Current Issues with Blockchain

The linear structure and the ability to access every record in a ledger is a feature of the blockchain that is both a strength and a weakness. It provides secure storage of all transactions, but it also creates a bottleneck that limits the flow of throughput and reduces the speed of transactions. The reliability of blockchain also limits it scalability: as the database grows the transaction times grow as well.

Because of these opposing traits, cryptocurrency has had a hard time breaking into everyday life. Slow transaction rates have made casual use unrealistic. Blockchain tech has shown the viability of decentralized crypto-systems but has also revealed its shortcomings.

Fantom’s Solutions to Blockchain’s Issues

Directed Acyclic Graphs are data structures that many believe may hold the answer. They can be used in a similar capacity as the blockchain, but with some very interesting distinctions. If the blockchain is a deck of cards all stacked one on top of the other, then DAGs have the cards organized to play a game of Pyramid. This arrangement of data allows much higher potential for scalability and transaction speeds than could ever be achieved with blockchain technology.

Korean based Fantom is one company that has big plans to apply DAG tech to revolutionize cryptocurrency. Moreover, they just may do it. Dr. Ahn Byung Ik, the CEO of Fantom, was not alone in his dream to see cryptocurrency expand its role in day to day life. However, he and his team have created a means to make this a reality.

Useful DYOR Information

Today’s Date : November 5, 2018

CoinMarketCap URL: https://coinmarketcap.com/currencies/fantom/

Webpage: https://fantom.foundation/

Coin Name : Fantom (FTM)

Total Supply : 1,377,263,178 FTM

Ico Price : 1 FTM = 0.0431 USD (0.00008634 ETH)

Ico Price : $ 0.04 = 1 FTOM

Tokens/Money Raised Through ICO : $39,653,398

Time Zone : GMT +9

White Paper : https://fantom.foundation/wp-content/uploads/2018/08/Fantom_WhitePaper_English_Latest.pdf

Token Type : ERC20

Fantom Foundation Team

Dr. Ik holds a PhD. in computer science from Yonsei University and has extensive experience in blockchain tech and distributed systems as well as social networks and computing. He developed a restaurant rating app that is widely used in Korea and is also the president of the Korea Foodtech Association, made up of 90 different companies.

Other members of the executive team include Bob Tucker (Treasury) former Head of Business Management for the Global Markets and Institutional Loans division of ANZ Bank. With over 25 years in the financial industry as well as experience in the crypto-world through his role as COO at Digital Currency Holdings, Tucker is a valuable asset to Fantom. Michael Kong (CIO) brings an extensive background in crypto to the team. He is the Chief Technology Officer at Block8 and built one of the first Ethereum decompilers and smart contract vulnerability detectors.

Over ten successful professionals signed on to advise Fantom on its development and progress. Executive Advisor Steve Bellotti is the former Managing Director at Global Markets & Institutional Loans at ANZ Bank and has worked for over 30 years for major financial institutions. Isaac Lee brings still more to the table. His experience as a general partner at Blockwater Capital, a crypto project developer, as well as his time as COO of KTRG, a digital asset consultancy company, both make him an essential resource.

Technical advisor Ashton Hettiarachi is a veteran in the crypto world. As CEO of the Australian firm Blockchain Partners Holdings, he has been involved in over 30 successful ICOs and accumulated billions of data points in different crypto-markets since 2016. The newest addition to their team, Andre Crojne, is a genuine powerhouse. He has over 20 years in development fields with an extensive crypto background. His work as a Blockchain Infrastructure Engineer at CryptoCurve and Blockchain Protocol Advisor at BitDiem give him an invaluable perspective.

Early Goals and Achievements of FTM

Fantom’s goal is to create harmony between transaction bodies all over the world, generating an environment that enables low-cost transactions in real-time with infinite scalability. They intend to do this using their unique DAG based blockchain protocol. Utilizing their proprietary OPERA software, Fantom will solve the scalability problem by rapidly processing blocks on a larger scale than has ever been seen before. OPERA’s Core Layer is estimated at a 300k transaction processing rate.

In January 2018, Fantom was officially launched after months of research and planning. They released a detailed roadmap outlining the steps to reach their goals. They have provided thorough progress updates on their website as well as opening up Q&As with their team. In their most recent update, they offered a live stream of the “Fantom Hangout” in Seoul. Different members of the team, as well as partners and advisors, gave talks and demonstrations on the growth and viability of Fantom and its various components.

Fantom currently operates using Ethereum ERC20 tokens, but in the third quarter of 2019, it will transfer to its own network for the mainnet launch. The token distribution for Fantom’s 3.175 billion units breaks down as follows: 48% open token sale, 30% market development, 15% Advisors/Contributors, 15% FANTOM Team & Founder. Team and founder allotments have a 2-year lockup and advisors, and contributor’s tokens are free after three months. Fantom raised all 39.6 million USD of its hard cap before the token sale. There was so much interest generated that a lottery was used.

Early Partnerships of Fantom Foundation (FTM)

Perhaps the most exciting possibilities for Fantom come in the form of the partnerships they have made across different industries. One of these collaborators is the Korean company POSBank, the leading POS provider in Korea, with offices on three continents and operations in over 80 countries. Their cooperation could lead to some interesting developments. Considering the existing POSBank network and client base, an integration of Fantom technology could see a large sample population begin using a convenient and familiar platform utilizing cryptocurrency.

Fantom also announced on October 31, a strategic alliance with the Danish giant Danfoss, a multi-billion dollar company and a significant player in efficient energy systems. They are investing heavily in solar and wind power and their distribution network for solar inverters operate across 27 countries. This partnership could prove to be a game changer for Fantom. With the resources, Danfoss can provide and the ability to incorporate Fantom’s technology into existing industries like marine transportation, manufacturing, and energy solutions making the possibilities endless.

“This partnership has the potential to revolutionize peer-to-peer energy platforms in the way Uber has revolutionized transport. Fantom and Danfoss will explore the possibilities of accelerating the development of the microgrid.” (Fantom Foundation).

The Future with Fantom Foundation

The issues of scalability and speed aren’t going away, and Fantom’s solution to these problems along with their network of partners separates them from the pack. As they continue to release updates and interact with the community leading up to the 2019 mainnet launch, we will be able to watch Fantom’s progress and development. They are an exciting project and definitely worth following.

Fantom Foundation Social Media Information :

Facebook

URL : https://www.facebook.com/Fantom.Foundation.English

Likes : 766 like — 930 followers

How Many Posts / Updates In The Last 7 Days : 2 Post

Twitter

URL : https://twitter.com/FantomFDN

Followers : 9662

How Many Tweets / Retweets In The Last 7 Days : 3

Telegram

URL : https://t.me/Fantom_English

Users : 33230 members

Telegram Admins

User Name : @gyuminar

User Name : @Thomas88888

User Name : @waghihnogoghi9

Reddit

URL : https://www.reddit.com/r/FantomFoundation/

Readers : 81 subscribers

Youtube

URL : https://www.youtube.com/channel/UCHON5FzG4iqFjx8f1pbZC_g

Subscribers : 200

Medium

URL : https://medium.com/@fantomFDNi

Followers : 886

How Many Updates In The Last 7 Days : 1

LinkedIn

URL : https://www.linkedin.com/company/fantom-foundation

Followers : 289

GitHub

URL : https://github.com/Fantom-foundation

How Many Updates In The Last 7 Days : 2

Extra

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Staff / Team Info :

Name : Ahn Byung Ik

Title : CEO

Bio : Dr. Ahn is the CEO of Fantom Foundation. He holds a Ph.D in computer science from Yonsei University and has been awarded the President Award for his successful IT business. Ahn is a contributing writer at Fortune Magazine, and has been featured in South Korea’s major business media outlets. In 2010, Dr. Ahn established a successful food-tech platform SikSin, which has since acquired over 3.5 million downloads and 22 million monthly page views. He is the president of the Korea Foodtech Association that consists of 90 companies as its members.

Name : Joseph Jang

Title : COO

Bio : Joseph Jang, COO of Fantom, is involved in multiple projects in the cryptocurrency industry. He works closely with global cryptocurrency exchanges as well as global investors. Joseph has experience in other industries including law, finance and media. He was the Director of International Investments at Sansoo Ventures where he helped implement the strategy for a global fund involving global partners. Joseph also has experience working for the South Korean government as a consultant.

Name : Jake Choi

Title : CMO

Bio : Jake Choi has been involved in the cryptocurrency space for over three years as an investor, trader, advisor and entrepreneur. Previously, he worked as Vice President of Sales at digi.cash, a digital currency platform, where he established their cryptocurrency brokerage and vaulting business, facilitating trades up to US$5million worth of cryptocurrencies. He led the Digital Currency Group at CMCRC working on network growth models, ICO valuation models and model portfolios. He holds a degree in Finance and Quantitative Analytics from the University of Sydney.

Name : Micheal Kong

Title : CIO

Bio : Michael Kong is a smart contract developer who has been involved in the blockchain space for several years. He previously worked as the Chief Technology Officer at Block8, a venture capital-backed Blockchain incubator where he managed all of the business’s projects. He studied Finance and Information Technology at the University of Sydney and built one of the first Ethereum decompilers and smart contract vulnerability detectors.

Name : Seung Mun Lee

Title : CFO

Bio : Seung Mun Lee is the Chief Financial Officer of Fantom. He has more than two decade’s of experience in the filed of finance, especially in equity fund management. He worked as a equity fund manager and analyst in Shinhan BNP Paribas, UBS-Hana and Midas Asset Management. He managed national pension fund and public officials pension and private school pensions over 10 years. He is currently heading Fantom’s management of funds in Korea, utilizing his comprehensive background in fund management. He led JAMED PEF, a leading private equity fund prior to join Fantom.

Company Address: Gangnam-gu, Seoul