New coins do not always attract attention. Cryptocurrencies have been appearing quite often lately, and against this background, new items may get lost. But not in the case of the FCN cryptocurrency. True, the coin in question cannot be called completely new. It was presented to the public back in 2014.
Only gradually they began to forget about it, since there were no price jumps, and it simply became uninteresting for miners and traders. They felt that there was no need to waste their time and effort on a hopeless coin. But as we see, we miscalculated something, since today interest in the altcoin in question is beginning to grow again. But how long will this last? We'll find out.
What is Fantomcoin?
FantomCoin
FantomCoin (FCN) is the most prominent member of the group of coins issued on the CryptoNote algorithm. The coin is also the first in a line of cryptocurrencies that are mined using a combined method, which distinguishes it from other currencies, such as the gram cryptocurrency.
A combined mining method is a process where computing power processes two types of algorithms at once.
PhantomCoin network security and blockchain
The protocol that ensures the security of the Fantomcoin network is PoW. This is classic mining using the computing power of the CPU and GPU. Due to the generation of the asset by the second number on a sufficiently large number of computer systems, the network’s operability is maintained very efficiently.
You can find and track a Fantomcoin transaction using the chainradar website, where data is pulled up for several cryptosystems. In addition to FCN and BTC, there is also information on transfers of such tokens as: AEON, BBR, BCN, MCN and others.
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Technology/Algorithm
Speaking more about the algorithm, we need to return again to the CryptoNote channel, which is only 64-bit, which allows it to be mined only by processor calculations.
The coin’s belonging to a small group of analogues positioned on this algorithm ensures simultaneous mining of three cryptocurrencies on the processor - Monero, FantomCoin and QuazarCoin.
The CryptoNote algorithm itself is a more advanced way of implementing anonymity on the network. The confidentiality of most cryptocurrencies is based on the use of an ordinary signature as confirmation of each transaction. In FCM and other currencies implemented on this algorithm, the transaction verification process occurs according to the principle of a ring signature. This signature format makes all parties to the transaction completely impersonal; moreover, the network does not store information about who exactly participated in verifying the transaction with their signature.
This feature is implemented in CryptoNote by a special generator that creates a lot of one-time addresses. It turns out that even funds sent to a specific address on the network are marked as sent to a system-generated one-time wallet.
At the same time, both parties to the transaction participate in the process of generating the key for the transaction:
- Sender – creates a public part of the key, which becomes a kind of marker of the transaction;
- Recipient – calculates the secret part of the key. To do this, it is determined that the sent transaction belongs to a specific user by checking a special formula with its own secret key, to which no one else has access.
A block is generated on average in 60 seconds. The remuneration is calculated according to a complex formula presented on the official website of the project. The difficulty of mining increases with each block found. This approach allows us to assert that in the first 6 years of the coin’s life, that is, by mid-2022, only 50% will be generated.
Features of Phantomcoin (FCN)
Due to its status as a pioneer, Phantomcoin has a number of features that have returned it to popularity in recent times. Let's look at them:
- Algorithm. It was mentioned above that CryptoNight provides complete anonymity for transactions. In a situation where governments are seeking to take control of the crypto industry as a whole, owning such an asset is beneficial;
- The generation time of a new block of the Fantomcoin network takes only one minute;
- A complex formula for calculating a miner's reward for work performed (Reward = (MSupply - A)*2^(-22)*10^(-12), where MSupply = (2^64 - 1));
- Mining difficulty increases with each new block;
- FCN market capitalization has exceeded the critical mass conventionally established for cryptocurrencies - $1,000,000;
- The volume of the issue is small in comparison with currently issued assets and amounts to 7,002,044 FCN;
- Calculations by the project team show that production, continued at the same intensity, will allow the extraction of no more than 50% of emissions by 2022.
After considering the key features of the Fantomcoin crypto coin, the gradual increase in its popularity among traders becomes clearer.
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Peculiarities
The only and main feature of the FantomCoin cryptocurrency is that it is mined as a parallel asset when mining the more expensive Monero. That is, FCN goes to miners for free. Perhaps this is where the coin is highly undervalued; it is dumped at any price in order to make mining more expensive coins “on hold” more profitable.
An interesting way to verify transactions within the network could be a good platform for exchanging other crypto-assets that do not provide absolute incognito to network participants. Perhaps the developers were counting on just such an implementation of their brainchild, but apparently marketing research failed them.
FantomCoin and Monero are mined simultaneously
How and where to buy Fantomcoin cryptocurrency?
Very few users are interested in purchasing the FCN coin, since it is not of particular interest either as a speculative asset or as an investment asset, unlike homeblockcoin.
Purchasing is possible only through trading platforms where the coin circulates. There it is presented in tandem with Bitcoin. Consequently, the purchase process will be complicated by the additional operation of purchasing Bitcoin.
The selling process is exactly the opposite and again through BTC as an intermediate link.
Fantomcoin pools
And in this section, the low demand for crypto coins imposes its limitations on the list of sites where PhantomCoin mining is available. Since the asset is extremely rarely mined separately from Monero, and the Monero currency itself is best mined on the MinerGate multipool due to the simplicity of settings and the ability to quickly regulate the number of cores and/or processors involved, the FCN mining process is best configured here.
For those who are already mining Monero, this part of the material is already familiar, but for those who are just studying the prospects of mining on a CPU, let’s look at the setup process in more detail:
- To start working on the pool, you need to register and download the client to work on your PC. The pool offers versions for working with different versions of Windows and different types of computers.
- After starting the miner, the system will determine the available number of cores in the system and offer to select the required number for generation.
- It is recommended to select the smart FCN mining mode, since the system itself will switch the process to the most profitable currency. For CPU mining, a profitable primary currency is Monero and a secondary coin is FantomCoin. If the market situation changes, the secondary crypto coin may be changed.
When working through the MinerGate multipool with a GPU mining client, the system will automatically select the primary cryptocurrency depending on the market situation. If a miner is focused on accumulating specific assets, the SMART mining function should be disabled.
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Exchanges trading FCN
Due to the fact that the coin, after its creation, lost a significant amount of user attention, many trading platforms excluded it from trading assets, since the supply market for the circulation of more popular and expensive coins is very wide. As a result, only two platforms trade FCN today:
- HitBtc;
- Cryptopia.
Trading volumes for the coin are quite small, since the price in general and exchange rate fluctuations in particular are not of particular interest to traders, and the lack of volumes, accordingly, scares investors away from the coin.
Mining Fantomcoin
For mining coins, MinerGate is usually used.
The mining process was partially described at the beginning of the material. The most convenient way to mine Fantomcoin is to use software from the MinerGate multipool, where FCM is mined together with the available and most profitable coins at any given time.
For those who have large processor powers and know, there is an option to independently configure the equipment for classic miners with control via a command line, however, this approach does not provide any advantages or special gains in performance. It is used by miners who separate processor threads to ensure the operation of farms or multi-currency servers.
Directly in the MinerGate pool there is an advanced calculation calculator that evaluates the user’s entire system and issues a forecast for the profitability of work during the year.
Where to store Fantomcoin
These coins are too cheap and unpopular to create a wallet for. More precisely, there are wallets for Fantomcoin, but in the cryptocurrency community it is not customary to use them - it is too troublesome and ineffective. Therefore, an alternative was invented, which is used by almost all owners of cryptocurrencies that have a PoS algorithm, and not just Fantomcoin.
Most users prefer to store tokens in pool accounts. In particular, many of these assets can be seen in MinerGate. This is convenient because mining is carried out here, and the accounts of the pool and the HitBtc cryptocurrency exchange can be linked.
But let’s still look at how to create a wallet for Fantomcoin:
- Download the “*.zip” archive with the “.bin” binary file, selecting the version suitable for your operating system from this site.
- Unzip and run “fantomcoind.exe”.
- Wait until synchronization with the network finishes.
By the way, the process may freeze. If no movement occurs for five minutes or longer, press “Ctrl + C” and start the wallet again.
Prospects for FCN
It cannot be said with certainty that a minimal revival of interest in this cryptocurrency will allow it to reach a peak that has never happened in its history. On the other hand, FCN is the first coin that has generally returned from oblivion after two years of practical oblivion and began to enjoy minimal popularity.
There is no information from official sources yet, but traders on cryptocurrency platforms will not do even the minimum volume of trading in coins that have no hope of making a profit.
Course and further forecast
At the moment, the FCN rate leaves much to be desired. In relation to the Russian currency, the price is a little more than 8 rubles. And for Bitcoin the cost is 0.00001400 BTC.
If we look at the Phantomcoin chart online today, the rate is quite stable, although there are sharp changes. The table shows the maximum rates for the last few days:
| date | Exchange rate (rubles) | Dynamics |
| 29.04.2018 | 8.760726 | 0.26888 ↑ |
| 28.04.2018 | 8.491846 | -0.162038 ↓ |
| 27.04.2018 | 8.653884 | 0.549028 ↑ |
| 26.04.2018 | 8.104856 | -0.793749 ↓ |
The prospects for FCN are quite bleak even against the backdrop of increased interest in the token. Most likely, this will not allow him to rise to his former heights, but for now the situation is stable. This is already a breakthrough after two years of virtual oblivion.
Forecast for 2022
You should not consider the generalization of opinions and reviews that we managed to collect on the Internet as a full-fledged forecast of further developments, however, as already mentioned, monetary movements do not happen in a vacuum. Which completely confirms the kickcoin forecast.
Interest in the coin resumed in late autumn 2022. During this period, several countries announced the introduction of strict sanctions relating to mining and cryptocurrency trading on their territory. Other countries, such as China, have completely banned any activity related to cryptocurrencies on their territory or through the banking system, even in transit.
Third countries took the opposite side and opened all doors for miners and traders, rightly believing that the circulation of cryptocurrencies within the country, with adequate legislative control, even if the funds raised are placed in offshore zones, will sufficiently help the economies of these countries. Belarus has become a new offshore, this time cryptocurrency.
The growing interest in FCN is due to the fact that it is convenient to use as a settlement instrument in transactions involving users in countries where cryptocurrencies are prohibited.
The second reason for the growth seems to be the team’s attempts to resurrect the coin, which, against the backdrop of the active growth of Monero, began to be mined at a much faster pace than before.
