As a consensus mechanism, FANTOM wants to use a so-called Lachesis protocol. This should make over 300,000 transactions per second possible. (Comparison: Bitcoin approx. 7-11, visas theoretically up to 56,000, on average approx. 1500-2000).
The FANTOM infrastructure consists of 3 layers:
Opera Core Layer: Forms the foundation – here the Lachesis protocol is used for the validation of the transactions by the nodes.
Opera Ware Layer: Function to execute transactions, rewards and incentives and to store data.
Opera Application Layer: Provides API interfaces for creating decentralized applications (dApps) that can be created for Smart Contracs, for example.
While tracking of past transactions is limited at Ethereum, this should not be a problem at FANTOM using the root hash (called story root). This is particularly important for the supply chain industry, as you have to track the complete route of a product from manufacture to sale.
FANTOM will provide its own virtual machine to run Smart Contracts. Ethereum uses its own virtual machine EVM with the programming language Solidity. At Fantom, the programming language “SCALA” will be similar. Whether it will be possible to switch dApps running on Ethereum to Fantom is not known.
The goals are ambitious but they take up a very acute topic, because today’s blockchains have to struggle with problems of scalability, which still holds up the entry into the mainstream.
We give 5/5 points for the idea + solution approach.
Market and competition on Bitcoin Code
Blockchain technology is still in its infancy. The potential is gigantic. While many “experts” consider Bitcoin & other crypto currencies worthless, almost everyone is certain that the technology behind it has an enormous value for almost all economic sectors. So a race has started to create the “perfect” blockchain on which all other protocols and dApps are based. Because the current blockchains are still struggling with teething troubles. No wonder it is scam that more and more projects with new ideas are emerging. The market is huge, but as with the evaluation of the Quarkchain project, the same applies here: The project that first solves the scaling problems could make most other projects unnecessary.
There are enough competing projects. We have already mentioned a few. The most similar Bitcoin Code seems to be the ICO project Hedera Hashgraph, which has pretty much the same DAG approach as FANTOM. But even this project is still a long way from final completion.
Since FANTOM, unlike most other projects, is particularly responsive to the supply chain market and the CEO maintains good contacts with the food technology industry, this is a particularly good opportunity for market entry.
So far only one well-known partnership, with Oracle, is known. FANTOM raised USD 6 million in venture capital in a private round.
We score 3.5/5 points for the market/competition ratio.
Project development and roadmap
The FANTOM project is still relatively at the beginning of development. The whitepaper was recently published. Thus there is neither a TestNet on which the idea is tested nor a prototype that can somehow illustrate the idea. After all, the whitepaper explains the project in relative detail on almost 60 pages, or at least how it works theoretically. On June 15th a part of the project will be tested in the beta phase.
Due to the well elaborated whitepaper and the partly created prototype we have 2.5 / 5 points for the development status.
On June 15, at the start of the ICO, a major update is planned, namely the middleware beta launch and the validation of the Lachesis protocol. A further milestone is to be reached in the third quarter of this year. If you assume that the FANTOM token will be listed on a stock exchange in July / August, you can expect a new update at short notice, which could increase the price.