The Fantom Foundation, the organization behind the Fantom decentralized network, recently announced
The Fantom Foundation, the organization behind the decentralized Fantom network, recently announced the creation of a new foundation to facilitate the launch of the new Sonic series.
On May 23, Fantom Foundation CEO Michael Kong announced the new foundation on the blockchain network’s blog. Kong wrote:
“Our team is committed to exploring how Sonic Chain can impact and elevate a number of different DeFi and real-world use cases. Industries and applications such as real-world assets, perpetual DEXs, high transaction-based payments, trading and gaming can be transformed by Sonic’s speed and high throughput.
Fantom’s Sonic Foundation will be responsible for overseeing the governance of Sonic, managing the network’s treasury, organizing partnerships and developing the DApp ecosystem.
According to Kong and the Fantom development team, Sonic will consist of a new layer 1 solution and an integrated layer 2 solution that connects the EVM-enabled network directly to the Ethereum network.
Through the Sonic Chain architecture, users of the upcoming Sonic Network will be able to take advantage of Ethereum’s vast ecosystem of decentralized applications, liquidity providers, and community.
Originally launched in 2019, Fantom offers a unique consensus model called Lachesis that departs from traditional blockchain networks by using directed acyclic graphs and asynchronous Byzantine fault tolerance (aBFT).
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Validators in the Fantom network do not need to work on the latest blocks, like in Bitcoin or Ethereum, but instead work to independently validate transactions and blocks, called “event blocks”.
These event blocks are then broadcast to other nodes in a non-linear manner to achieve consensus that does not depend on sequential organization and validation of blocks.
Once the contents of an event block are approved by a majority of nodes, it is added to the Fantom mainchain as a root event block. Fantom’s main chain is a physical blockchain, while the consensus mechanism between nodes is a directed acyclic graph that facilitates continuous asynchronous communication between all validating nodes.
The Fantom Foundation explained that this use of asynchronous messaging between nodes allows Fantom to have a final time of 1-2 seconds per block.
