Fantom ecosystem has announced about the new upgrade Fantom Sonic. With a brand-new virtual machine, improved database storage, and optimized consensus, Sonic is anticipated to achieve 2,000+ transactions per second (TPS) at an average finality of one second while consuming a fraction of the storage used by its predecessor, Opera. The upgrade is the latest step in Fantom’s mission to improve its underlying platform without resorting to sharding or additional layers. Read More
Introduction to Fantom(FTM)
Fantom (FTM) is a cryptocurrency and blockchain platform designed to address the scalability issues that have been a challenge for many existing blockchain networks. Launched in 2018, Fantom aims to provide a fast, secure, and scalable solution for decentralized applications (dApps) and smart contracts.
At its core, Fantom utilizes a Directed Acyclic Graph (DAG) consensus algorithm, known as the “Lachesis” protocol. This differs from the traditional blockchain structure seen in networks like Bitcoin and Ethereum, which use a linear chain of blocks. In a DAG structure, transactions can be confirmed asynchronously, allowing for improved scalability and faster transaction speeds.
One of the primary goals of Fantom is to overcome the scalability limitations that have plagued other blockchain networks. The traditional Proof-of-Work (PoW) consensus mechanism, employed by Bitcoin, and the Proof-of-Stake (PoS) mechanism used by Ethereum, have faced challenges in handling a growing number of transactions efficiently. Fantom’s Lachesis protocol introduces a more efficient way of reaching consensus, reducing confirmation times and increasing throughput.
Fantom’s architecture is designed to achieve high transaction speeds, making it suitable for various use cases, including financial applications, supply chain management, and decentralized finance (DeFi). The platform’s consensus algorithm enables thousands of transactions per second, offering a level of scalability that is crucial for the widespread adoption of blockchain technology.
Fantom’s native cryptocurrency is FTM, used for transaction fees, staking, and participating in the network’s governance. Staking is a key feature of the Fantom platform, where users can lock up their FTM tokens to help secure the network and, in return, earn rewards.
The Fantom Foundation, the organization behind the development of Fantom, plays a vital role in fostering the platform’s growth and ecosystem. It collaborates with various partners, including governments, enterprises, and academic institutions, to promote the adoption of Fantom technology in different sectors.
Decentralized Finance (DeFi) has gained significant traction in the blockchain space, and Fantom has positioned itself as a viable platform for DeFi applications. The platform offers low transaction fees and fast confirmation times, making it attractive for DeFi projects that require these features.
The Fantom Opera Chain is the mainnet of the Fantom platform, where transactions and smart contracts are executed. It supports the Ethereum Virtual Machine (EVM), allowing developers to easily port their Ethereum-based dApps to the Fantom network. But Opera chain is going to update to Fantom Sonic, which is a much needed update. Fantom Sonic will completely change the Fantom ecosystem.
What is Fantom Sonic?
Fantom Sonic is the name that covers the new Fantom technology stack, replacing the previous Opera. The new technology stack is included in the new Fantom Sonic Client that validators and other nodes will run to power the network, which comprises mainly the Fantom Virtual Machine (FVM), Carmen database storage, and an optimized Lachesis consensus mechanism.
In other words, Sonic is the next iteration of the Fantom network, with no hard fork required for the upgrade. Existing smart contracts, services, and tools on Fantom Opera should be fully compatible with mainnet Fantom Sonic as the FVM is fully compatible with the EVM and its programming languages (Solidity, Vyper etc).
In unison, the three upgraded components of Sonic elevate Fantom to unprecedented levels and allow the network to achieve an anticipated 2,000 TPS at a finality of around one second with up to a 90% reduction in storage, putting Fantom far ahead of its peers.
As users continue to embrace blockchain-powered applications, a single popular application can slow an entire network. Sluggish performance of the network prevents the overall adoption of emerging decentralized applications. With its innovative technology, Fantom will allow new markets to adopt blockchain technology previously hindered by limited transaction throughput and slow finality.
We envision a new era of DeFi platforms, blockchain games, high-frequency oracles for perpetual trading, and many other applications that can leverage the speed and scalability of Sonic. Additionally, due to the significantly reduced storage requirements, it will be far more affordable and accessible to run a node on Fantom to partake in network consensus or provide data to dApps.
Frequently asked questions
What is Fantom Sonic, and what does it encapsulate?
Fantom Sonic is the name that covers the new Fantom technology stack. Essentially, it is the next iteration of the Fantom network, with no hard fork required for the upgrade. Existing smart contracts, services, and tools on Fantom Opera should be fully compatible with mainnet Fantom Sonic.
The launch of Sonic comprises three main components that scale Fantom to new heights:
● A new virtual machine, the Fantom Virtual Machine (FVM), which increases our transaction throughput significantly while maintaining ultra-short finality.
● A new database storage, Carmen, which reduces storage requirements by up to 90%, providing greater cost efficiency for validators and accelerating the Foundation’s ability to deploy archive nodes from weeks to approximately 36 hours.
● An optimized Lachesis consensus mechanism, which brings a vastly improved transaction pool.
Fantom Sonic is in its testnet stage at the moment and will roll out as a mainnet to replace Fantom Opera in spring 2024. Currently, Sonic offers two different testnets: the closed testnet aims to showcase the maximum theoretical limits of Sonic, whereas the open testnet is interactive, allowing any user to experience Sonic directly.
What about the FVM?
The FVM (Fantom Virtual Machine) is just one component of Sonic and a substantial improvement over the previous Ethereum Virtual Machine implementation.
Most importantly, this new virtual machine allows Fantom validators to execute smart contracts more efficiently.
Does the FVM still run Solidity smart contracts?
Yes. The FVM is fully compatible with the EVM and its programming languages (Solidity, Vyper, etc.), so smart contracts do not need to be changed.
What is Fantom 2.0?
Fantom 2.0 is Fantom Sonic. It is the name that has been used leading up to the announcement of Sonic.
Will it replace Fantom Opera?
Yes. Fantom Opera is the name of the technology stack that Sonic will replace.
Will there be a hard fork?
No. This means that existing smart contracts, services, and tools on Fantom Opera should be fully compatible with mainnet Fantom Sonic.
However, there may be even more significant performance gains with further testing that may require a hard fork in the future, but the current plan is not to hard fork Fantom Opera.
When does the Sonic mainnet release?
The exact timing is to be determined, but we anticipate deploying the mainnet in spring 2024.
When is the Sonic testnet opening to the public?
On Tuesday, October 24, 2023.
