April 19, 2024
Fantom's Co-Founder Andre Cronje Aims to Modernize Blockchain Technology with Sonic
Latest Cryptocurrency News

Fantom’s Co-Founder Andre Cronje Aims to Modernize Blockchain Technology with Sonic

Andre Cronje, a co-founder of Fantom, wants to modernize blockchain technology.         

“Blockchain technology is stuck in the eighties,” he explained. “The internet and tech back then were predominantly used for financial applications simply because financial transactions were the only thing that made economic sense to digitize.”

According to Cronje, those transactions now cost a fraction of a penny due to modern standards, but they “would cost you much more” on networks like Ethereum. The market has previously witnessed that Bitcoin is slower and can also be more costly amid the ascent of Ordinals.

His remedy? Sonic is a significant enhancement to Fantom’s tech stack that is, as its name implies, speed-optimized.

Fantom is one of many layer-1 blockchain networks, including Avalanche and Solana, designed to increase transaction speeds and lower costs when using internet currency. Fantom, which was founded in 2019 after funding $40 million, runs on a proof-of-stake consensus algorithm known as Lachesis and is interoperable with Ethereum.

According to rumored statistics, Sonic will reportedly reduce network node storage costs, facilitate node launches, and speed up Fantom by an additional 65x. The goal is to make network security more accessible to regular users. According to Cronje, “We think it will be top tier in every metric.”

However, they will still need to stake a sizable 50,000 native FTM tokens, which, according to CoinGecko statistics, works out to $11,222 at today’s pricing.

Cronje wants to entice multinational banks and credit card businesses as part of Sonic’s ideal customer base. Without naming names, he said that he and his group are “having multiple conversations” with these companies.

“The problem with current blockchain technology is that it is slow, unscalable, and far too expensive. Institutions don’t build on 56k dialup and 486 processors for the same reason,” he stated. “The tech needs to catch up and we’re confident Sonic is a step towards developing what institutions need when leveraging blockchain.”

Fantom officially launched the Sonic testnet yesterday, which functions as a kind of sandbox for users and developers to test new networks before a full launch occurs in the spring of next year.

Developers are encouraged to start exploring the network as further testnet improvements are scheduled for later this year.

Image: Wallpapers.com

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