Fantom Co-Founder Aims to Revolutionize Blockchain with Sonic Upgrade
Fantom co-founder Andre Cronje believes that blockchain technology needs a major overhaul. He argues that current blockchain networks are slow, expensive, and unable to scale effectively. While financial applications were the primary focus in the past due to the digitization of financial transactions, today’s standards have significantly reduced the cost of these transactions. Cronje’s solution is an upgrade to Fantom’s technology stack called Sonic, which is designed for speed.
The Need for Speed: Introducing Sonic
Sonic is a key upgrade to Fantom’s tech stack that aims to enhance speed and reduce costs in spending internet coins. Unlike Ethereum and Bitcoin, which can be slow and expensive, Fantom’s Sonic offers faster smart contract execution and optimized database storage. According to purported stats, Sonic will further accelerate Fantom by 65 times and lower storage costs for network nodes. The goal is to make securing the network more accessible for everyday users.
Targeting Credit Card Companies and International Banks
Cronje hopes that Sonic will attract credit card companies and international banks as clients. By improving blockchain technology, Fantom aims to address the issues of scalability, speed, and cost that currently hinder widespread adoption by institutions. Cronje and his team are already engaged in discussions with potential partners from these sectors.
Sonic Testnet Launch and Future Plans
Fantom has recently launched the Sonic testnet, providing developers and users with a sandbox environment to experiment with the network. The full launch of Sonic is expected next spring. Additionally, there are plans for further updates to the testnet later this year. Developers are encouraged to start experimenting with the network on the public Sonic testnet.
Hot Take: Revolutionizing Blockchain Technology with Sonic
Fantom co-founder Andre Cronje is determined to revolutionize blockchain technology with the introduction of Sonic. By addressing the issues of speed, scalability, and cost, Fantom aims to make blockchain more accessible and appealing to institutions such as credit card companies and international banks. With the launch of the Sonic testnet and plans for future updates, Fantom is positioning itself as a top-tier solution in the blockchain space. The full launch of Sonic next spring will mark a significant milestone in the development of blockchain technology.
Edited by Stephen Graves
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