Fantom Foundation CEO Michael Kong has unveiled the highly anticipated launch of Sonic, a groundbreaking blockchain technology that promises unparalleled scalability and security. With plans to build a shared sequencer for L1 and L2 chains and introduce simplified staking and liquid staking support, the Fantom team is set to revolutionize the world of blockchain. Stay tuned for more exciting updates and partnerships in the coming weeks.
Fantom Foundation CEO Michael Kong has revealed exciting launch plans and future developments for Sonic, a revolutionary blockchain technology. Kong highlighted the significant progress made since the launch of Opera Network in 2019, which laid the groundwork for the creation of Sonic.
Based on concepts studied by Andre Cronje, the Opera Network offered better scalability and latency than Ethereum at the time. However, as the network gained popularity, it faced challenges during high demand, leading to congestion and poor user experience.
To solve these issues, the Fantom team has been working diligently on Sonic for the past two years, with the goal of creating the most scalable and secure blockchain technology ever. Sonic claims the impressive ability to process 2,000 transactions per second (TPS) with sub-second finality, which is a significant improvement from Opera’s 200 TPS.
With Sonic’s technological capabilities, Phantom plans to further innovate and develop. The team intends to use Sonic to develop a shared sequencer for both the L1 and L2 chains, enabling the processing of over 180 million daily transactions with real-time, sub-second confirmation times. This development will serve as the foundation to relaunch Phantom as a community-focused brand.
To support the development and adoption of Sonic, Fantom plans to introduce a governance proposal that includes several key initiatives. These initiatives include the establishment of a secure and trustworthy bridge with native Ethereum access, the simplification of staking with a fixed 14-day unbonding period, and the expansion of the Sonic Labs grant program to incentivize developers to create unique and valuable applications. Is.
Additionally, Fantom aims to launch a comprehensive rewards campaign to thank existing users on the Opera Network and promote adoption of the new series. The introduction of Supersets, an upgrade scheduled for late 2024, will further enhance Phantom Virtual Machine (FVM) performance and increase overall efficiency. The team also plans to explore parallelization to boost Sonic’s performance and continue research on off-chain execution with on-chain validation.
Furthermore, Fantom recognizes the importance of a canonical stablecoin to the success of decentralized finance (DeFi) on both the Opera network and the new Sonic stack. Efforts are underway to implement a canonical stablecoin in the near future.
Michael Kong expressed his excitement about upcoming developments and partnerships. He assured the community that Fantom is committed to the development of the platform with the support of token holders, stakeholders and projects on Fantom.
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