Fantom is a next-generation blockchain solution and acts as a blockchain 3.0 project. Fantom will rival projects such as EOS and Zilliqa as a highly scalable, smart contract provider. The team has announced Fantom to be the world’s first DAG based smart contract platform that solves the issues surrounding scalability and confirmation times that plague existing blockchain projects. The platform is set to rival projects like EOS. EOS is a highly scalable, high-performance and high-security solution.
What is Fantom?
Fantom is a next-generation blockchain solution and acts as a blockchain 3.0 project. Fantom will rival projects such as EOS and Zilliqa as a highly scalable, smart contract provider. The platform is set to rival projects like EOS. EOS is a highly scalable, high-performance and high-security solution.
What is a distributed ledger?
A distributed ledger (DAG) is a chain of blocks, where blocks contain data for a DAG. The data within blocks in a DAG represents the state of a network, that is, transactions.
A DAG’s primary purpose is to solve the scalability issue of blockchains. In a blockchain system, each block contains the same data as the block before it and the block after it. This causes the size of the blockchain to become a problem when network demand increases.
Why Fantom?
Fantom is one of the few smart contract platforms that is suitable for the global population as it incorporates fungibility as a core principal. As fungibility means that there is no identifiable user to which a contract can be executed. Fantom will not be identified with users, but with contracts, which removes the costs associated with tracking a contract.
Fantom will be introducing a new protocol which will allow users to build blockchain applications on top of Fantom. Users will be able to build on top of Fantom and create their own fully functional blockchain applications.
Fantom will use EOS blockchain for initial infrastructure. The platform is capable of communicating with the Ethereum network as a fallback.
How does Fantom work?
Fantom platform will benefit from scalability and allow for enhanced confirmation times. Fantom also employs zero-knowledge consensus protocol that brings blockchain technology into the realm of smart contract solutions. The smart contract platform, as many may know, can allow for smart contracts to be executed without any human intervention. The smart contracts will be secured through encrypting each function within them by using advanced cryptography and will be capable of triggering events in order to regulate the actions of contracts.
Fantom’s smart contract platform will be powered by the energy efficient DAG blockchain solution, which is designed to serve as the backbone of Fantom.
The Fantom ICO
Fantom has a total coin supply of 100 million coins and an initial coin supply cap of 7 million coins. The initial coin offering will run for two weeks from July 23rd to August 7th, 2018. 50% of the coins will be distributed during the pre-sale. The remaining 50% will be distributed at block 2,000,000 to its supporters and supporters of core Fantom Foundation members.
The Fantom Foundation is a non-profit, non-political, and non-religious institution.
The Fantom ICO has already started and you can find more information about it here.
Fantom was started by the Co-founder of TenX, Ali Pestikalian. He has been in the cryptocurrency space for over 7 years.
The FTM token
Fantom will run on an ERC-20 compatible smart contract platform and the token, FTM, is used to pay transaction fees. Every token holder will receive a share of transaction fees in the system. At launch, FTM will be used to unlock tokens and fund the project.
The official Fantom DAO platform will be launched on the Bancor website on June 19th, 2018. Fantom can be purchased on BancorToken’s exchange using the BNT (BNT). The website offers different conversion rates for BTC and Ethereum to BNT. The minimum buy in amount for Fantom is 0.1 BTC or ETH.
Conclusion
The Fantom Smart Contract System is a potential contender for the blockchain solutions provider category that is in the current scopes. It does not offer a diverse set of features such as a unique token, however it has a number of features that will help it stand out from the competition.
It is not a secure solution, but can help ease the scalability challenges that blockchain networks are facing. It will be interesting to see how it fares against more attractive blockchain solutions such as EOS. EOS is another viable blockchain solution that provides a number of innovative blockchain solutions. It offers a network for high-performance computing of GPU cards. The service also powers cloud computing on top of the blockchain for multiple blockchains.