Idea & Token
Fantom is resolving some of the key problems of current blockchains – slow transactions and scalability. This is the first smart contract platform based on the Directed Acyclic Graph (DAG) and using a new protocol called Lachesis Protocol to maintain consensus. Instead of blocks, Fantom is using the OPERA Chain technology that processes a list of events asynchronously with instant confirmations and no rights to modify previous confirmed transactions. This will decrease the cost of a transaction between two wallets to less than 0.01 USD.
The platform consists of the following layers:
– OPERA Application Layer. This layer provides APIs for third-party applications.
– OPERA Ware Layer. This layer is working with payments, incentives, Story data, and issuing rewards.
– OPERA Core Layer. This layer creates events and maintains consensus by using the Lachesis Protocol.
In addition Fantom will provide dApps for supply-chains, food reservations, geolocation, and delivery services, built on top of the platform. For creating the platform, the company is engaging blockchain academic researchers, investors, marketing companies, engineers, and different companies, for example, Oracle.
Their ERC-20 tokens called FTM will be used to reward nodes, for incentives for the platform users and to reward users contributing to maintain a good flow of the ecosystem. A total supply is 3.175 billion tokens. The distribution is as follows: 40% – sale, 30% – market development, 15% – advisors and contributors, 15% – team and founders.
Fantom is a large team that consists of 11 foundation members, 16 specialists of the platform development team, and 16 advisors. So the team has more than enough of the business development experience, technical expertise, and blockchain awareness. The team is led by Dr. Ahn Byung IK, PhD, the president of Korea Food Tech Association, and founder of SikSin which has 3.5+ million downloads.
Fantom has only few competitors, such as Nano and IOTA that are also based on DAGs, but the project leaves them behind by creating a much better infrastructure. By providing dApps Fantom is going to influence a number of real-world industries, including banking, food technology, telecommunications, etc. The team is large and strong, the partnerships list is really long, MVP is almost ready, the hype is also here. The main disadvantage is the final release date which is scheduled to Q3 2019. Anyway the project is trusted by both ordinary investors and serious investing companies.
A very promising project that uses several new technologies to resolve such issues of the blockchain technology as slow transactions and scalability. Being led by a large professional team and supported by a number of partners and investors, the project goes its way of success.
Fantom ICO datesexport to calend
Blockchain technology has provided a way to maintain consensus across all nodes with no central authority. However the technology faces fundamental issues like a lack of real-time transaction settlement and scalability. Despite improved consensus algorithms, Some blockchain implementations such Bitcoin or Ethereum synchronize one block at a time. This results in slow confirmation times, one of the biggest factors stopping blockchain technology from being widely used across many industries. Although Smart Contract platforms such as Cardano and EOS have started to emerge, public Distributed Ledgers are still not widely used.
To address these persistent issues, a new model based on the Directed Acyclic Graph (DAG) was developed. FANTOM is a new DAG based Smart Contract platform that intends to solve the scalability issues of existing public distributed ledger technologies. The platform intends to distinguish itself from the traditional block ledger-based storage infrastructure by attempting to employ an improved version of existing DAG-based pro-tocols. The FANTOM platform adopts a new protocol known as the “Lachesis Protocol” to maintain consensus. This protocol is intended to be integrated into the Fantom OPERA Chain. The aim is to allow applications built on top of the FANTOM OPERA Chain to enjoy instant transactions and near zero transaction costs for all users.
The mission of FANTOM is to provide compatibility between all transaction bodies around the world, and create an ecosystem which allows real-time transactions and data sharing with low cost.