The much anticipated ICO FANTOM has gained much hype across the crypto scene and has been much likened to Ethereum + IOTA. As interest grows ahead of crowdsale on 15 June we reveal why we believe FANTOM will be one of the top ICOs of 2018.
FANTOM, described as “beyond blockchain”, is a revolutionary new Korean smart contract platform. The team’s vision is to solve the scalability issues related to public distributed ledgers by providing low cost instantaneous transactions on a global scale using Directed Acyclic Graph (DAG) technology. Through this technology, FANTOM will facilitate large-scale transactions in finance, telecommunications, logistics and other industries.
The project combines the scalability of DAG with the utility of smart contracts. The platform will be open source and will provide support for dApps. Furthermore, the platform aims to construct an impartial and transparent reward-based token economy.
300,000 transactions per second using DAG technology
Bitcoin and Ethereum are blockchain platforms where transactions are grouped together in blocks, confirmed by miners, and subsequently added to the blockchain. FANTOM on the other hand is built on a technology known as DAG which works in a fundamentally different way than a blockchain. In a DAG there are no miners and no blocks. Instead, each new transaction confirms one or more previous transactions.
The below image depicts the fundamental difference in structure between a blockchain and a DAG:
The red lines represent the confirmation ‘links’ between the new transaction and the previous transactions. As a result, DAG can achieve much higher throughput than a traditional blockchain by avoiding issues with block size and slow block confirmation.
FANTOM incorporates dApps and smart contracts into their project, and are primed to become the standard DAG-based smart contract platform. The combination of low transaction costs, scalable infrastructure, and a robust smart contract platform will allow FANTOM to disrupt everything from supply chain management and transactional digital payments, to banking and telecommunications.
Key features of the FANTOM platform
The Opera chain
Instead of blocks, the Opera Chain processes events asynchronously without being approved by miners. Apps built on top of the Opera Chain benefit from instantaneous transactions and minimal transaction costs.
The Lachesis Consensus Algorithm (LCA)
This is a new consensus algorithm which significantly enhances performance and security by utilizing DAG-based distributed ledger technologies. LCA is a Byzantine Fault Tolerant (BFT) technology which prevents attacks caused by node failure and is able to handle up to 300,000 transactions per second.
Each transaction and smart contract function can store data for tracking and supply chain management.
Below is a graphical depiction of FANTOM’s architecture:
Here is what FANTOM technology will offer its users
- Control double spending from a probabilistic perspective: In traditional blockchain technology, users can only perform one transaction at a time, which can present a number of issues — for example when multiple miners attempt to solve the same hash function. FANTOM solves these issues by allowing for multiple transactions to take place asynchronously.
- Instantaneous transactions: DAG network transactions are faster than transactions based on the POS and the POW. Also, DAG technology eliminates the high fees in traditional blockchain technology by charging micro transaction fees.
- No mining involved: DAG eliminates miners in the network. Users do not have to wait for miners to verify each transaction, this makes each transaction goes through instantly.
- Efficient transaction structure: DAG technology is able to control the width of the network to ensure quick transaction validation.
- Security: FANTOM are implementing military grade security with transactions encrypted by elliptic curve cryptography (rather than non-ECC based on Galois fields).
FANTOM ICO Details
FANTOM’s FTM token will enable the expansion of the ecosystem. The total token supply will be 3.175 billion initially. The total hard cap is $39,800,000.
The tokens will be distributed as follows: 30% is assigned to market development, 15% to advisors, 40% to the token sale, and 15% will go to the founding team.
The senior team consists of eleven talented PhDs, and industry veterans with many years of experience working on successful projects. Additionally, the development team is made up of sixteen members and growing.
Dr. Ahn Byung Ik is the Founder and CEO. He holds a Ph.D. in computer science from Yonsei University, and has also attended Stanford graduate School of Business and Seoul National University. He was the CEO and founder of location based tech company Point-I Co., Ltd which had a successful IPO. He currently serves as board member of the Korea Internet Experts Association and as president of the Korea Food Tech Association.
Bob Tucker is the COO. Bob has over 25 years experience in business management for leading asset managers and financial institutions. Bob’s experience includes being CFO of Barclays Capital within futures and options and he has also worked for MAN group, KPMG and other very well renowned companies. Bob has more recently acted as advisor to the Enosi Foundation.
Sean Yun is the CFO. He currently serves as auditor to a number of companies in Seoul. Sean has several years experience as manager for the Industrial Bank of Korea. Sean is the CEO of foodntable.
Isaac Lee is the CIO. Isaac serves as general partner in Blockwater Capital which is one of the leading digital asset investment firms in Korea. Jake Choi is CMO and serves as Chief Investment Officer at Digital Currency Holdings. He holds a Bachelor of Commerce degree from University of Sydney and has strong experience within the finance industry (Macquarie Group, Kyobo Securities, Capital Markets CRC). Jake also acts as an advisor for the Enosi Foundation.
FANTOM has collaborated with highly-renowned international companies as detailed below:
Oracle requires little introduction being the second largest software company in the USA. Oracle develops both software and hardware for companies all over the world. FANTOM have partnered with Oracle Korea and have recently presented in Oracle Korea’s headquarters in Seoul.
Softbank Commerce Korea
Softbank is a renowned international conglomerate and fourth largest public company in Japan. Softbank describes its vision as advancing the information revolution with leading modern technology. FANTOM have partnered Softbank Commerce Korea. Softbank Group’s annual revenues in 2017 exceeded 80bn dollars.
Quantum Equity Partners
A private equity company lead by CEO Hak Gyun Kim who acts as advisor to FANTOM. Quantum Equity Partners invest in companies with high growth potential.
King & Wood Mallesons
Based in Hong Kong, King & Wood Mallesons (KWM) is one of the world’s biggest law firms based on revenues and number of lawyers. KWM has 27 offices across multiple continents.
Based in New South Wales, Australia, Blockchain Partners is a digital assets investment firm. Ashton Hettiarachi is the CEO of Blockchain Partners and acts as advisor to FANTOM.
Bibox, an investor in FANTOM, is a top 10 cryptocurrency exchange with c.200m dollars of daily volume. The investment by the highly regarded exchange only further lends credence to the project.
Korea Food-Tech Association
An association consisting of 80 companies which was developed by executives, academics and venture capitalist firms and headed by FANTOM CEO Ahn Byung Ik.
FANTOM has an all star team, top tier partnerships and highly ambitious technology that aims to disrupt multiple industries across the world. Private sales were oversubscribed multiple times over to some of the biggest names in the cryptocurrency space and for good reason.
Crowdsale whitelist is open until 12 June and we urge investors to take heed at what is shaping up to be one of the top ICOs of 2018.
Please be aware that no portion of this article should be construed as financial advice or a solicitation of investment. We strongly recommend that you consult a licensed financial advisor before investing, speculating or trading in any digital currency or in any other asset class.