Not all projects need to revolutionize the user-facing component of the cryptocurrency industry. Fantom’s success lay in upgrading the back-end of various systems, allowing for faster transactions and a degree of cross-platform interoperability. Fantom’s infrastructure provides a much-needed boost for systems such as Ethereum – helping to alleviate persistent transactional friction problems on the older blockchain. Such business-to-business platforms rarely evoke the same fervor as more client-oriented projects, but the service they provide is often much more important.
In this sense, Fantom provides functional service, rather than flashy. Blockchain technology skews away from enterprise solutions – often launching a new coin for any marginal upgrade. Through direct integration, Fantom benefits from the success of prior cryptocurrencies – while still providing rapidly advancing technology. Near-instant transaction speeds for associated cryptocurrencies through cross-chain bridges represented a lofty goal during the last boom cycle – but Fantom now freely offers that service.
Network Upgrades and Chainlink Partnership
In April of 2021, Fantom launched its Go-Opera network upgrade. The upgrade revamped Fantom’s blockchain and further optimized the associated infrastructure. The new upgrade streamlines the onboarding process for new validation nodes, while also making staking reward claims simpler and more efficient. As part of the process, Fantom compressed prior history on the blockchain to space requirements for new nodes.
Alongside this upgrade, Fantom partnered with the Chainlink (LINK) oracle system to provide more robust randomness within the chain. The quality of random generation on a chain can greatly impact both security and fair distribution, preventing malicious incursions while ensuring no single entity can dominate rewards systems. Partnering with Chainlink helps bolster Fantom’s already impressive on-chain statistics.
Fantom: In the Real World
Outside of enterprise solutions, Fantom and the FTM token recently sponsored the PETRONAS Sepang Racing Teamfor their upcoming participation in the MotoGP Italian Grand Prix. Fantom branding will adorn the entire team – including frequent champion Valentino Rossi.
Fantom’s major outreach program recently brought upgraded functionality to Afghanistan’s National Medical Importation Security Initiative. The system aids in identifying counterfeit medicine – a large problem in a country that produces much of the world’s opium poppies for industrial usage. In Uzbekistan, Fantom reached out to collaborate with the local government to modernize Uzbek’s IT ecosystem – providing another example of Fantom’s widespread utility.