AMA session with Fantom
On November 5th, Team Atomic had an AMA session with Fantom, a fast and scalable distributed ledger platform based on DAG technology, in our Telegram Chat. The team members present in the discussion with our community were Michael Kong (Chief Information Officer) and Michael Chen (Chief Marketing Officer).
Here are the essential points of the AMA session:
Please welcome Michael Kong (MK), Michael Chen (MC) and the questions from our Telegram chat members (Q).
Q: How will Fantom contribute to the ecosystem?
MK: Fast and secure aBFT, new ways of achieving consensus, and new verifiable middleware computing engines.
Q: How’s the progress of business development and what are some of your commercial partnerships?
MK: A major South African bank, partners and potential partners in Dubai, and some more potential banking relationships in Eastern Europe and the Middle East.
Q: What is your roadmap for Q4 2019 and 2020?
MC: For the foundation, the roadmap is a mix of delivering Go-Lachesis before the end of Q4, working on our LLVM, and producing more research for everyone.
Q: What is Fantom’s primary infrastructure model to prevent any mishaps like data loss, hack or similar?
MC: The network is secured by delegated Proof-of-Stake. If validator nodes mess up, they’ll get a piece of their stake slashed like with Cosmos.
Q: What is the advantage of Directed Acyclic Graph (DAG) technology?
MK: It allows the network to achieve consensus using aBFT or Asynchronous Byzantine Fault Tolerant.
Q: Can you explain the concept of Elliptic-Curve Cryptography? What’s the main security work of this technology in Fantom Blockchain and can this technology handle major blockchain attacks?
MK: There’s a lot of mathematics behind Elliptic Curves to increase the security of cryptography. We use ECC as Ethereum does for Keystore management. You can read a lot more about it online.
Q: What are the real-life utilities of FTM tokens? How will you increase adoption?
MK: Real-life utility is being able to stake to secure the network, pay for transactions, and voting on on-chain governance proposals.
Q: Fantom’s Opera Chain runs on a unique Lachesis Consensus Algorithm (LCA). What are the LCA algorithms? What’s the difference between LCA and other algorithms like PoW, PoS, etc.? Why LCA is better than other consensuses?
MK: LCA is Lachesis Consensus Algorithm. It uses PoS but it is a leaderless PoS, which means all nodes are equal there are no masternodes. The technical papers and documentation describe in-depth how it works.
Q: How do you rate your tech team? How does the experience of your tech team stands out? What do you think makes Fantom so appealing?
MK: Fast, secure and aBFT consensus makes the project stand out, as well as our strong teams.
Q: How does aBFT Lachesis work? What is the difference between Lachesis aBFT and other major consensus mechanisms like Tendermint pBFT?
MK: aBFT is Asynchronous Byzantine Fault Tolerance. It means that transactions are confirmed as soon as they enter the network instead of waiting in a queue like in Bitcoin or Ethereum. Lachesis consensus is the protocol that is followed when confirming transactions. It has nothing to do with Ethereum.
Q: How difficult will it be for exchanges to integrate Fantom’s native coin?
MC: We are making the documentation as easy as we can and it shouldn’t be rocket science, so to say.
Q: When are you going for mainnet? What are the advantages of launching your own mainnet? Why are you leaving the Ethereum blockchain? Is there any specific reason?
MC: Launching the first mainnets before the end of Q4. We’re working on the best consensus we can come up with but it’s going to be compatible with Ethereum. They can put it into for Ethereum if they want to.
Q: Which types of partnerships has Fantom done with Yonsei University Programming Languages Team? What are the long term benefits of those partnerships?
MK: They are working with the programming languages team from the University of Sydney run by Associate Professor Bernhard Scholz. They are working together on developing a new verifiable middleware (compiler and virtual machine) as well as a new database to replace rocksdb that Ethereum currently uses.
Q: Is the Fantom team experiencing any technical or developmental problems that they didn’t foresee before?
MK: It’s taken a little longer than we hoped to get the mainnets out but we are getting close. There has been a lot of work done.
Q: Why do you have this TPS? What purpose does it serve? Is it just trying to have a bigger number than everybody else or is there a genuine reason?
MC: I think we are past the TPS war that we saw in 2018. I think what set great projects apart from cool projects is a low time-to-finality, responsiveness so to say. Being able to perform an action to something and get immediate feedback are the goals.
Q: Please describe more about the Fantom Staking System.
MK: It’s leaderless, so all nodes are equal. There is no delegated Proof of Stake (PoS), supernodes, masternodes, etc. There is a variety of incentive mechanisms to encourage validators to run higher-performing nodes. More details are available on the FIPs Github repository.
Q: As a developer, which types of programming languages are supported by Fantom virtual machines smart contracts? Which language is more functional for writing codes?
MK: We are currently using Ethereum Virtual Machine (EVM), so Solidity, Viper and other languages that compile to Ethereum Bytecode. Once our own register-based virtual machine is available, it will likely use the same set of languages. I think Solidity should work fine for the time being.
Q: How can smart cities benefit from Fantom DAG platform ledger innovation?
MK: By improving efficiency and communication by having one common ledger that different organizations and users can reference instead of having siloed databases and systems that don’t communicate with one another. Having a good consensus mechanism can ensure data can be shared and agreed upon securely.
Q: What is Fantom’s competitive and strongest advantage over others? How is Fantom Pay different from others?
MC: Advantages are a low time-to-finality with high throughput and the modularity and flexibility to integrate it into other products. Most integrators will build their own blockchain with the consensus as the heart and the FTM token to provide network security.
Q: Every normal project has a similar incentive concept like yours. How will Fantom incentive concept perform better than others?
MC: At the end of the day, the token economics need to make sense. Single token staking models are either not interesting enough in terms of reward or they introduce too much inflation. I think we struck a bit of a balance at a 15% return on stake annually if 70% is staked.
Q. What are the advantages of Fantom Pay over other cryptocurrency payment apps?
MK: Advantages are peer-to-peer, fast, secure and able to store tokens on your own device in the form of a key. Fantom Pay does not need to rely on centralized and 3rd party entities.
Q. How would you compare Fantom from Constellation? Both are DAG protocols that run smart contracts.
MK: Fantom has its own method of achieving consensus as explained in our technical papers and code.
We were glad to host Fantom Foundation on our Telegram. Thanks to the team and all the members of the session!