Cryptocurrency veteran Austin Barack, researcher and director of Coinfund, describes an altcoin project as “über bullish,” or bullish. cryptocoin.com We are giving the details as…
Coinfund veteran points to popular altcoin Phantom
In a series of tweets he shared the other day, Barack thinks Phantom, the smart contract platform that provides decentralized finance (DeFi) services to developers using its own consensus algorithm, is a smart bet for 2022. So why? It first discussed its mid-term prospects for Fantom, a high-performance smart contracts platform powered by FTM. He also mentioned that Phantom’s design provides a number of technical advantages over its main competitors. In this respect, he drew attention to the following items:
- The unique proof-of-stake (PoS) mechanism, called Lachesis, offers deterministic transaction certainty and lightning-fast transaction confirmation.
- Fantom’s DAG-based design allows the network to process more than 10,000 transactions per second and scale the node structure to more than 1,000 nodes.
- Phantom is also compatible with the Ethereum Virtual Machine. That is, any decentralized application built on the Ethereum (ETH) Blockchain can easily migrate to Fantom.
- Both the user infrastructure and the development toolkit (Truffle development environment) for Solidity programming work for Fantom’s applications.
- Phantom is about to launch its own virtual machine.
In addition to a great technical design, Barack points out that Phantom has received support from giants such as Andre Cronje. According to Barrack, FTM could also leverage the “L1 narrative,” which shifts investors’ focus to Tier 1 platforms for smart contracts such as Ethereum, Solana, Terra, and Avalanche. Finally, the Fantom (FTM) ecosystem has surpassed Polygon (MATIC) in terms of the total volume of value locked across all dApps.
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