Fantom’s Andre Cronje Claims Blockchain Technology is ‘Rooted to the Eighties’
With yesterday’s release of Sonic’s testnet, Andre Cronje hopes to bring blockchain technology and restore Fantom to the future.
Andre Cronje, Fantom’s co-founder, hopes to revamp the blockchain technology. He admitted in a recent statement that blockchain technology remains stuck in the 80s. In the past, technology and the internet were mainly utilized for financial apps since financial transactions made the most economic sense for digitization.
Fantom Set to Invest in Blockchain Development
Cronje also said the recent standards result in those transactions costing a fraction of a penny. This means it would be ‘costlier’ to execute transactions on platforms such as Ethereum.
As witnessed during the rise of Ordinals, Bitcoin is sluggish and can be costlier. The solution lies in implementing a crucial improvement to Sonic-optimized Fantom’s tech stack for speed in its present state.
Fantom is one of the numerous layer-1 blockchain platforms, such as Solana and Avalanche, meant to enhance speeds and minimize costs when using internet coins. It was introduced in 2019 after generating $40M in funding. The project uses Lachesis, a form of the proof-of-stake agreement process.
Additionally, it has compatibility with Ethereum. Concerning alleged stats, Sonic is set to enhance Fantom by an additional 65x, improve the ability to launch a node, and reduce the network nodes’ storage costs.
The concept guiding this case is lowering the barrier for daily users to safeguard the network. Cronje expressed belief concerning its ability to be a top tier in all metrics.
Further analysis shows that for that to happen, staking a hefty 50,000 native FTM tokens is necessary, currently amounting to $11222 as per CoinGecko data.
Fantom Seeks to Address Blockchain Major Concern
Concerning Sonic’s perfect clientele, Cronje hopes to entice credit card firms and global banks. Despite being light on names, he claimed that he and his team are ‘holding several talks’ with such companies.
Cronje said that blockchain technology’s major problems are its slowness, lack of scalability, and being too costly. For similar reasons, entities fail to develop on 56k dialup and 486 processors.
Cronje also claimed this technology must catch up and expressed confidence that Sonic is progressing towards what institutions require when using blockchain. Fantom has just recently introduced the Sonic testnet.
This is a sandbox for users and developers to kick a platform’s tires. However, a complete launch is anticipated next Spring. Additional updates related to the testnet are scheduled for release later this year, with developers invited to start testing the network.
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