The cryptocurrency FantomCoin (FCN)
This article is about FantomCoin, an old cryptocurrency (released on 05.06.2014) that is gaining popularity again.
FantomCoin uses the CryptoNote algorithm and is a 64-bit coin, so it is best mined with a CPU (processor). The CryptoNote protocol was launched in 2012. Since then, 20 digital currencies have been created via this route, and FantomCoin is one of the most outstanding examples.
FantomCoin (FCN) – this is the first cryptocurrency to support merged mining. FCN can be produced in combination with three other cryptocurrencies: Bytecoin, Monero and QuazarCoin.
To put it in simple terms, when you mine FantomCoin, you can simultaneously mine Bytecoin, Monero or QuazarCoin. This means that you do not have to mine each of the abovementioned cryptocurrencies separately.
What is CryptoNote and how does it work?
CryptoNote is an open-source algorithm that allows you to increase the security of transactions. Online transactions in most conventional digital currencies use conventional signatures to verify the money transfer.
However, a CryptoNote digital currency such as FantomCoin uses so-called ring signatures. You can learn more about ring signatures on this website in the Ring Signatures article.
With this method of signature, all parties to the transaction remain anonymous. In addition, it is not possible to determine whose private key was used when signing the transaction. CryptoNote automatically generates multiple unique addresses for each transaction.
Basically, these addresses are generated with a public key. The transactions to visible addresses are always displayed individually.
The sender can only create the public part of the key, while only the receiver can calculate the private part. Therefore, the receiver is the only one who can release the money after the transaction has been executed.
Only one formula needs to be checked for each transaction to authenticate the transaction. This process is only possible with the help of this private key, so no third party can perform this test. Thus, no one else can discover the link between the sender’s one-time key and the recipient’s unique public address.
Now that CryptoNote has been explained, let’s take a look at the basic features of this digital currency.
FantomCoin (FCN) specifications
The PoW algorithm is based on CryptoNight (64-bit CPU only). This makes merged mining with Monero, Bytecoin, QuazarCoin or another cryptocurrency possible on CryptoNote. FCN’s blockchain does not require any additional network capacity because it uses the blockchain from Bytecoin, Monero and QuazarCoin for proof-of-work.
Miners can choose a “donor” from these blockchains, and if other CryptoNote-based networks appear, they too can be used as donors.
Block production takes 60 seconds. The reward for the block is reduced by the formula (264 – 1 – A) * 2 – 22 * 10-12, where A = the supply mined to date. Fifty percent of the coins will be emitted within six years. The complexity of the mining varies with each block.
You can download the miner for your system from the official site: http://FantomCoin.org/
It may be easier to use MinerGate pool or another similar pool. Just register and download a miner for Windows, Mac or Linux. Then you are ready to mine FantomCoin or Monero. Both of these two cryptocurrencies can be mined, and the second of the pair will require no further mining resources.
If you would like to learn more about setting up a mining operation, you will find more information below.
First, make sure you have a BCN / MRO / QCN address. If you don’t know what it is, just visit https://bitcointalk.org/index.php?topic=544715
First of all, download the files for mining from FantomCoin.org/
- Start the Bytecoin / Bitmonero / QuazarCoin daemon and wait for the synchronization protocol to finish.
- Start the FantomCoin daemon. This process is very similar to that of BCN: Run the command line and go to the fantomoind.exe folder. Use the Save command after Wink synchronization.
- Create an FCN address. Repeat this process for BCN, MRO and QCN:
simplewallet -generate-new-wallet = Example_Wallet.bin -pass = 12345
“Example_wallet.bin” – the name of your wallet (use the extension .bin)) and “12345” – the wallet password.
- Go to the FantomCoin folder and run minerc.exe with the following command:
minerc -node1 = 127.0.0.1: 8081 -node2 = 127.0.0.1: 24081 -wallet1 =% address_of_your_BCN / MRO / QCN_wallet -wallet2% =% address_of_your_FCN_wallets%
-node1 = 127.0.0.1: 8081 – IP and the port of the BCN daemon. or -node1 = 127.0.0.1: 18081 – IP and port of the MRO daemon. -node2 = 127.0.0.1: 24081 – IP and port of the FCN daemon.
- Enjoy your mining!
Mining with GUI
- Start the daemons and make sure they are synchronized with the network.
- Use the backup command after synchronization.
- Start the GUI Miner. Add the BCN / MRO and FCN address and click on “Start”.
Alexander Weipprecht is the managing partner of Provimedia GmbH. As a trained IT specialist for application development, he has been advising leading companies on the following topics for more than 10 years: online marketing, SEO and software. Cryptocurrency is becoming increasingly important to businesses and investors. Through Coin Report and Krypto Magazin Germany, Alexander wants to give all people easy access to the subject matter.