place in the world of online gaming. Cryptocurrency can be used to transact across various gaming platforms. This includes the new online casino 2022which you can find on the FRcasinospot website.
But the practical operation of Fantom has shown that the actual speeds are lower than those stated. The developers claimed to have hit 300,000 TPS, but actually hit the 10,000 TPS maximum. However, this is also a record compared to alternative projects.
What the Phantom blockchain was created for
Fantom cryptocurrency is a productive and fast system with open source code and the ability to work with smart contracts. This combination of properties allows it to be used for various tasks:
- Combine multiple platforms and blockchains into one infrastructure, build and run applications for fast, real-time data exchange.
- Creation of safe and functional applications that solve various tasks in the telecommunications, electric vehicle manufacturing, financial sector and freight sectors.
- The ability to create tokenized currencies and assets that will operate on the basis of Phantom.
Several decentralized applications have already been launched and are successfully running on the project network:
- Cryptocurrency exchanges that operate without the management of a central administration;
- Investment services, which can be used to invest free funds, as well as to receive passive income;
- Wallets for storing cryptocurrency assets;
- Decentralized channels through which it is possible to organize interactions between different blockchains;
- Platforms for non-exchangeable token transactions.
Features of Fantom Blockchain and FTM Coin
The project in question differs from other blockchains for some important characteristics:
- Fast transactions and reduced costs. For example, transactions within the system can take up to one second. At the same time, there are no high fees to pay for making a payment. The network can therefore be adapted to small payments between participants.
- Scalability. The system processes over a thousand transactions per second and also works with decentralized applications that require large amounts of resources. Up to 1000 nodes can be connected to the network.
- Safety. The blockchain works on a specialized consensus, which differs from the classic PoW. All participants in the chain are equal and participate in its operation. There are no central nodes that violate the principle of resource allocation.
- EVM compatibility. The crypto fantom is fully compatible with the virtual machine of the Ethereum network. Therefore, applications developed for Ethereum can work in Fantom.
How and where it can be used
The FTM token is used for settlement within the ecosystem. It can be mined by stacking it, which means storing it in your wallet and ensuring transactions are validated.
But unlike other options, this coin can be stacked by placing an existing asset for a certain period (12 months). In return, the system pays a reward of up to 13%. If no deadline is set, the part can be withdrawn at any time. But the profit will be around 4% per year.
Additionally, NFTs are used within Phantom. Thanks to the applications running in the ecosystem, it is possible to create new non-interchangeable tokens without paying any fees. This is done on the Artion service. There is also a PaintSwap marketplace where you can buy and sell tokens (including NFTs).
Currently, the crypto phantom, despite its innovativeness, is losing ground against the more well-known large cap currencies. But it has prospects, and great prospects. Especially in light of the recent trend to create CBDCs or digital currencies of central banks from various countries, some projects of which have already been successful. For example, Ukraine is currently testing a digital hryvnia that will work on the Stellar blockchain. FTM therefore has every chance of experiencing strong growth, especially when its exchange rate gradually increases.