The post Fantom set to revolutionize blockchain with its Sonic upgrade appeared on BitcoinEthereumNews.com.

Blockchain technology is transforming, and co-founder of Fantom, Andre Cronje, is leading the charge to bring it into the modern era. In his view, blockchain has been stuck in a time warp, akin to the technology landscape of the 1980s. He emphasizes that during that period, the internet and technology were predominantly used for financial applications because digitizing financial transactions was the only economically viable option. Fantom teases new Sonic upgrade technology Fast forward to today, and the situation has changed dramatically. The standards of technology have evolved to the point where conducting financial transactions on the blockchain can be incredibly cost-effective, often costing just a fraction of a penny. However, not all blockchain networks have kept pace with these advancements. Cronje highlights that using networks like Ethereum can still be notably expensive, and Bitcoin, while renowned for its security, can also be slower and costlier, as observed during the rise of decentralized finance (DeFi) projects. Cronje’s solution to this predicament is a significant upgrade to Fantom’s technology stack known as “Sonic.” As the name implies, Sonic is optimized for speed and aims to propel Fantom into the forefront of blockchain innovation. Fantom, in its current form, is one of several layer-1 blockchain networks, akin to Avalanche and Solana, with the common goal of enhancing transaction speeds and reducing costs for cryptocurrency users. Established in 2019 following a successful $40 million fundraising effort, Fantom operates using a variation of the proof-of-stake consensus mechanism called Lachesis. Additionally, it is compatible with Ethereum, enabling it to interact seamlessly with the Ethereum network. Sonic, according to its creators, is set to deliver a remarkable 65-fold speed boost to Fantom. This upgrade will not only make launching a network node more accessible but will also significantly reduce the storage costs for network nodes. The…

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Filed under: News - @ October 25, 2023 9:30 pm