What is Phantom and How Does It Work?
Fantom is a decentralized, permissionless and open source smart contract platform for decentralized applications and digital assets. South Korean computer programmer Dr. Founded by Ahn Byung Ik in 2018, the main blockchain network of this project went live in December 2019. We can say that the most fundamental purpose of Fantom is to solve the scalability problems of public distributed ledger technologies. In this context, the project plans to diverge from traditional blockchain-based storage infrastructure by using an enhanced version of existing DAG-based protocols. I’m sure many of you are wondering what DAG is, if you wish, let’s take a look at what DAG is.
What is DAG?
DAG stands for Directed Acylic Graph. So what does this directed circular graph mean? A directed circular graph is a data structure that will never repeat in a single direction. In DAG-based cryptocurrencies, each node in the structure represents a different transaction. The concept of block found in blockchain technology is not found in DAG. In DAG, instead of recording transactions in blocks, each transaction is processed and recorded on top of the other.
What is CryptoNode?
We can call it a mining protocol for Crypto Node. In this system, you do not need to use very expensive hardware like other types of mining because this is a type of mining using a 64-bit CPU.
What is FTM Token?
FTM powers the entire Fantom blockchain ecosystem, but can also be used for staking, management, and payments on the network. While the maximum supply of FTM is 3 billion 175 million, its total supply is 2 billion 545 million 6 thousand 273 and 80% of this total supply is currently in circulation. The share between the total and maximum supply of the token is also reserved to be distributed as stake rewards.
FTM Token Review
The token, which was at the level of $ 0.022 when it was first released, had its highest price, namely its ATH, on January 16, 2022, and saw the level of $ 3.30, while the lowest price the token saw was on March 13, 2020 and was at the level of $ 0.0019. Now that we’ve reviewed the FTM token, let’s take a look at the price analysis.
FTM Price Analysis
When we look at the price chart of Phantom, we see that it is at 32 cents with an increase of 13.25% according to the last 24-hour data. As the support point, we can show the 30 cent level, which is just near the current price. If we look at the resistance points, our first resistance point is at the 60 cent level. If the 60 cent level is exceeded, the next resistance point we will encounter is at the 1 dollar level.
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