Fantom is launching the world’s first smart contract platform on a DAG network with speeds of at least 300k transactions per second. DAG stands for Directed Acyclic Graph, this is a type of blockchain network that boasts incredibly fast transaction speeds and has been utilised by other platforms such as Nano or RaiBlocks.
Fantom solves the current scalability problem that plagues the smart contract based protocols such as Ethereum, EOS, NEO and the list goes on. The structure of the Fantom DAG means that upon its launch it will easily reach a transaction speed of 300,000 transactions per second. This speed will grow in a linear fashion as the number of nodes on the network increases. It is not far-fetched to expect Fantom to reach speeds of over a million transactions per second in a few years’ time.
To put that into perspective Visa currently processes 1,700 transactions per second, however it claims it can process 24,000 transactions per second, Ethereum currently supports 15 transactions per second.
The Fantom DAG network structure allows it to have theoretical infinite scalability. You may be asking if Visa only processes 1,700 transactions per second right now why would we ever need a system that can process millions of transactions per second. Some of the industries Fantom is set to disrupt include the IOT industry and the micro transaction industry. Both of these budding industries will rely on a payment processing service that has high speeds and virtually no cost. Whether it is paying on a per second basis for the use of a rental car or a Netflix account, fast and cheap transactions will become a necessity in the not so distant future.
The team includes 16 developers, 10 noteworthy advisors including Steve Bellotti of Digital Currency Holdings and 11 Foundation Members headed by Ahn Byung Ik. Ahn has an impressive track record, he was the founder of SikSinan established a successful food-tech platform. He is the president of the Korea Foodtech Association that consists of 90 companies as its members.
The Fantom Foundation has already secured a partnership with the Korea Foodtech Association which heads an industry doing over $200B annually.
Other notable partners include Oracle, SoftBank Group and Coinsilium. The Fantom project has also garnered support from leading investment groups such as Blockwater Capital, TCM and HyperChain Capital.
The Fantom ICO begins on June 8th 2018 and is seeking to raise $39m for 40% of the total number of tokens making the total market capitalisation at the time of ICO $99m.
This is a modest amount when comparing the value of similar projects such as Nano which has increased almost 5,000% since ICO.
Similar products already in market (Hpb, XBY, Nano) much further along in development.