Cryptocurrency Review: What Is FantomCoin

Cryptocurrency Review: What Is FantomCoin

FantomCoin is the very first instance of merged miner cryptocurrencies that are based on CryptoNote algorithm. As such, it makes use of the CryptoNote

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FantomCoin is the very first instance of merged miner cryptocurrencies that are based on CryptoNote algorithm. As such, it makes use of the CryptoNote mining protocol, and is a 64-bit coin, which can only be mined via a CPU. Merged mining is possible with 3 other CryptoNote based cryptocurrencies, which are ByteCoin, Monero and QuazarCoin. CryptoNote was launched back in 2012, and since then, a total of 20 digital currencies have been created based on its protocol. FantomCoin is one of the most prominent of these. Well, let us now take a closer look at some basic info of this digital currency.

What exactly is CryptoNote and how does it work?

CryptoNote happens to be an open source algorithm that permits a highly enhanced level of privacy in making transactions. When executing transactions, most conventional digital currencies utilize just ordinary signatures to validate fund transfer. However, a CryptoNote based cryptocurrency such as this one, utilize what are known as ring signatures. Essentially, with ring signatures all parties in the transaction remain undistinguishable. Also, there isn’t any means of determining just whose private key was utilized in the signing process. To this end, CryptoNote makes multiple and distinctive one-time addresses for every transaction, automatically. Basically, these addresses are created from a single public key. Despite of the fact that payments are sent to public addresses, they always appear as been sent to one-time addresses in the blockchain. The individual who initiates a payment utilizes randomized data along with the public address of the recipient to be able to calculate the transaction’s one-time key. On the other hand, in order to receive the payment, the intended recipient must use their private key. In this way, they alone can obtain the money that has been sent to the one-time address.

How is FantomCoin mined?

By its unique capability of supporting merged mining, FantomCoin can let you receive its coins as well as those of the above listed CryptoNote cryptocurrencies. This definitely means that you will never be forced to mine for any of them separately. As a direct consequence of this state of affairs, the security of CryptoNote based digital currencies is much improved. Miners also get to pick donor chains as they wish. In the event that other CryptoNote mined chains appear, you will also be able to utilize them as viable donor chains, if you so wish.

What are the top exchange markets for FantomCoin?

You can be able to exchange this cryptocurrency for others, including BitCoin, in a number of markets exchanges. This includes Poloniex, CoinHills, hitBTE to name but a few of the most prominent exchanges you could settle for.

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