Revolutionizing Blockchain Technology with Sonic by Fantom Foundation ๐
Michael Kong, CEO of Fantom Foundation, is excited to announce the launch of Sonic, a groundbreaking blockchain technology that promises unmatched scalability and security. The Fantom team has been working tirelessly to create a shared sequencer for L1 and L2 chains, along with introducing simplified staking and liquid staking support, aiming to transform the blockchain landscape. Stay tuned for more updates and exciting partnerships in the coming weeks!
The Evolution of Blockchain Technology
Since the inception of the Opera network in 2019, Fantom Foundation has been pioneering advancements in blockchain technology. The network, inspired by concepts explored by Andre Cronje, offered enhanced scalability and faster finality compared to Ethereum at the time. However, as the network grew in popularity, it faced challenges during peak usage, resulting in congestion and a diminished user experience.
- Fantom team diligently worked on Sonic for two years
- Aim to create the most scalable and secure blockchain technology
- Sonic processes 2,000 TPS with sub-second finality
Enter Sonic โ the culmination of two years of dedicated work by the Fantom team. Sonic represents a significant leap in blockchain technology, with the capacity to process 2,000 transactions per second (TPS) and provide sub-second finality. This marks a substantial improvement over the previous 200 TPS capability of the Opera network.
Innovating with Sonic
With the technical prowess of Sonic, Fantom Foundation is poised to drive innovation and evolution in the blockchain space. The team aims to leverage Sonic to develop a shared sequencer for both L1 and L2 chains, enabling the processing of over 180 million transactions daily with real-time, sub-second confirmation times. This development will lay the groundwork for the relaunch of Fantom as a community-centric brand.
- Plans to launch extensive rewards campaign
- To thank existing Opera network users
- Promote adoption on the new Sonic chain
To facilitate the growth and adoption of Sonic, Fantom Foundation intends to introduce a governance proposal outlining key initiatives. These initiatives include establishing a secure and trust-minimized bridge with native Ethereum access, simplifying staking with a fixed 14-day unbonding period, and expanding the Sonic Labs grant program to incentivize developers to create innovative applications.
The Future of Blockchain with Fantom
Fantom also plans to implement supersets, an upgrade scheduled for the end of 2024, to enhance the performance of the Fantom Virtual Machine (FVM) and improve overall efficiency. Additionally, the team will explore parallelization to boost Sonicโs performance and continue researching off-chain execution with on-chain verification. Efforts are underway to introduce a canonical stablecoin to support decentralized finance (DeFi) on both the Opera network and the new Sonic stack.
- Efforts to implement a canonical stablecoin for DeFi success
- Crucial for Opera network and new Sonic stack
Michael Kongโs enthusiasm for upcoming developments and partnerships is palpable. He remains committed to Fantomโs evolution, with the unwavering support of token holders, stakers, and projects on the platform. The future looks bright for Fantom Foundation and the blockchain community as a whole.
Hot Take: Embracing the Future of Blockchain with Sonic ๐
Blount Charleston stands out as a distinguished crypto analyst, researcher, and editor, renowned for his multifaceted contributions to the field of cryptocurrencies. With a meticulous approach to research and analysis, he brings clarity to intricate crypto concepts, making them accessible to a wide audience.