Cryptocurrency
Fantom’s Andre Cronje Says Blockchain Tech Wants Modernising
Blockchain know-how, regardless of its revolutionary potential, is in some ways “caught within the eighties,” in keeping with Fantom (FTM) blockchain co-founder Andre Cronje.
Talking in an interview with crypto information outlet Decrypt on Wednesday, Cronje stated he believes it’s time for a major improve to deliver this know-how into the fashionable period.
Within the interview, Cronje famous that when the Web was first developed, it primarily served monetary purposes as a result of digitizing monetary transactions made financial sense.
Quick ahead to right this moment, these transactions price solely a fraction of a penny, whereas utilizing a community like Ethereum (ETH) usually leads to considerably greater prices.
Cronje additionally highlighted Bitcoin’s comparatively slower and costlier nature, particularly during the rise of ordinals, non-fungible tokens (NFTs) on the Bitcoin (BTC) community.
Fantom’s Sonic improve
In keeping with Cronje, Fantom goals to sort out these points with a considerable tech stack improve referred to as Sonic, an answer that went reside on testnet as lately as this week.
At present, #Fantom is thrilled to announce the launch of the #FantomSonic testnet atmosphere!
Sonic’s three foremost upgrades embrace:
• Fantom Digital Machine, which gives drastically sooner sensible contract execution in comparison with the previous EVM.
• Carmen database storage, which makes use of a… pic.twitter.com/shovQtzMkd
— Fantom Basis (@FantomFDN) October 24, 2023
The Sonic improve is optimized for pace and seeks to offer an answer that’s each cost-effective and environment friendly, the Fantom co-founder defined.
It’s price noting that Fantom, like different layer-1 blockchain networks comparable to Avalanche (AVAX) and Solana (SOL), focuses on enhancing pace and decreasing prices for crypto transactions.
The Sonic improve is anticipated to extend Fantom’s pace by an extra 65 instances, make node launches extra accessible, and scale back the storage prices for community nodes.
Mixed, this may make it simpler for on a regular basis customers to take part in securing the community, a essential facet of decentralization.
Cronje envisions that Sonic’s improved know-how will entice bank card firms and worldwide banks, making blockchain extra viable for his or her operations.
He highlighted the present limitations of blockchain know-how, which is commonly seen “gradual, unscalable, and much too costly,” and stated he believes Sonic is a major step in the direction of aligning blockchain know-how with the wants of establishments.
