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Fantom's Surprising Rally Reflects Blockchain Tech Most in Demand Thanks to a number of exciting project launches and a hefty network upgrade, Fantom is becoming increasingly popular among developers who are looking for fast and affordable blockchain transactions

By Julian Lim

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Julian Lim

The Fantom platform recently reported that more than 77,000 users have created Fantom wallets, representing a 70 per cent month-over-month increase. The number of daily transactions on the platform now typically exceed 200,000, with an average of 2.6 daily transactions per wallet overall.

The blockchain platform in late April celebrated a $15 million investment by leading digital assets management company HyperChian Capital that reaffirmed the confidence many industry insiders have with Fantom.

On April 22, 2021, the government of Tajikistan signed an agreement with the Fantom Foundation to use its blockchain-based IT solutions to power Tajikistan's e-government platform, an ambitious project that prioritizes the digitalization of the country's information infrastructure.

One-second transaction speed sets industry milestone

To make a lasting impact in the blockchain space, one must go beyond today's technologies and Fantom team understands that. Perhaps the most impressive recent feat achieved by Fantom is its Go-Opera update that first went live on April 29. The update boosted Fantom's already very fast transaction speeds to an average of just one second. Leading blockchains are still limited to transactions that can take up to an hour to complete, which could lead to scalability problems down the line for those platforms.

"With the latest network upgrade we improved Fantom's already outstanding performance. Now users can experience almost instant transactions, making Fantom the fastest blockchain platform. We also saw a massive increase in usage, with more than 200,000 daily transactions and thousands of new users joining every day." explains Michael Kong, CEO of Fantom Foundation.

Fantom is able to ensure speedy transactions without compromising security by using an aBFT consensus, called Lachesis, (asynchronous Byzantine Fault Tolerant). This makes it possible for nodes to reach an agreement without timing assumptions, even if part of a network acts maliciously. This is different from the procedure used by other blockchains, which typically use synchronous transactions that can only append one transaction at a time.

In addition, the aBFT algorithm can achieve absolute finality, which means that a transaction is finalized and cannot get reversed. This provides an extra layer of protection for Fantom transactions.

Lowest-possible transaction fees draw in new developers

To sweeten the transaction, Fantom has continued to take advantage of ways to keep transaction fees to a minimum.

As blockchain transaction fees continue to increase, Fantom is keeping fees low to make it possible for small developers and startups to have fair access to blockchain transactions.

Fantom is secured by Proof-of-Stake, unlike other blockchains that operate using Proof-of-Work security. Proof-of-Stake requires much less electricity, so it's better for the environment and more affordable to operate.

Significant growth potential

Fantom has the potential to bridge the gap between existing blockchain innovation and mainstream adoption. Which is crucial to bring blockchain usage into the economics of daily life.

The exceptionally low transaction fees in Fantom's network, will make it easy to apply blockchain technology across industries with large transaction volumes, such as e-commerce platforms, games and industries that require larger numbers of transactions. Fantom's enhanced tech enables complex communications and interactions to work simultaneously at almost zero cost.

The ability to build new and exciting applications on Fantom's blockchain, without having to worry about performance and scalability presents a wide range of new opportunities for developers and technology enthusiasts. This will be of great help to bring more people into the blockchain space and help with adoption in a never before pace.

Julian Lim

Tech entrepreneur, researcher and editor at Startup Fortune

Julian Lim is a technology entrepreneur and researcher. Julian has graduated from NUS in intelligent systems and started his career pursuing data analytics and research. He’s also an editor and senior writer at Startup Fortune, covering technology, startups, AI, blockchain and entrepreneurship.
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