This is how Fantom plans to solve Blockchain Scalability.

Blockchain technology is paving the way for decentralized solutions, and Phantom is emerging as a key player in redefining the paradigms of speed, efficiency and elasticity.

Phantom CEO Michael Kong recently shared insights with BeInCrypto on the company's strategy to build a decentralized tomorrow. They emphasized the role of Phantom Sonic and the network's approach to bringing about consensus.

Dealing with moderation with new tech

Unrelenting innovation has marked Phantom's journey into the blockchain industry. Kong explained that the purpose of Phantom Sonic's release was to “significantly improve” the Lachesis consensus protocol. This upgrade allows Fantom to process more than 2,000 transactions per second with one second confirmation time.

Such performance surpasses Ethereum and sets a new industry standard for transaction speed and efficiency.

“There is a difference between increasing the number of validators and the performance of the network. On average, the more validators in the network, the longer it takes to reach consensus. However, the release of Phantom Sonic dramatically improves our Lachesis Consensus Protocol… even if the number of nodes increases significantly, the confirmation time can still be very low,” Kong told BinCrypto.

At the heart of the protocol's architecture is a proof-of-stake (PoS) mechanism. It is protected by a consensus model that requires two-thirds of the total FTM for transaction approval.

With approximately 1.4 billion FTM currently held in stock and Total Value Locked (TVL) at $67.46 million, the network ensures security from potential threats, strengthening its reliability and integrity.

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What's more, Fantom Sonic introduces the network's new technology stack, the Fantom Virtual Machine (FVM). According to Kong, it aims to reduce storage requirements and increase transactions per second.

Compatible with Solidly and Vyper programming languages, it facilitates the transition for developers familiar with Ethereum, fostering a more inclusive and compatible ecosystem.

“The new method will have security assurance, availability and robustness. Additionally, we plan to implement ‘horizontal scaling' to maintain optimal performance despite the significant increase in nodes, Kong added.

The upcoming launch of Phantom Sonic on the mainnet marks a step forward, promising to boost network performance to unprecedented heights. Phantom's long-term vision includes exploring new theories and adapting solutions to accommodate increasing numbers of nodes without compromising performance.

How to achieve true decentralization

Speaking on the topic of decentralization, Kong shared, “There is no real level of decentralization.” He said that as the network grows, it is expected to have a more evenly distributed staking system.

This model promotes a secure and decentralized environment, and verifiers are motivated by economic incentives to maintain the integrity and trust of the network.

“Like many other networks, the number of tokens held is not equal across validators. While we expect more nodes to join the network, some nodes will still have higher levels of FTM than others. That is, validators have an economic interest in maintaining trust in the network,” Kong added.

Therefore, Phantom's strategy extends beyond technological developments, focusing on community and authentic engagement. The expected reduction in the cost of running a validator node under Phantom Sonic aims to democratize network participation, enabling smaller validators to contribute to and benefit from the ecosystem.

Looking ahead, Kong expects significant advances in zero-knowledge authentication and technologies to further enhance network security and scalability. He concluded that partnering with the right team is key to succeeding in the cryptocurrency industry.

“The most important advice I can give is to work with the right people – the skills, integrity, honesty and team player you need for your project. Without the right people, it will be very difficult to make the kind of impact you want,” Kong emphasized.

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As blockchain technology regulations evolve, Phantom remains active in navigating the legal landscape.

Indeed, the protocol ensures that dApp partners and developers have the necessary support to thrive within a compliant framework. The strategy of building a decentralized tomorrow reflects the leadership's vision. Also, a commitment to fostering a secure, efficient and inclusive digital future.