on the crypto
What are the threats to the Blockchain? What are the potential of Fantom? Let's find out in this dedicated guide.
Welcome Fantom: the challenge to the Blockchain is open!
While the blockchain technology continues to spread across various business sectors, the amount of data, as well as the number of transactions processed per second, gradually increases.
This means that the need to secure data storage and the scalability of transaction systems is also growing.
The Blockchain is appreciated by users for its linear structure and for his ability to access all the ledger records.
This allows forsecure storage of transactions, but unfortunately, limits scalability when it comes to storing huge amounts of data.
Fantom, the first DAG-based Smart contracts platform, allows you to increase the transaction speed at no cost and without lowering the security level.
Known as the new one "EOS Korean " Fantom was officially launched in the first quarter of 2018 with the aim of creating compatibility between transaction bodies around the world.
The technology behind Fantom's operation and the solid partnerships it is signing up, could offer a solution to some of the current problems associated with blockchain and help expand the role of cryptocurrencies in everyday life.
First of all, let's try to understand, what is this innovative technology and what makes it different from the blockchain.
Fantom: the peculiarities
DAGS o Directed Acyclic Graphs (DAGS) they are data structures that imply a different arrangement of the data and allow faster transactions and greater scalability.
Thanks to the implementation of this technology, Fantom verifies and processes transactions in an unsynchronized way, eliminating "bottlenecks".
Using the proprietary OPERA software, Fantom is able to manage up to 300.000 transactions per second.
Fantom: who is this Korean giant?
Fantom has its registered office in Korea and has already signed some solid partnerships with various institutions and companies.
The CEO of Fantom, Dr. Ahn Byung Ik, is well known in Korea for developing an app that allows you to evaluate the best restaurant offers and promotions.
In addition, the CEO of Fantom is President of the Korea FoodTech Association, an organization of over 90 member companies operating in the food sector.
Fantom e Posbank, the main POS provider in Korea, are collaborating on a project in the food technology sector.
They want to introduce payments of Smart contracts in over 5.000 restaurants in South Korea.
POSBANK operates in over 80 countries and, considering its existing customer base and network, the integration of Fantom technology could lead to a large community capable of using cryptocurrency on a safe and intuitive platform.
Fantom also focuses on foreign markets, starting with Indonesia.
Fantom boasts solid alliances with "giants" of the caliber of SBCK (a subsidiary of SoftBank Korea) e Oracle Korea as main strategic partners.
In October last year, Fantom announced a strategic alliance with Danfoss, a multi-billion dollar Danish company.
The company has invested heavily in solar and wind energy and its distribution network for solar inverters operates in 27 different countries.
Danfoss resources, combined with Fantom technology, have the potential to transform the peer-to-peer energy systems.
Fantom is committed to sharing knowledge and educating people about the implementation and adoption of Blockchain technology and cryptocurrencies.
He offered a research grant toUniversity of Sydney to develop and finance a specialized Blockchain project focused on toolchain low-energy programming, safe and secure.
Fantom will also collaborate with theUniversity of Stellenbosch, the oldest public university in South Africa, to develop a knowledge hub and a research hub in the field of application of blockchain technology.