Blockchain technology is transforming, and co-founder of Fantom, Andre Cronje, is leading the charge to bring it into the modern era. In his view, blockchain has been stuck in a time warp, akin to the technology landscape of the 1980s. He emphasizes that during that period, the internet and technology were predominantly used for financial applications because digitizing financial transactions was the only economically viable option.
Fantom teases new Sonic upgrade technology
Fast forward to today, and the situation has changed dramatically. The standards of technology have evolved to the point where conducting financial transactions on the blockchain can be incredibly cost-effective, often costing just a fraction of a penny. However, not all blockchain networks have kept pace with these advancements. Cronje highlights that using networks like Ethereum can still be notably expensive, and Bitcoin, while renowned for its security, can also be slower and costlier, as observed during the rise of decentralized finance (DeFi) projects.
Cronje’s solution to this predicament is a significant upgrade to Fantom’s technology stack known as “Sonic.” As the name implies, Sonic is optimized for speed and aims to propel Fantom into the forefront of blockchain innovation. Fantom, in its current form, is one of several layer-1 blockchain networks, akin to Avalanche and Solana, with the common goal of enhancing transaction speeds and reducing costs for cryptocurrency users. Established in 2019 following a successful $40 million fundraising effort, Fantom operates using a variation of the proof-of-stake consensus mechanism called Lachesis.
Additionally, it is compatible with Ethereum, enabling it to interact seamlessly with the Ethereum network. Sonic, according to its creators, is set to deliver a remarkable 65-fold speed boost to Fantom. This upgrade will not only make launching a network node more accessible but will also significantly reduce the storage costs for network nodes. The primary objective is to lower the barriers for everyday users to participate in securing the network. Andre Cronje is confident in Sonic’s capabilities, asserting, “We believe it will be top tier in every metric.”
Sonic upgrade and its promise of speed and accessibility
Fantom has also clarified that participating in this network upgrade will still require users to stake a substantial 50,000 native FTM tokens. At current prices, this amounts to approximately $11,222, as reported by CoinGecko data. Cronje envisions a specific clientele for Sonic, with his sights set on credit card companies and international banks. While specific names were not disclosed, he did indicate that his team is in ongoing discussions with such institutions. He highlighted the inherent problems with existing blockchain technology, emphasizing that it is often slow, lacks scalability, and proves to be prohibitively expensive.
Comparing it to outdated technology, he mentioned that Institutions don’t build on 56k dial-up and 486 processors for the same reason. The need for technological advancement in the blockchain space is paramount, and Cronje believes Sonic is a significant step toward creating the infrastructure institutions require when harnessing blockchain technology. Fantom’s Sonic upgrade has only recently rolled out its testnet, providing developers and users with a sandbox environment to explore and test the network’s capabilities.
A full launch of Sonic is anticipated in the upcoming spring, promising further enhancements to the blockchain ecosystem. Furthermore, additional updates for the testnet are on the horizon for later this year, and developers are encouraged to begin experimenting with the network. The platform’s compatibility with Ethereum and its ambitions to attract major financial institutions further underscore the significance of this upgrade for the blockchain industry as a whole. As Sonic matures and receives more real-world testing, it is poised to contribute to the ongoing evolution of blockchain technology.
A Step-By-Step System To Launching Your Web3 Career and Landing High-Paying Crypto Jobs in 90 Days.
