How FANTOM Solves Real-Life Problems
The alarm rings. It’s time to start a new day. Alex wakes up at home in New York and decides to order some Greek yogurt for breakfast. The Greek yogurt that originated from halfway across the world arrives at his door in no time. How is this possible? It all depends on how the supply chain is managed. Every item in the inventory of a store is managed so that none of the products are ever “sold out.” Additionally, the history of each product’s origin can be tracked instantly by the “Story Root” data in the product code without having to waste any precious time looking through corporate records (which you probably don’t have access to in the first place). The Story Root data is stored in the distributed ledger network. In terms of pricing, the reputation system will be responsible for making sure Alex is never disappointed. Without any central authority to distort the reputation system, it will be very trustworthy. There won’t be a “middle-man” in the supply chain, and that means it’ll be impossible for vendors to “rip off” customers.
After breakfast, Alex takes a cab to work. Previously, cabs didn’t accept cryptocurrency. That’s in the past now. As data is processed asynchronously, transactions are made instantly. That means taxi drivers can accept cryptocurrency from customers without wasting time waiting on payment confirmations. What’s impressive is that even if a million cab drivers around the world process their payment all at the same time, confirmation time will not be slowed down.
When he arrives at work, Alex finds out he needs to book a trip to Seoul, South Korea to attend a conference organized by FANTOM Foundation. Thanks to decentralization, booking a flight last minute is not a hassle as it used to be. Decentralization allows even the most competitive airliners to share all seat information of their flights without having to worry about security. Anybody can purchase a flight ticket at a reasonable price regardless of when they book their flight. And even though it’s an impromptu trip, Alex doesn’t have to worry about exchanging currency because whether you’re in New York, Shanghai or Moscow, his electronic wallet customizes to the local currency.
Alex arrives at the conference in Seoul and sees that developers and investors from all around the world are there. Smartphone manufacturers, retailers, and people like Alex are at the conference for the showcasing of the latest updates in technology that are being presented by well-respected scholars and experts in the industry.
Alex is a food columnist, someone who may seem irrelevant to this specific conference. Regardless of his background though, his input is relevant in the discussions about the distributed network systems. Like Alex, anyone can become relevant to the network and make contributions because the host is an open-source global Smart Contract Platform. No patent will stop people from extending their imagination, and no external influences will dominate the ecosystem. A marketplace of ideas, organized by everyone and regulated by no one, embraces input from everybody in the world.
The World FANTOM Envisions
This is the world FANTOM envisions. So far, the first and second waves of blockchain technology attempted to solve the biggest issues we face:
- Lack of trust in the central authority
- Fear of hacking
- Inefficiencies due to lack of trust, leading to increasing transaction costs
- Limited democratization, with only some parts of the world participating
However, those problems weren’t resolved completely. With the current blockchain technology, confirmation times are too slow for people to use for everyday transactions, not to mention the transaction fees increase as chains of blocks get longer. Who would want to wait for 20 minutes just to grab a cup of coffee?
FANTOM’s DAG-Based Smart Contract Platform
With FANTOM’s new DAG (Directed Acyclic Graph) based Smart Contract Platform, 300,000 transactions will be confirmed within just 1 second. It will allow the processing capacity to increase as more and more users join the network. High scalability, Story Root technology mixed with near-zero transaction cost is a combination that is only possible at FANTOM.
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