Fantom co-founder Andre Cronje decried the absence of a facelift to the blockchain technology that he labeled as stuck in the ‘eighties’ version. The executive expressed optimism in delivering the missing facelift to the blockchain technology while unveiling the Sonic testnet on Tuesday, October 24.
Blockchain Technology Deserve Injecting Futuristic Attributes
Cronje restated the need to facelift the blockchain tech and Fantom by injecting futuristic elements. The executive indicated that the internet and technology had a limited scope – predominantly in financial applications. He considers the limited user arose from the belief that financial transactions were exclusively the single task perceived as making economic sense for digitization.
Cronje restated that present standards have refined the transactions, leaving them as a fraction of the penny. The move lowers the transaction cost to unimaginable levels that users incurred on other networks, including Ethereum. He argues that Bitcoin still suffers slower and more expensive transactions, prompting the uptake of Ordinals, now witnessing accelerating demand.
Cronje portrays the solution lies in upgrading to Fantom’s technology stack, identified as Sonic. The executive added that Sonic leaves to its name by optimizing and facilitating speedy settlement of transactions.
Fantom to Benefit in Upgrade Delivering Speed and Cost Minimization
Fantom’s current form is among multiple layer-1 blockchain networks, including Solana and Avalanche, gearing towards speed and cost minimization in crypto-related transactions. Fantom traces to 2019, when it raised $40 million in funding. Its operations use a variant of the proof-of-stake consensus mechanism identified as Lachesis. Nonetheless, the Fantom network has compatibility with the Ethereum network.
Cronje confirmed in his Tuesday, October 24 statement the thrilling experience of unveiling the FantomSonic testnet environment. Sonic features a threefold upgrade comprising the Fantom Virtual Machine that delivers speedy, smart contract executive, unlike the conventional EVM. The second upgrade involves the Carmen database storage. Also unveiled by the Fantom Foundation.
Cronje hailed the successful Sonic testnet that, when unveiled on mainnet, will apparently revolutionize Fantom into 65X speed. Its accomplishment will ease the unveiling of nodes and minimize storage costs incurred for the network nodes.
Cronje profiled Sonic as advancing the idea of lowering existing barriers confronted by everyday users and the network’s security. Accomplishing the objective will transform Sonic in all metrics. Such achievement mandates staking a huge 50,000 native FTM tokens, translating to $11222, as illustrated by CoinGecko data.
Cronje admitted that Sonic’s ideal clientele is within the financial sector. The Fantom co-founder is optimistic that Sonic’s speed and lower cost will lure credit card entities and international banks. The executive was noncommittal on the potential clientele, instead confirming existing conversations with the firms.
Fantom’s Cronje Urges Blockchain Tech Facelift
Cronje admitted that the problem arises from the slow, expensive, and unscalable blockchain technology. Institutions are hardly leveraging the 56k dialup or the 486 processors.
Cronje indicates that blockchain technology should embrace the catch-up game. He was optimistic that Sonic would pave the way for a development desired by institutions that seek to leverage blockchain.
The criticism of blockchain technology is timely considering that the enthusiasm surrounding it appears to be subsiding as the tech talents and innovations pursue a piece of the returns in artificial intelligence.
Only some conventional companies are pursuing blockchain in their upcoming projects, forgetting the efficiency it guarantees in easing operations.
Besides, the mainstream financial institutions are yet to exploit the optimum potential of blockchain technology as they integrate their infrastructure into becoming the backbone to support crypto trading.
Cronje indicated that Fantom only unveiled the Sonic testnet involving a sandbox restricted to support users and developers to trigger the network’s tires. Nonetheless, the full launch could be unveiled in the upcoming Spring.
Cronje indicated that Sonic testnet would witness several updates later this year. However, the Fantom co-founder invited the developers to experiment with the network.
Editorial credit: Ira Lichi / Shutterstock.com
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