of variety of cryptocurrencies and the various services that allow them to be mined is no surprise to anyone today, but not everyone can really understand.
Also, entire platforms are becoming more and more popular, allowing various transactions, mutual settlements and other functions that are not always available for other cryptocurrencies.
And today, in this complete and detailed article by our expert Catherine Morel from FRcasinospot, you will know everything about Fantom crypto, why it is the main competitor from Ethereum and how to most effectively solve the three main blockchain problems.
What is Phantom cryptocurrency, who created it and what makes it so special?
Crypto Fantom originated in South Korea, but is now becoming popular with German investors and investors from other European countries. It preserves the decentralization of the blockchain, provides security for solutions within the network, and has no scaling issues. And coins can be obtained by collecting.
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 as well as high transaction fees.
Crypto Fantom is fundamentally different from currently popular projects thanks to the Lachesis consensus, which explains the interest of investors in it. An increase in demand for this currency can cause its price to rise and generate income for the currency’s owners.
How Phantom works
The central element of the platform is the decentralized Opera network. The main difference from existing projects is the very high speed of command execution, as well as the processing of a large number of requests per second. The system outperforms Ethereum and many other blockchains in these aspects.
Blockchain consists of several layers:
- First, the kernel, which processes transactions within the system;
- second, the storage needed to execute smart contracts and other elements of the blockchain;
- third, the ecosystem for running DApps.
The developers are particularly proud of the transaction processing efficiency of the system. 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 on various gaming platforms. This includes new online casino 2022which you can find on the FRcasinospot website.
But the practical operation of Fantom has shown that the real speeds are lower than those declared. The developers claimed to have reached 300,000 TPS, but actually reached the maximum value of 10,000. However, even this is 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 different platforms and blockchain into a single infrastructure, build and run applications for fast real-time data exchange.
- Creation of secure and functional applications that solve various tasks in the field of telecommunications, electric vehicle production, financial sector and freight transport.
- The ability to create tokenized currencies and assets that will work based on Phantom.
Various 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 interactions between different blockchains can be organized;
- Platforms for transactions of non-fungible tokens.
Features of Fantom Blockchain and FTM Coin
The project under study differs from other blockchains in several important features:
- 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. Therefore, the network can accommodate 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.
- Security. Blockchain works on a specialized consensus, which differs from classic PoW. All participants in the chain are equal and participate in its operation. There are no central nodes that violate the resource allocation principle.
- EVM compliance. Phantom Crypto is fully compatible with the virtual machine of the Ethereum network. Therefore, applications developed for Ethereum can run on Fantom.
How and where it can be used
The FTM token is used for placement within the ecosystem. It can be mined by aggregating, which means storing it in your wallet and making sure that transactions are authenticated.
But unlike other options, this currency can be accumulated 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 share can be withdrawn at any time. But the profit will be about 4% per year.
Also, NFTs are used within Phantom. Thanks to the applications that work in the ecosystem, it is possible to create new non-exchangeable tokens without paying any fees. This is done in the Artion service. There is also a PaintSwap marketplace where tokens (including NFTs) can be bought and sold.
Currently, the phantom crypto, despite its innovation, is losing ground to the more popular large-cap coins. But there are great prospects and prospects. Especially in light of the recent trend of creating CBDCs or digital currencies of central banks of various countries, some projects of which have already been successful. For example, Ukraine is currently testing a digital hryvnia that will run on the Stellar blockchain. Therefore FTM has every chance to experience strong growth, especially when its exchange rate gradually increases.