The Future of Decentralized Ecosystem
Smart contract blockchain
Park Gyo Seok - Development
FANTOM is the world's first DAG based smart contract platform that solves the issue of scalability and confirmation time of the existing blockchain technology.
The blockchain is experiencing challenges from a relatively new technology known as Directed Acyclic Graph (DAG). Whereas the blockchain smart contracts rely on “blocks,” the DAG version will run each transaction through a chain that solves it making the solution faster, therefore, enhanced execution. FANTOM is a DAG-based platform that will allow users to establish and execute smart contracts in a much flexible and scalable manner compared to blockchain-based agreements. Often without realization, most people do not realize that the blockchain technology carries its transactions and smart contracts within the blocks which run under the miners. With them in between it often presents several risks which tend to snag the trades. Through the DAG elimination of miners, the deals will go on quicker since the solution eliminates different transactions. The Opera Chain is the main component and works to confirm one transaction at a time without rights to modify any of the previously approved purchases. This will provide benefits like instant settlements, low fees, infinite scalability and more. The FANTOM platform main token (FTOM) will adopt an inflationary system which enables the expansion of the ecosystem. The total token supply will be 3.55 billion with an initial 5% inflation rate annually. Once the price reaches 20%, the rest of the tokens go into offering incentives and rewards for the FANTOM platform users. Still, it is tactful to note that the idea is still primarily on paper and plans to roll out once it finalizes all its developments at the beginning of 2019.
User ReviewWrite review 1 reviews
In conclusion, the FANTOM platform can genuinely change despite the foreseeable challenges. It smart contracts system could go into helping companies and individuals to build advanced business models for their economic quest. Additionally, their token model is somewhat unique as it helps to safeguard the value of the currency and ultimately regulate inflation levels. Will FANTOM become the future of smart contracts? Who knows, but it is probably wise to not bet against it at the moment.
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