Fantom AMA Recap

Fantom AMA Recap

CryptoDiffer team

We are glad to meet here:

Michael Kong (@mkong888) CIO at Fantom

Michael Chen (@MHchn) CMO at Fantom

Let’s CryptoDiffer x Fantom AMA get started

Q: Can you introduce yourself to the community? What is your background and how did you come to the idea to create your project?

Michael Kong
CIO

My background is in IT and Finance. I studied both at the University of Sydney. I had the opportunity to work on software that analyzed Ethereum bytecode to identify smart contract vulnerabilities, and was able to publish a few papers on it. I came to Fantom initially as an advisor to assist with their ICO, and was asked to stay on as a team member, and later as a director.

I think Fantom’s goals are to create a fast asynchronous Byzantine Fault Tolerant technology (aBFT) that is both leaderless and permissionless, meaning it is open for all to join and to use.

CryptoDiffer team

Q: Can you briefly describe what is Fantom in 3-5 sentences? What technology stands behind Fantom and why it’s better than the existing one?

 

Michael Kong
CIO

Fantom is being a varierty of software tools that, when combined, form an open source technology stack, that people can write, deploy, and run smart contract applications on.

There are three main parts of the stack

1. Consensus (i.e “Lachesis”): We’ve researched and developed an aBFT consensus protocol called “lachesis” which is both permissionless (anyone can join and leave the network) and leaderless (all nodes are the same – no DPoS) which is open soruce and available at the Foundation organisation on github. We believe it’s faster, and more secure, then existing solutions out there, in particular, those that are permissionled, run on DPoS, or use synchronous Byzantine Fault Tolerance.

2. Middleware: We are currently research the developing of a verifiable computing engines, such as Isekai (by Sikoba) that uses zero-knowledge proofs to verify code, as well as a verifiable compiler, register-based virtual machine, and database.

3. Application layer: we are using standard web3js apis to interact with hte middleware and consensus, so that people can write, deploy, and run smart contracts that they are used to.

 

CryptoDiffer team

Q: What are the major milestones you have achieved so far?

Michael Kong
CIO

– EVM fully integrated (will be used before new compiler and virtual machine is made)

– Full web3js integration done

– Consensus is done

– Dynamic participation (permissionless) done

– Deployment scripts done

– Number of technical papers published on arXiv

– Proof of Stake research done

– Stablecoin network with bank done

 

Michael Chen
CMO

Whereas MK is more active on the technical front and can tell you about that, I’m really proud of some of the things that our community does that you see nowhere else. They built their own community websites and ecosystems to push forward technical adoption,  people are building their own products on top of the tech, and we see people picking up on what we do very quickly and doing the same

 

Cryptodiffer Community

Fantom Wants to contribute in smart city development.. but for this #Fantom Need to involve and do partnerships with governments or Any Small government Bodies like district level or state level governments. So my questions is, Has #Fantom partnered with any government of any country so far?

Can You Please Tell Us Some Sucess Stories Of #Fantom Project Till now. 

Fantom is POS Based Project. Please Tell us more about Validation Staking & Transaction Based Staking. how will staking work? & What are requirements?

 

Michael Kong
CIO

Fantom has some partnership details it will release soon.

Success stories are the development of the stablecoin mainnet, which is production ready, in South Africa with the banking system, as well as the continued developments I’ve previously mentioned.

PoS details are available on the Github org and documents.

 

Cryptodiffer Community

What are the contributions you make in health and education, and has this been tested?

Any description of how “Open commerce application service” would work and look?

Michael Kong
CIO

We haven’t done work in health and education at the moment. We are focusing on Finance and getting a mainnet out with smart cotnract support, as well as smart cities.

“Open commerce application service” is a general term referring to the above.

Cryptodiffer Community

Q1. Will a regular person be able to run a validator node as long as they have the required staking amount and the required hardware specs?

Q2. Will there be a maximum number of nodes?

Michael Kong
CIO

1. Yes. It is leaderless (all nodes complete equal)

2. No, except boundedc by the total supply of FTM

Cryptodiffer Community

Q1. Will a regular person be able to run a validator node as long as they have the required staking amount and the required hardware specs?

Q2. Will there be a maximum number of nodes?

Michael Chen
CMO

Q1. I mean, technically this should be possible. The documentation is available and anyone will be able to run a node on Go-Lachesis from my understanding — but we really hope to see experienced node runners come forward because that’s good for the network, and well also good for the people themselves. Having 100% uptime is quintessential.

Q2. I do not believe we have a specific max number of nodes on the Go-Lachesis mainnet 

Cryptodiffer Community

Q1: FANTOM platform intends to be open-source: used and changed by the community, and to provide various application support tools that can be used to create decentralised applications (DApps). However, blockchain industry still face the biggest problem with DApps: inactive and useless status. Do you think this incentive can be a double-edged knife which lead to the appearing of them on FANTOM platform and does your team have a solution to prevent this?

Q2: To be successful on many real life adoption use cases like Smart Cities, Public Utilities, Health care, Education, etc, Fantom will need to have a close relationship with govenments. So, how will FANTOM convince them to cooperate with your project while  many countries government still consider about accepting or rejecting blockchain technology?

Michael Kong
CIO

1.  Biggest problem is scalability, while still maintaining network security. If we can prove that, it will go along way in terms of creating scalable apps.

2. It is a lot of hard work, but we are forming partnerships and using our contacts to acquire partnerships that are otherwise not open to others, such as in South Africa.

 

Cryptodiffer Community

What indicates different mainnets of fantom? Will they be able to communicate with each other like Cross-DAG communication?

Michael Chen
CMO

All the FTM tokens on the mainnets are drawn from the same supply — moved across in bridges. I believe that’s as far as they go in terms of interoperability right now.

Cryptodiffer Community

Q:I consider Fantom foundation   as an incentive reward model, not an investment product. If so, it looks better when Fantom uses it as a stable token. As long as Fantom is a cryptocurrency, value changes will occur from time to time and if holding benefits are low, the value will likely continue to decline, so I’m curious about why you didn’t use stable token  as an incentive model?

Michael Kong
CIO

There will be bridges between different mainnets, and ERC20 and BEP2 tokens (as currently exists) so people will be able to stake on different networks. Rewardsd are earned by contributing to the security of the platform, and there is a limited number of FTM.

 

Cryptodiffer Community

What indicates different mainnets of fantom? Will they be able to communicate with each other like Cross-DAG communication?

Michael Kong
CIO

There will be a bridge between FTM between different chains.

 

Cryptodiffer Community

1. Adoption is one of the important factor that all sustainable blockchain projects should focus to be more attractive in the investors’ eyes. Can you tell me what FANTOM has done and plan to do to achieve ADOPTION in the reality, real use cases, our real society…? 

2. What project do you consider as a competitors in this platform and  what differentiates FANTOM from them? 

Michael Kong
CIO

1. We’ve engaged with different partners, such as in South Africa, and now in Europe for the stablecoin mainnet. We also have partners who are interested in building apps on top of the mainnet with smart contract support, once it is stable and ready.

2. Competitors are other chains that have smart contract support.

 

Cryptodiffer Community

How Fantom project  is different from other project   ? Main points that make it different from others ?

what will you do if you FAIL in your Roadmap or Whitepaper ? And in what way you  will be back on  Track ?

Michael Kong
CIO

1. Previously discussed, but permissionless and leaderless aBFT, verfiiable computing engines, and relationships (particulary in banking) that are hard to come by

2. We will deliver

Cryptodiffer Community

I am curious to know 

 What are the “important core pillars of fantom” that makes it stand strong against everyone else in this blockchain industry?

Michael Kong
CIO

This has been previously been answered

Cryptodiffer Community

1. Adoption is one of the important factor that all sustainable blockchain projects should focus to be more attractive in the investors’ eyes. Can you tell me what FANTOM has done and plan to do to achieve ADOPTION in the reality, real use cases, our real society…? 

2. What project do you consider as a competitors in this platform and  what differentiates FANTOM from them? 

Michael Chen
CMO

1. Right now, we’re trying to put Fantom consensus into the blockchain products built by those who know their industries better than we do. Our goal is not to build the best blockchain in the world, our focus is on building the best consensus, as a module. A module that they can then go nuts with and add Cosmos SDK, EVM, or NFT’s to.

Cryptodiffer Community

To what extent have been the effects of the recent bearish market on Fantom platform? Have the recent poor market conditions hindered or stunted the platform’s progression and goals to be achieved in the nearest future ?

What is fantom nexus and what it means?

Michael Kong
CIO

1. Has not hindered. We’ve budgeted enough to last for years.

2. I am not sure

Cryptodiffer Community

Firstly, Thank you.

With the innovations that Fantom poses, what old businesses could be at risk of disappearing?

*I study electronic engineering and I would like to know if there is any collaboration with students or specifically universities for the development of the project?

Michael Kong
CIO

I’m not sure industries will be disappearing. Rather, they’ll be enhanced

Cryptodiffer Community

Q1: Fantom’s solutions can be applied to many areas such as resource management, education, traffic control etc. Currently, in many countries, cities use smart systems that are non-blockchain. Can these existing systems be integrated into Fantom’s technology directly? Or do they need an arrangement from the begining? Also why should they decide to implement your solutions in their cities? What are advantages over non-blockchain ones? 

Q2: Let us assume that Fantom has launched its solutions in many countries. Will your team members be sufficient for possible system failures in different regions? How will you control it?

Michael Kong
CIO

1. Yes. Apps can be built using smart contracts and existing web and mobile technologies on the front end.

2. We are expanding the team.

Cryptodiffer Community

How Fantom project  is different from other project   ? Main points that make it different from others ?

What will you do if you FAIL in your Roadmap or Whitepaper ? And in what way you  will be back on  Track ?

Michael Chen
CMO

I think what sets the team apart is focus. You can do a lot of different things in your ecosystem and do the sub-optimally, or you can do one thing really well. I’m glad that we’re doing the latter with consensus.

If we’re talking about the roadmap and whitepaper that was set forth last year, in Q2 2018, I think we’re a bit off already, but I wouldn’t say we failed. What startups set out to do, and what startups do in the end, totally differs in most occassions. We reiterated and became better for it.

Cryptodiffer Community

1. It is known that the purpose of team dev when building Fantom is to create a new generation Blockchain platform based on Directed Acrylic Graph (DAG) technology.  So, what advantages does this DAG technology have?  How is it different from Blockchain?

 2. Whether a project can be successful or not often depends on two factors: the idea of   project development, and development partners.  In my opinion, Fantom’s ideas are very interesting and interesting.  What about Fantom’s development partners?

Michael Kong
CIO

1. I’ve previously answered (permissionless, leaderless, aBFT)

2. Fantom’s development partners are working on verifiable computing engines (sikoba, university of sydney, yonsei university) and stablecoin networks (Xar network)

Cryptodiffer Community

Why you need the Blockchain in your project fantom and why you chose this technology?

Michael Kong
CIO

To build a variety of software tools for faster consensus, and more secure smart contract execution

Cryptodiffer Community

Can you tell us more about the push button deployment of a node/VPS through docker?

Michael Kong
CIO

We have docker scripts you can use to deploy your own Lachesis nodes.

 

Cryptodiffer Community

1)How you see Hashgraph as a competeter,  are we better and well positioned than them? 

2)What is real world problem which cryptocurrency can solve it, Does fantom can solve it, How does fantom solve it?

Michael Kong
CIO

1. They are permissioned and not leaderless (they have a technology council). We are open source, leaderless, and permissionless.

2. Real world problem is scalability. We are working on trying to solve that.

Cryptodiffer Community

Q:1 What’s the  Algorithms which are used by Fantom foundation for fast and scalable transactions ?

2.There are already many Projects which works on scalability with Both Layer-1 and Layer-2 solution ! So, why  fantom foundation would be Best choice ?

Michael Kong
CIO

Thats all in our AI. But it will never stop. What we dont do is polically censor people. Illegal content will be removed etc, but not for expressing a view. We are the software layer, not editors.

Cryptodiffer Community

Which markets are Fantom really want to target. Are countries in Southeast Asia on the list?

What type of programming language is Fantom currently using for its project?

Michael Kong
CIO

Yes. Any countries. Currently focused on South Africa, Dubai, Australia, and have some discussion in Korea going on too.

Cryptodiffer Community

Which markets are Fantom really want to target. Are countries in Southeast Asia on the list?

 What type of programming language is Fantom currently using for its project?

Michael Kong
CIO

golang and rust primarily

 

Cryptodiffer Community

Q:What is the roadmap for the next six and twelve months? 

Q: What is the future direction of this project?

Michael Kong
CIO

1. Stablecoin mainnet launched. Mainnet launched with smart contract supported. Production-ready Isekai, new verifiable compiler / VM, and DB

2. answered by 1

Cryptodiffer Community

1. What are the major attack vectors (51% equivalents) in DAGs? If someone told you in 10 years that DAGs never panned out, what would be the likely reasons why?

2. How many partners are using Fantom Testnet right now?

Michael Kong
CIO

1. Major attack vectors include the same in any distributed network, such as parasite chains, forking, denial of service attacks. With Lachesis, it takes 33% of the total validating power of the network to stop consensus, and 66% to achieve consensus and ignore the other 33%.

2. They are looking into it.

 

Cryptodiffer Community

Q.1  As we know fantom achieved so much this year like binance free listing and great big community how do you feel and what’s next plans? Why fantom use Coffman–Graham algorithm? What’re the benefits of it?

Q.2  Currently, there are so many projects trying to solve scalability problems like matic and others why fantom is advance compared to then also why fantom works on dag? Which types of benefits a dag solution provides? Nano is also major dag projects why fantom tech is better compared to nano?

Michael Kong
CIO

1. Benefits include allowing us to achieve consensus faster via faster voting rounds.

2. Previously been mentioned. Big advantage is aBFT, which is faster than synchronous BFT, as you don’t have to wait for previous tx to be confirmed.

Cryptodiffer Community

1.Why is fantom bridging to bep2? What are the benefits of bridging to bep2?

2.Why FTM use Proof of Stake instead of other consensus mechanisms such as PoW or PoR?

Michael Kong
CIO

1. Users can switch between ERC20 and BEP2 for Binance and other exchanges.

2. Because it is more secure, much more efficient, and can be more decetralised.

 

Cryptodiffer Community

1) Fantom Recently introduced new consensus  protocol ‘ STAIR ‘. May I know technical specifications of STAIR and how is better than existing ones.

2) Fantom is DAG based project , How Fantom is different & better than other DAG based project likes IOTA , Byteball, Nano etc.

Michael Kong
CIO

1. Technical specifications are in the technical paper!

2. Previouslt been asnwered

Cryptodiffer Community

1.Why does Fantom Foundation startup need Blockchain?

2.What are the major milestones you have achieved so far?

Michael Kong
CIO

1. Fantom isn’t building a blockchain. It’s building distributed ledger technology not using the blockchain data structure.

2. Previously been answered.

 

Cryptodiffer Community

Q: At the current price of the token, may be it is not economically profitable to have a node. Many nodes can be stopped and this will damage decentralization. What will you do to prevent this from happening?

Michael Kong
CIO

1. Incentive mechanisms exist to encourage people to run nodes, as specified in the Proof of Stake papers.

 

Cryptodiffer Community

The market that Fantom is in is very competitive, how do you plan on gettin Fantom ahead of its competitors in terms of tech & adoption?

Fantom has been out in the market and in this world for almost a year and half, how was your journey in the crypto world and the bear market?

Michael Kong
CIO

Building better tech as described, and using our connections.

Journey was tough. A lot of problems needed to be fixed, but I think Fantom is on a much better track now.

 

Cryptodiffer Community

Is 300k tps sufficient for all possible applications within your network? Or could they expand the capacity further?

How is the FANTOM Virtual Machine? Is it similar to EVM, or what differences / advantages does it have?

Michael Kong
CIO

1. It will very unlikely not reach 300k tps, but that might not even be necessary. It should reach tens of thousands of tx at a minimum, depending on the complexity of transactions. We could launch multiple implementations and create bridges between them.

2. Fantom Virtual Machine will be register-based, and generate proofs of the compiler (a digital certificate) proving that compiler input is correct. This will increase smart contract security and automate it.

 

Cryptodiffer Community

Q:1 What’s the  Algorithms which are used by Fantom foundation for fast and scalable transactions ?

2.There are already many Projects which works on scalability with Both Layer-1 and Layer-2 solution ! So, why  fantom foundation would be Best choice ?

Michael Chen
CMO

We use Lachesis aBFT and TxFlow aBFT. Lachesis aBFT is the networking and consensus layer packaged into a solution, think of it as the same way you’d see Tendermint pBFT in Cosmos, or any other derivatives of that. 

TxFlow runs concurrently to Lachesis, its a protocol which we use to improve transaction responsiveness. In TxFlow transactions are submitted in real time (normally you have blocks which could be considered the bottleneck and provide periodical intervals, so lets take those out of the equation), and when validators received these messages they create a new type of message vote. And in turn they gossip the message across the network to the other nodes, much like Lachesis in that regard. 

When the node receives a transaction vote, it compares the vote to all the others it currently has and the current validator set. If the votes get a 2/3 majority we can consider the transaction finalized and broadcast this to the application layer. Throughout that we can have transaction responsiveness which is basically as fast as message signing by the validator nodes and network broadcasting, but we’re making a few trade-offs here. Messaging overhead increases (you have separate messages instead of blocks which are bundled transactions), and we have less network security.

That’s why we run TxFlow concurrently to Lachesis, so Lachesis functions as the primary security mechanism and TxFlow facilitates the responsiveness.

https://medium.com/fantomfoundation/introducing-txflow-the-protocol-for-responsiveness-a2e42bd5fc3c

 

Cryptodiffer Community

Fantom’s goals are to create a fast asynchronous Byzantine Fault Tolerant (aBFT) technology, what are the advantages of aBFT over BFT?

Michael Chen
CMO

When a tx goes into the network, it is picked up by a node and passed around as fast as possible via gossip. in non-aBFT based consensus, a tx has to wait for previous txs (in previous blocks) to be confirm, before it can be confirmed.

 

Cryptodiffer Community

What’s your business model ?          

What problems did you face to when trying to implement your product in working businesses? Is it hard to explain to usual non-crypto people what is Fantom and what are the advantages of using it?

Michael Kong
CIO

It is a Foundation, but we are looking at revenue-generating partnerships.

Explaining the benefits of a distributed ledger, and how it can improve efficiency and security, is key.

 

Cryptodiffer Community

Whats the main target and vision of Fantom project for 2020 end for smart Cities ?

How Fantom project Generates revenue for their Developments and project progress ?

Michael Kong
CIO

If we can get several organisations buildings apps on it, that would be great.

We can generate revenues by helping clients use Fantom technology and deploy applications.

 

Cryptodiffer Community

What’s your business model ?          

What problems did you face to when trying to implement your product in working businesses? Is it hard to explain to usual non-crypto people what is Fantom and what are the advantages of using it? 

Michael Chen
CMO

Fantom is a foundation, a non-profit. In a more traditional world, such a foundation would be running of donations, but we’re exceptionally well funded so that’s not necessary. So what does a foundation behind a token or cryptocurrency or a distributed network do?

A) Working on the tech, the consensus. Making the tech open-source, providing it to anyone whom could benefit from it, and creating validation and adoption for the tech throughout that.

B) Integrating FTM token into other ecosystems, into other places.

 

Cryptodiffer Community

1. In order to develop project in long term and attract investors, which method do you use to manage, minimize the negative impact of risks? I mean that, what are the risks and how do you deal with them?

2. What is weaknesses of  The Fantom whose you want to improve in future? What is future plans of increasing your ecosystem?

Michael Kong
CIO

1. Risks are the network being attacked, and bugs in the technology. We are working on this by plainning very carefully and developing carefully, which is why things have taken a little longer than others have expected.

 

Cryptodiffer Community

Can you share us of FANTOM plans for sustainable development ? Do you think Where is the biggest challenges which FANTOM have to face in the future?

Michael Chen
CMO

Right now — the development seems sustainable to me, we have solid multi-year runway and we’re always aware of our burnrate — and actively work to keep it lean and efficient.

 

Cryptodiffer Community

Q: To become FanTom’s Validator nodes, what conditions do users need?

Q: What is the progress of business development and what are some of your commercial partnerships?

Michael Kong
CIO

1. Been mentioned in medium articles.

2. South Africa banking, partnerships in Dubai, Korea, Australia

 

Cryptodiffer Community

1. In the crypto world there are several DAG-based projects, could you tell us what innovations you have made in favor of DAG technology?

2. In your article on NASDAQ (which by the way is impressive) there was a section that had the caption “Why 2019 may be the year of the DAG”. We are in October, do you think this year has been, at the end of the day, good for DAG and therefore for Fantom?

Michael Kong
CIO

1. Previously been answered.

2. i think there has been a lot of research and development in DAGs, we have published articles and code on it

 

Cryptodiffer Community

Q.What are your plans to gain market support for Fantom to regain the ‘lost’ grip? As you know, Fantom is a strong project, what are your plans to bring Fantom back to people eyes?

Q. Can you elaborate on the Terra stable coin. Will it be a white label coin on FantomPay under Fantom branding or will it be called Terra. And how does it affect the FTM token? Will FTM be used for Fantom pay too?

Michael Kong
CIO

1. Working hard. And engaging with the community like through these AMAs

2. Not sure. @MHchn might have a better idea. We would like them to use the stablecoin mainnet.

 

Cryptodiffer Community

Which strategies help FTM attracted many potential partners such as Hyperchain Capital invested USD 2 million in FTM and Hyperblock support to provide secure for the first mainnet on FTM?

Michael Kong
CIO

We are really happy to have hyperblocks on board! They’ve been a fantastic partner from the beginning. We’ve just been working hard and delivering technology, and sharing it publicly with everyone via github and arxiv.

 

Cryptodiffer Community

Q: To become FanTom’s Validator nodes, what conditions do users need?

Q: What is the progress of business development and what are some of your commercial partnerships?

Michael Chen
CMO

To become a validator for the first Go-Lachesis mainnet node you will need to:

1) Have 3.175.000 FTM to stake.

That’s it, technically you could run a validator node from a phone but I wouldn’t recommend it. Running a node can become pretty intense so to say, having even minor downtime can lead to a slash of your stake, and it’s very comparable to other networks in that regard. Look at Tezos, Cosmos, and any other PoS with delegation, there may not always be a hard requirement but the market of delegators and technical differences between nodes find a sort of equilibrium. People whom repeatedly get their stake slashed will rather delegate than run their own node at that point I believe, or they will have to improve their uptime.

 

Cryptodiffer Community

The estimated number of validating nodes after the mainnet launch based on some previous AMA is 100-150. Lets assume that the Fantom market cap grows substantially and allows to finance much higher number of high quality validating nodes. What do you think would be the maximum/optimum number of validating nodes given current network limitations (speed, latency, …) ?

Michael Kong
CIO

Minimum FTM requirement to run a validating node is currently fixed at 3,175,000 FTM. This may change.

 

Cryptodiffer Community

Where do you see your product actually for real world use case?

Michael Kong
CIO

Around the world. Aiming at banking first.

 

Cryptodiffer Community

After postponing the launch of the mainnet, the reason has been lack of time to finish or improvements that were coming up over time?

By the way, token holders will receive 1: 1 for the mainnet, will there be more tokens to “undermine” when the network is launched?

Michael Kong
CIO

There will be no “mainnet swap”. There will be bridges between different FTM tokens, like we have between ERC20 and BEP2 FTM

 

Cryptodiffer Community

1. In the crypto world there are several DAG-based projects, could you tell us what innovations you have made in favor of DAG technology?

2. In your article on NASDAQ (which by the way is impressive) there was a section that had the caption “Why 2019 may be the year of the DAG”. We are in October, do you think this year has been, at the end of the day, good for DAG and therefore for Fantom?

Michael Chen
CMO

I always like to see the word DAG — and I think if you scout what our team members have been saying over the past 6 months-ish in chat, you will barely see any mention of DAG. I personally think DAG is a buzzword, and I saved a message from a friend, Andre, that describes it pretty well haha.

 

Cryptodiffer Community

How can Publishers increase revenue and engagement by  Fantom  solutions? 

How many partners currently have trusted Fantom technology and what benefits do these partners bring to Fantom and vice versa?

Michael Kong
CIO

Not sure haven’t been focusing on publishers atm.

partnerships bring potential revenue, more adoption, and validating. The number keeps changing.

 

Cryptodiffer Community

I What is Ethereum virtual machine (EVM)? How does it works? What is use case of (EVM) in your project? Explain this one

Michael Kong
CIO

The EVM is a 1024 stake-based virtual machine that Ethereum uses, which executed contract bytecode, by decompiling the instruction set into a series of OP Code instructions that the EVM can execute. It is how smart contracts run on Ethereum.

 

Cryptodiffer Community

What does different types of mainnet brings value to FTM ecosystem?

Michael Kong
CIO

The opportunity for tokenholders to stake and secure different systems. Increased scalability, as even though aBFT is fast, one single distributed ledger would not be able to handle all of the world’s computation, just like a single database cannot do that.

 

Cryptodiffer Community

Q: Considering project goals and actions, at what stage do you see yourself now ?

Q: What is your approach to AI in your solutions?

Michael Chen
CMO

I think we’re at that awkward inbetween stage where we’re really far with the tech, maturing as a team, and almost getting there, but that final push into the limelight is just a bit difficult haha. Like when you’re trying to hold a keynote, and you’re pretty sure it’s great a week before the actual keynote, but you get itchy on the last day before and try to make all kinds of improvements etc.

 

Cryptodiffer Community

Q:Recently Aphelion exchange out of funds, and paused development —–What about Fantom?

What is your strategy to take on the fund crisis in this nuclear winter?

Michael Chen
CMO

Let me return that question — do you think that this winter will last another 2-3 years? 

 

I’m confident we can survive within that time with fiat alone — and that excludes any form of incomes + that includes conservative budgetting.

 

Cryptodiffer Community

In terms of revenue, does Fantom charge people to use it’s platforms/create products/smart contracts?

Michael Kong
CIO

We are charging for stablecoin mainnet and support. I think that is a model that can work in the future.

We are contributing via verfiable computing engines I’ve previously mentioned

 

Cryptodiffer Community

When dApps from ethereum or cosmos make use of Lachesis consensus, what does it mean? For example, if you complete an operation on an eth dapp that plugs into lachesis, does lachesis provide finality to the operation and then, Ethereum nodes confirm the operation once again?

Michael Chen
CMO

I mean dApps on Ethereum and Cosmos appear to me in two different ways. Ethereum dApps compete for the limited resources of a single blockchain, one dApp can bring down the network for all others — or heavily slow it down.

On Cosmos — they apply an internet of blockchains principle. You have all these different blockchains that basically hook up to each other through hubs. They all have their own governance and little ecosystem basically.

 

Michael Kong
CIO

Stablecoin mainnet uses Fantom’s txflow and earlier version of consensus for settlement. On top of that layer is Cosmos’s SDK, which is the middleware

 

Yes fiat works with the stablecoin mainnet.

 

Cryptodiffer Community

What criteria do you build on the Fantom Home network? In case of a security problem, would you consider to make a new update in the future? Does the Network have sufficient defense against possible attacks from outside?

Michael Kong
CIO

We have dealth with a variety of potential attacks, described in our wiki documentation.

The software can always be updated in the future, pushing out updates.

 

Cryptodiffer Community

What is main weakness of fantom whoes you want to improve in future?

What’s the biggest problem fantom foundation will be solve that  not solved by others and why important?

Michael Kong
CIO

1. Not sure what our main weakness is. It would be great for an outsider to give that opinion.

2. A fast, scalable, aBFT distributed ledger

 

Cryptodiffer Community

1) Demand > Supply = Price rises

Demand < Supply = Price drops 

My question is also related to Demand : 

 How the demand of Fantom will increase in the future?

 

2) What are the main problem Blockchain  currently facing and how FANTOM  solving these problems?

Michael Kong
CIO

1. FTM has several use cases across different mainnets, as described in our documentation

2. Main problem is scalability. Hard problem to solve.

 

Cryptodiffer Community

1) Demand > Supply = Price rises

Demand < Supply = Price drops 

My question is also related to Demand : 

 How the demand of Fantom will increase in the future?

 

2) What are the main problem Blockchain  currently facing and how FANTOM  solving these problems?

Michael Kong
CIO

1. FTM has several use cases across different mainnets, as described in our documentation

2. Main problem is scalability. Hard problem to solve.

 

Cryptodiffer Community

1) Demand > Supply = Price rises

Demand < Supply = Price drops 

My question is also related to Demand : 

 How the demand of Fantom will increase in the future?

 

2) What are the main problem Blockchain  currently facing and how FANTOM  solving these problems?

Michael Kong
CIO

1. FTM has several use cases across different mainnets, as described in our documentation

2. Main problem is scalability. Hard problem to solve.

 

Cryptodiffer Community

Q: Which programming language does FANTOM Smart Contract support and why is Smart Contract neccesary on FANTOM ecosystem?

Q: One of Key Features of Fantom Network is: Nodes do not need to be aware of the existence of all other nodes in the network when joining the network. To achieve this, which specific about technology does Fantom project have? 

Michael Chen
CMO

We support a bunch — but Solidity (EVM support) works strikingly. So as I suggested earlier — Fantom builds consensus, Fantom focusses on Consensus. We put in extra man hours to support the EVM and Cosmos SDK, because we believe that makes the Consensus more attractive to build on top of. We believe that others see value in smart contracts and the likes, hence we support it.

 

Cryptodiffer Community

Why does Fantom use Lamport timestamps? What are the benefits of using them?

Michael Chen
CMO

More accurate timestamping, higher degree of fairness in the network. It would really suck if I sent a transaction to Bob, and Alice sent a transaction to Bob after me, yet mine comes in later. In time sensitive issues that would really suck.

 

Cryptodiffer Community

When it comes to e-commerce, many titles such as advertising, marketing,  supply,payment methods,logistics come to mind. How will Fantom  , which aims to provide Ebay’s Model on blockchain, handle e-commerce? Will all components be on blockchain?

Michael Kong
CIO

Users can write smart contract applications. Could be used for e-commerce. Also stablecoin mainnet could be used for e-commerce.

 

Cryptodiffer Community

Q: Which programming language does FANTOM Smart Contract support and why is Smart Contract neccesary on FANTOM ecosystem? 

Q: One of Key Features of Fantom Network is: Nodes do not need to be aware of the existence of all other nodes in the network when joining the network. To achieve this, which specific about technology does Fantom project have?

Michael Kong
CIO

Users can write smart contract applications. Could be used for e-commerce. Also stablecoin mainnet could be used for e-commerce.

 

Cryptodiffer Community

FTM token can be used for voting on on-chain governance proposals. So, can the case that bad people harm Fantom ecosystem by buying huge amount of FTM and manipulating many validator nodes to have benefit from impacting voting result happen on Fantom?

Michael Kong
CIO

It’s possible, but then they’d have to spent a lot of money to buy up enough tokens, and if enough people fork, then they will lose money doing so.

 

Cryptodiffer Community

1)why there are 3 mainnets with fantom with 2 public mainnets? 

2)can you explain about Zar network and how fantom is working with it with largest bank in South Africa and which is it?

Michael Kong
CIO

1. Rust and golang mainnets are competing against one another. It is an experiment of sorts

 

2. Zar network is a stablecoin network. A lot of details can be found on medium and the zar network repo

 

Cryptodiffer Community

I was wondering, since the stablecoin mainnet was built for an entity and they they are establishing their own governance model, dosen’t it make that mainnet permissionned? And if so, how could community members build and deploy dApps on that mainnet?

Michael Kong
CIO

Anoyone can stake and validate, so it is not permissioned in that sense

 

Cryptodiffer Community

Is it possible to run TxFlow concurrently to other consensus mechanisms than the LCA? Let’s say I want to run it with Tendermint, or even crazier, with PoW? Could this improve responsiveness, and would the degree of security being lower be more worrisome here than in let’s say a PoS system?

Michael Chen
CMO

Anoyone can stake and validate, so it is not permissioned in that sense

 

Cryptodiffer Community

1)Can you elaborate what kind of partnership is with Dubai kings office? 

2)Will fantom holders will get rewards for stalking with other tokens also like its stable coin or Zar network in future??

Michael Chen
CMO

1) Not the king, the private office of sheikh saeed bin ahmed al maktoum. We use their corporate umbrella to do business in Dubai, because well — bureaucracy. Very hard to get taken seriously in some regions in the world without knowing a person or having the right partner, even though your tech is good.

2) No, not gonna airdrop other tokens for staking FTM. That seems a bit fugazi to me in terms of utility and use case

 

Cryptodiffer Community

What’s the difference between Fantom’s parallel mainnets and Cosmos IBC approach? Will Fantom also be utilizing hubs in the same way that Cosmos is to facilitate interoperability between it’s ”zones”?

Michael Chen
CMO

Nice. A sweater. From my understanding there’s not going to be a Hub like in Cosmos, I’d see it more like Ethereum and all the forks that run off it. Not naming any names. More of a question for Andre, who is not here, and I will personally take it up with you in this chat later when I can write out an intelligent response

 

Cryptodiffer Community

Security, scalability, and data privacy are three aspects that are very important at the enterprise level, how fantom will handle these issues?

Michael Chen
CMO

Security like any dPoS system, validator nodes are disincentivized from doing malicious things. You do something bad — Slash, you have downtime — Slash. 

In terms of scalability we’re confident that the LCA and TxFlow do a great job at providing good throughput, but there are limits before time to finality goes down through added latency from having more node distribution. We believe in an approach where use cases are spread across multiple blockchains, or people issue their own blockchains. 

if every single app in the world ran off a single database — I bet you, that would have fallen on it’s face way earlier lol.

Btw privacy functionality will not be native to the stack — want to be a bit conservative on the regulatory front and not make too many opponents for ourselves through that.

 

Cryptodiffer Community

Is it a probability or possibility Fantom foundation would work with arabic and asian central banks in a 1 year horizon ?

Michael Chen
CMO

No comments on banks. Any kind of comment on that would be shooting ourselves in the foot, regardless of if we are doing so or not. Banking space needs to be handled very carefully and dilligently, with zero interruptions externally. Banks are very very specific to what you can say and cannot say — and that will be my only comment on the topics for the rest of this AMA.

 

Cryptodiffer Community

A lot of projects always talk about their strengths, while their token or coin prices always go down. As one of the project leaders, do you dare to speak out the difficulties that FANTOM is facing and how long will it take to overcome it?

Michael Chen
CMO

If you look at the beginning of the year — we had so many issues, the looming guillotine of a small runway and high burnrate, lack of business development traction, and a bit of nepotism in the team back then. When I look at where we’re at today, I’m really happy tbh. And hardships don’t come to mind right now because I think we’re used to really bad stuff from way back haha ;).

And tbh learning from that as well — we’ve gotten a more longterm view from that. Because in the end, a lot of the things that seem nuclear on a weekly timeframe, don’t really matter on the 6 month timeframe for a startup.

But I was going to talk about difficulties — marketing department is trying to dabble into SEA/SEO/Ads and having trouble — need to learn from scratch.

Mainnets did not happen in Q3 — that’s not cool — but hey, I think we get a lot of stuff in return for waiting a tiny bit longer.

Community engagement is a bit lower — across all platforms. Telegram messages, twitter engagement, etc. — we need to step up and increase engagement on our side.

 

Cryptodiffer Community

1) How does Dapp of Fantom ecosystem manage the purity of the data if data provider is fake or data provider is manipulated?

2) The problem with DPoS consensus protocol is that it is not truly decentralized. There are very few people in charge of keeping the network going, so it is easier to organize a 51% attack. How are you going to secure Fantom network?

Michael Chen
CMO

1) That’s an oracle problem, and one that I find hard to argue about. Because if someone really is set out on providing fake data, does everything they can to do so, then they will. The point is however, blockchain doesn’t fix that.

2) Anyone whom knows how to run a node with good uptime with the right token holdings can run a node. And I think the minimum node requirement for FTM (3.175.000 tokens) is quite reasonable, and I think we strike a balance there in terms of making it difficult to organize a 51%

 

Cryptodiffer Community

Staking seem to be popular right now on many blockchain project to encourage investors to hold tokens and make it healthful for project ecosystem. Does   Fantom support this as well? If yes, what will requirement of a Node and a Validator node be? And how does reward base on?

Michael Chen
CMO

It has nothing to do with moonlambo gains — that’s what some projects would like to make tokenholders to believe. Staking was introduced as a security mechanism — as a disincentive from doing malicious stuff.

 

Cryptodiffer TEAM

Great, this was intense! Thank you for allocating your time today!

Community thanks for questions! It was really interesting!

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