Phantom’s decentralized smart contract platform (FTM) continued its gains and reached 50% on Monday, despite a temporary network outage that caused the blockchain to stop producing blocks for seven hours.
Phantom came out of the top 100 on the market value ranking in January – it eventually continued with 5000% and reached a peak at the end of February. Since then, the currency’s bullish trend has slowed, but the value against the US dollar is still 3434% higher than on 1 January.
But on February 25, Phantom was briefly shut down when mass production was stopped after two auditors cut emissions. Phantom is a proof of rod-blockchain where 39 validating nodes control the block on behalf of stakeholders. The two outsourced auditors represent one third of the FTM associated with the platform.
The development team coordinated and used a temporary update that brought the network back online seven hours later. A recent ad for Fantom said:
“On Thursday, February 25, 2021, at 15:40 UTC, the main network of Fantom Opera stopped the confirmation of a new block, which resulted in a temporary interruption. Phantom’s core development team and auditing community responded immediately and restarted the network within 7 hours. ”
The reform required a consensus of 39 auditors across time zones, and the development team notes that there was no risk of pledging money during the closure.
In response to the accident, the development team decided to correct the balance of power among the auditors and tried to distribute the impact more evenly between the nodes. To achieve this, the number of FTMs required to set the current inhibitor number control of 3,175,000 FTM will be reduced.
In January, it was equivalent to just over $ 30,000 dollars in dollars. Now, after Phantom’s latest increase, the figure has exceeded $ 1.8 million.
Phantom’s recent growth has been driven by advances in interoperability and decentralized financing. The project has recently been integrated into Multichain.xyz, a decentralized token exchange protocol that connects different blockchains such as Ethereum and Binance Smart Chain and allows token exchange without intermediaries.
The Phantom rally continued Monday morning, with the coin from $ 0.3827 to $ 0.58, corresponding to a 54% increase at the time of release.