Even though it may still be very early in the evolutionary path of the Fantom coin, the project has the potential to become a major player in the cryptocurrency space. Fantom is a decentralized ecosystem that leverages the power of blockchain technology to create and share digital data storage devices known as “crowd storage devices” (or “crypto containers”).
At its core, the project is an open-source cloud storage protocol, with the added benefit of being able to store data virtually anywhere – on any device and with any person.
However, this article will focus on the Fantom coin and how it works within the greater context of cryptocurrency.
What Is Fantom Coin?
Fantom is a cryptocurrency created to provide a storage solution for the growing amount of digital data we as a society generate and consume. To put it simply, it is an encrypted file that can be shared with anyone and everyone – anywhere in the world.
Fantom was created to provide a decentralized, secure, and scalable data storage solution.
The Fantom coin can be used to store data and create and share data storage devices (or “crypto containers”) with other users. Each container contains data encrypted with a unique key and can be easily distributed, managed, and secured using the Fantom blockchain.
Participants can access their data using a familiar file system interface and share files with ease, without having to worry about third-party intermediaries.
How Does Fantom Coin Work?
Data is distributed and stored on the blockchain using a highly versatile yet straightforward data structure. Each record in the blockchain consists of four pieces of information: a dataset, an integrity hash, a timestamp, and a filehandle.
These pieces of information are all linked together using a Merkle Tree. The dataset contains the actual data, while the integrity hash and timestamp are used as a checksum to ensure the data has not been altered or tampered with in any way.
What To Do With Your Fantom Crypto
Now that you have some Fantom crypto, here are a few things you can do with them.
First and foremost, you can buy fantom crypto and hold onto them. This is the most obvious use case for the Fantom crypto, and it’s the one most people will likely choose. You can also stake them in a variety of different ways, including using them to rent a space on the Fantom Blockchain.
The potential uses for the Fantom crypto are virtually endless.
What to Do with Your Fantom crypto
Like all cryptocurrencies, you can hold onto your fantom crypto for now, or you can choose to “use” it. Using your Fantom doesn’t require you to put your data on the blockchain, but it does give you access to the Fantom blockchain network and the ability to earn fees for using the network.
While the Fantom blockchain could be a great technology for managing the storage and sharing of data, the project isn’t yet scalable enough to handle a high volume of data. This means that right now, you’re limited to storing data on the blockchain with a maximum of 100 megabytes per file.
If you need to store more data, you’ll need to use another blockchain.