Blockchain technology has provided a way to maintain consensus across all nodes with no central authority. The technology, however, faces fundamental issues like real-time transaction settlement and scalability. Despite improved consensus algorithms, current blockchain implementations use nodes that synchronize one block at a time. Slow confirmation times are one of the biggest factors stopping blockchain technology from being widely used across industries. Although third-generation Smart Contract platforms such as Cardano and EOS have emerged, the scalability issues within these blockchain still remain. To address these persistent issues, a new technology, based on the Directed Acyclic Graph (DAG), was developed. Newer platforms that improve on current blockchain scalability, such as IOTA, Hashgraph and Nano, are all based on DAGs. This new technology is able to guarantee real-time transactions because nodes process transactions asynchronously, while ensuring infinite scalability and potentially achieving hundreds of thousands of transactions per second as more nodes participate in the network. DAGs are efficient because blocks are completely removed from transactions and thus no miners are needed. In a DAG, each transaction is linked from one to another and since there are no miners in the system, transaction times will improve as more people use it. Platforms such as IOTA and Nano, however, lack the Smart Contract dApp infrastructure to challenge Ethereum.
All transactions on the FANTOM platform are executed asynchronously with instant confirmation.
Transaction fee on the FANTOM platform is less than 0.01 USD from one wallet to another.
The FANTOM platform offers infinite scalability: as more nodes participate in the network, its processing capability increases.
The FANTOM platform is fully open-sourced for transparency and trust.
FANTOM technical architecture comprises 3 key components:
Attention. There is a risk that unverified members are not actually members of the team
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Fantom is not the first platform based on DAG. IOTA, Byteball, Nano and Hedera Hashgraph already started developing projects with the same technology. Hedera Hashgraph aims to raise 18M USD, which is twice smaller than Fantom wants to attract. There is no link to GIthub or other source to track the product development As of May 15th 2018, Beta is not available.
The chain is being designed so that FANTOM and low-level transaction tokens provide users not only access to the network but also Smart Credit functions. A Smart credit is an automated contract credit which uses Smart Contract technology stipulated in an internalized contract to force parties involved in the contract credit to fulfil their contractual obligations). As consumers grow and technologies evolve, Application hosts will require more FANTOM tokens to drive their business. A Smart credit contract guarantees user protection upon failure of the Application host (i.e. bankruptcy). Users can immediately regain their assets by redeeming them with FANTOM tokens that have been previously provided as surety, and connect them with other Application hosts. The company valuation - 100M USD - seems comparably high. The team does not clarify what "Market Development" reserved tokens will be spent for. The team gives a split of expenses only for 3 broad categories: Development, Operations, Marketing. This seems as a sketchy distribution.
There are 16 members working on the platform development + 11 foundation members, including CEO. Most of the core competencies are covered in the team. The CEO of Fantom has previous entrepreneurship experience. He sold one of his previous businesses(Point-I), and currently is the founder of Siksin Ltd (2M+ downloads from App store). The technical specialists have previous experience in Oracle. Most of the team members are located in Korea, while some key employees are in Australia. One of the senior developers does not have any other experience stated on Linkedin. Not all of the team members have Linkedin profiles.
3-May. Alexey: Fantom is interesting, the cap is rather big, however, it is Blockchain so its OK. We are watching it, right now we don't have a full opinion on this project.23-May. Ivan: Lucas from PolicyPal is helping them. Technology is OK. There were red flags, but it has appeared to be FUD. Pre-sale is closed for now.Sergey: Big team, looks like ICON. The whitelist will probably be oversubscribed. (28th May).Andrey: We don`t have allocations. Link30-May. Sergey: They raise a lot on pre-sale. I have been given small allocation, I have seen their wallet, funds are being raised actively. The project looks like ICON: big team, good advisory board. I think it is better not to miss this whitelist. Link
Fantom is one of several contenders that have chosen to combine DAG scalability with smart contracts for use utility. If the Fantom project is able to deliver on the promise of high TPS and leverage their industry domain toward enterprise adoption, we see the possibility for a path to actual use.That said, at this point in the evolution of blockchain, when actual enterprise adoption of such technology will take place remains an open question. Regardless, we think the Fantom ICO has a team with the right mixture of blockchain expertise and industry domain for a fair shot.
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