Phantom cryptocurrency is a decentralized, permissionless, open source smart contract platform for decentralized applications (dApps) and digital assets. One of many blockchain networks built to provide an alternative to Ethereum. The Phantom Blockchain mainnet was activated in December 2019, and its network architecture aims to provide a suitable solution to the blockchain problem by providing a stable balance of scalability, security, and decentralization.
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Like other Ethereum alternatives, Phantom aims to offer scalability and lower costs than the legacy contract platform that is the first mover in Ethereum 1.0. Phantom infrastructure is connected through a Proof of Stake (PoS) consensus mechanism (AsSynchronous Byzantine Fault Tolerant (PoS)). which maintains the efficiency of the entire network. The aBFT network structure is designed to maintain network security while maximizing speed.
Phantom digital currency network structure
Phantom operates on top of a mandatory “leaderless” PoS mechanism called Lachesis. which ensures the security of the Phantom network and guarantees both the speed and security of transactions. Lachesis is an aBFT consensus mechanism, which means that network data can be processed at different times and the network can expose up to a third of participants to faulty or malicious behavior without harming the network processes.
Lachesis also has a final. This means that transactions are confirmed and finalized in an average of one second. No need to wait for laborious block verification experienced in Proof-of-Work (PoW) networks. By avoiding the relatively long block verification process, this aBFT system is much faster and more scalable than many of its Byzantine fault-tolerant (BFT) counterparts.
Continuation of the Phantom digital currency network structure
Taking a deeper look at how Fantom’s Lachesis works, we see how each network node contains its own asynchronous graph (DAG). which records the chronology of “event blocks” and related transactions. Each node independently reaches internal consensus. The verified batches of event blocks are then added to the final blocks that are verified on the phantom wide network. is collected Finalized blocks, which form the core layer of the Phantom Blockchain. Consists of verified event blocks from independent nodes.
Although independent phantom nodes occasionally communicate with each other about transactions and events. But they don’t confirm the final blocks or the overall state of the network. This architecture results in a system that processes transactions quickly. And it reaches the final in a few seconds. Phantom digital currency emphasizes. Its PoS mechanism is leaderless, which means there is no block leader and no participant has a specific role in its operation. Anyone can join or leave the node network at any point, and all nodes have the same weight in the consensus protocol.
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Maintenance of the phantom digital currency blockchain
Lachesis appliance servers support the PhantomOpera core network deployment platform. which hosts applications on the network. Opera is a license-free and open-source development environment. This program has a wide range of smart contract functionality. which Ethereum has because of its Solidity programming language support and integration with the Ethereum Virtual Machine (EVM). Applications built on Phantom digital currency can be designed to work with platforms built on Ethereum (what is the difference between Bitcoin and Ethereum?) while maintaining the transaction efficiency of the Phantom network.
A dedicated software development kit (SDK), known as the Phantom Virtual Machine, will eventually be released for Phantom-based development alongside continued EVM support.
Phantom digital currency token
The Phantom FTM native utility token powers the entire Phantom blockchain ecosystem. FTM tokens are used for betting, managing, paying and spending on the network. There are a total of 3.175 billion FTM coins, of which 2.5 billion are in circulation as of March 2021. The rest is distributed as bonus phantom stock. FTM is available as a native coin, an ERC-20 code in the Ethereum ecosystem, and a BEP-2 token in Bina.
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Anyone can participate in phantom exchanges with at least 1 FTM using Multichain to exchange their ERC-20 FTM or BEP-2 tokens for Opera FTM coins. Also, a minimum of 1 million FTM (worth more than $1 million as of March 2021) must be deposited to set up a validator node on the network without a Phantom license.
Phantom provides users with a relatively dynamic and profitable shareholder structure. Users can optionally place their FTM with a validator node for a 4% annual interest (APY) reward, which is a common equity model. However, users can also take advantage of Fantom’s Fluid by choosing to lock FTM for a predetermined period of time – from two weeks to a year – to secure a higher bonus rate of up to 12 APY.
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Features of Phantom digital currency
Phantom also uses a feature called Liquid Staking. (Everything you need to know about Solana cryptocurrency!) whereby shareholders can allocate their sFTM at a 1:1 ratio to their FTM to be used as collateral in PhantomFinance, a suite of DeFi applications powered by Phantom. So it allows users to get more. Use your mobile FTM. Some of the DeFi offerings Fantomarae offers are:
- fUSD: A phantomcoin-based stablecoin pegged to the US dollar.
- fSwap: A decentralized hybrid asset trading platform.
- fLend: is a liquidity pool that users can borrow from.
Phantom’s approach to the DeFi and dApp landscape is innovative, as is its remarkable rewards program structure. (What is Telcoin digital currency?) Other proposed use cases for PhantomdApps’ highly scalable smart contract platform include supply chain management, payments, and smart city applications, some of which are currently being tested around the world.
As the first of its kind with a complex and unique infrastructure, Phantom’s approach to rapid and scalable dApp development is still cementing its place in the broader blockchain ecosystem. Although there is currently a lot of competition in the growing dApp sector. But the benefits of speed and interoperability that Phantom offers dApp developers are significant, and the platform is primed for further adoption.