Fantom is the world’s first Directed Acrylic Graph (DAG) based smart contract platform. The project intends to fix key issues with scalability and transaction confirmation time that plagues existing blockchain and cryptocurrency-related projects.
The Fantom team hopes to offer a service that provides secure and quick transactions via an open-source platform. They intend for Fantom to build upon current projects like IOTA, Nano, and Byteball that are already DAG-based. Fantom is setting themselves apart from potential competition by including dAPP smart contract infrastructure in conjunction with a DAG-based platform.
Fantom Project Technicalities
The Fantom Virtual Machine is scheduled to be unveiled on GitHub in June, and the main platform is slated to launch in Q3 2019. Stage one of the project is scheduled to be fulfilled around June 15th, 2018. Elements include the middleware beta launch, distribution of the Fantom wallet, and the design of Fantom architecture.
The entire project has three different layers. The bottom (OPERA Core) is designed for maintaining node consensus. The middle layer (OPERA Ware) will provide functionality for tasks like payment and incentivization. The top layer (OPERA Application) will offer public APIs for others to use.
A ERC20 token that will be released during the token sale will function as a placeholder for the Fantom FTM token. Tokens will be able to be swapped once the platform launches. Those on the platform can use the FTM token to pay for transaction fees and enable platform access. The Fanton team will also use FTM tokens to incentivize participation by rewarding nodes and users.
The token sale is currently scheduled to start on June 15th. According to the Fantom team, the tokens will be pegged to the USD and there will be 1,270,000,000 tokens available for purchase. The hard cap is currently set at $US 39.8 million, and money will be used for platform development, marketing, promotional activities, legal affairs, and administrative costs.
Token Sale: June 15 – 29
Hard Cap: $39,900,000 (40% of token supply)
Total Tokens: 3,550,000,000
Fantom has an experienced and well-built out team that incorporates people from a variety of relevant disciplines. CEO Ahn Byung Ik holds a Ph.D in computer science and has been featured across many of South Korea’s leading business media outlets. He is also the founder of the SikSin food-tech platform that has over 3.5 million downloads. Advisors include Steve Bellotti, CEO of Digital Currency Holdings, Eddy Travia, Co-Founder of Coinsilium, and Ran Neu Ner, current CNBC Cryptotrader Host.
The project has garnered a significant amount of news and the team members have not been shy about teaming up with other companies. Current partners include Oracle, SBCK, the South Korea Food Tech Association, Quantum Equity Partners, and Blockwater Capital.