Fantom – is a decentralized nervous system for smart cities, a highly scalable and secure distributed ledger technology stack. At its foundation, it is a distributed ledger that incorporates the benefits of a directed acyclic graph and gossip-based consensus mechanism which incorporates some research from prominent academics like Lamport, combined with a high-performance virtual machine and safe, and secure smart contract execution. With the strong academic and developing background of the Fantom team in mind, they will be touching upon the following industries:
Smart Cities – By 2020 it is estimated that smart cities will have 90 Billion IoT devices sending data that needs to be stored securely whilst also being accessible to stakeholders for smart city data-driven smart contracts and dApps.
Public Utilities – The future market for public utilities is set to be a two-way system made up of billions of interacting endpoints, IoT devices and APIs, that will enable consumers to have direct access and more control over their personal utility management as well enable the service providers and smart cities government to better manage these resources and smart city growth with data-driven information. Public utilities include renewable energies, electricity, water, gas, telecommunications, and waste management.
Smart living – The interoperability and engagement with multiple IoT incorporated products and service providers will greatly improve the quantity of data collected and the innovative smart contracts and dApps that will enable better control and management of resources and home-life quality. Smart living is focused on improving the quality of people’s lives through the connectivity, transparency, and management of information within our homes, cities, neighborhoods, and offices.
Healthcare – Healthcare benefits can be significantly improved, for example, patient care via pre-scheduled visits based on a set of pre-defined eligibility requirements (age, previous medical history, medications, etc. This will enable a concise and comprehensive summary of the patient’s most recent health history across all select health practitioners and controlled by the patient directly. Working with service providers, relevant government bodies and stakeholders for the implementation and management of a secure, immutable electronic health record (EHR) system. with smart contract automated payments and insurance claims.
Education – For example, this can enable ensuring that student identities and credentials are universally recognized and verifiable globally, improve student management, enrollment processes, student payments and even creating learning marketplaces for Dapp development and resource sharing. Empower students, education providers, governments and education-service businesses through a combination of on-campus IoT device collection, online inputs from students, administrative back-office inputs along with educational resources.
Traffic Management – Smart contract and dApp enabled traffic management will let better public transport scheduling, smart-contract enabled payments, road maintenance, and repairs can be automated through sensor reporting and improve public parking and overall public safety. Working with relevant gov’t bodies and service providers to deliver improved traffic management will greatly reduce time wasted in traffic where congestion costs billions of dollars and directly impacts the health and stress of commuters.
Resource Management – This could include managing urban planning to cater for population growth and diversity, urban development, development approvals and budgeting for housing, transport, education, healthcare, public utilities, and commerce. Improve management of smart city resources – economic, human and environmental, to deliver improved services for their residents with minimal wastage or damage to resources.
Environmental Sustainability – There are multiple sustainability-related applications such as creating natural resource commodity markets like carbon offsets, logging, and fishing, or even organic food. As the IT infrastructure backbone securing and providing access to immutable data across multiple industries.
These sectors will enable better management decisions that have immediate and long-term impacts on local environmental sustainability.
MISSION AND VISION OF FANTOM
The platform intends to distinguish itself from the traditional block ledger-based storage infrastructure by using its newly developed architecture based on its advanced gossip-based protocol. The aim is to allow applications to build on top of the FANTOM OPERA Chain so that they can enjoy instant transactions and near-zero transaction costs for all users. FANTOM is a new DAG based Smart Contract platform that intends to solve the scalability issues of existing public distributed ledger technologies. The mission of FANTOM is to give compatibility between all transaction bodies around the world and create an ecosystem which allows real-time transactions and data sharing with low cost.w cost.
The vision of FANTOM is to grant compatibility between all transaction bodies around the world using fast DAG technology that can be deployed at scale in the real world and to create a new infrastructure with high reliability that allows for real-time transactions and data sharing. To facilitate consistent global transactions with high accuracy and reliability, the FANTOM Foundation will lead the next generation of distributed ledger technologies. The FANTOM Foundation intends to create the FANTOM platform along with a new Smart Contract-based ecosystem that can be used by all current and future partner companies around the world. The platform intends.
FANTOM OPERA CHAIN
The OPERA Chain will use a new consensus algorithm known as the Lachesis Consensus Algorithm (LCA), which is intended to significantly improve performance and security using DAG-based distributed ledger technologies. Event blocks contain information such as transactions, smart contracts, Stories (historical information), and the values of earlier events. Event blocks from the previous rounds meet more verification as future events blocks are added. The LCA intends to form a “Lachesis DAG” based on the Lachesis Protocol. An event is connected to the previous event block with central authority manipulating the structure. It intends to not only prevents attacks caused by a specific node failure.
Fantom is a platform with smart contract functionality in the Opera Chain and it is a distributed application is an application that operates in the distributed environment of an OPERA Chain. Using the resources of the FANTOM network, a distributed application can offer reliability and safety, and it provides functions for running contract code that is stored in FANTOM from the user’s browser. By supporting a free web ecosystem, FANTOM can give to creating a new infrastructure and can be effectively used in a hyper-connecting network. Also, it can trigger efficient changes in the business process by working as a broker or central control authority and can offer services that go beyond national borders. Fantom is highly scalable, decentralized, and uncompromised security.