The development team behind Fantom (FTM), a significant Layer 1 blockchain network, has introduced Fantom Sonic as a notable upgrade to the Fantom blockchain. Fantom Sonic is designed to replace Fantom Opera, presenting a new technology stack for the network.
Key innovations in Fantom Sonic include:
1. Fantom Virtual Machine (FVM): This new virtual machine aims to be faster and more efficient than the current EVM (Ethereum Virtual Machine) used in Fantom Opera. It's anticipated to enhance transaction speed and reduce costs for users.
2. Carmen Database Storage: Introducing a new data storage engine, this feature is expected to decrease node storage requirements within Fantom and enhance network performance.
3. Optimized Lachesis Consensus Mechanism: Fantom Sonic will introduce an optimized version of the existing Lachesis consensus mechanism. This enhancement aims to make transaction verification more efficient, faster, and reliable by allowing validators to process transactions independently and asynchronously.
The Fantom team has launched a testnet to allow users to test these new upgrades, with the mainnet scheduled for launch in spring 2024.
Furthermore, there has been a surge in demand for $FTM, the native token of Fantom, with a notable increase in the daily number of new addresses created for FTM trading. According to analytics from Santiment, there was an 86% surge in new addresses conducting $FTM transactions between October 22 and 23. This surge indicates growing demand for FTM, possibly influenced by the positive momentum in the overall cryptocurrency market.
Co-founder & Architect Andre Cronje shared data showcasing impressive performance metrics of Fantom Sonic, including 8,200 transactions per second, a time to finality of 1.19 seconds, gas per second of 319,235,966, and an average block time of 0.47 seconds.
The advancements and upgrades within Fantom, especially with the introduction of Fantom Sonic, reflect positive developments for the network and highlight its potential as a utility coin in the cryptocurrency space.
