Fantom Foundation Announces New Foundation for Sonic Chain Launch
Summary:
The Fantom Foundation is establishing a new foundation to launch their upcoming Sonic chain. Sonic will feature a novel layer-1 solution and an inherent layer 2, bridging the EVM-compatible network directly to the Ethereum network. This will allow users to access Ethereum's expansive ecosystem. The new foundation will manage Sonic's governance, partnerships, network treasury, and DApp ecosystem development. The Fantom Foundation emphasizes Sonic's potential to revolutionize a range of DeFi and real-world use cases through speed and high throughput.
Recently, the Fantom Foundation, the body behind the Fantom decentralized network, disclosed their plan to set up a new foundation devoted to spearheading the introduction of their forthcoming Sonic chain. On 23rd May, Michael Kong, CEO of Fantom Foundation, unveiled the upcoming foundation through a post on the blockchain network's blog. Kong emphasized the team's relentless exploration of how the Sonic chain could reshape myriad DeFi and practical use cases. Fields of application and industries such as tangible assets, unending DEXs, trade, payments, and high-transaction-intense games could be revamped by Sonic's speed and superior throughput.
The newly formed Sonic Foundation has been assigned the responsibility of managing Sonic's governance, nurturing partnerships, handling the network's treasury, and fostering the development of the DApp ecosystem. According to Kong along with the Fantom development team, Sonic will comprise a novel layer-1 solution coupled with an inherent layer 2 that connects the EVM-compatible network straight to the Ethereum network.
The architecture of Sonic Chain will reportedly enable prospective Sonic network users to access the expansive ecosystem of Ethereum, including decentralized applications, community, and liquidity providers. Fantom, which was initially launched in 2019, provides a distinctive consensus model called Lachesis. This deviates from conventional blockchain networks with the adoption of directed acyclic graphs and asynchronous Byzantine fault tolerance (aBFT).
Fantom network validators diverge from those in Ethereum or Bitcoin, in the sense that they work on independently verifying blocks and transactions, referred to as "event blocks". These event blocks are then shared with other nodes in a non-sequential manner to achieve consensus that is not dependent on blocks having sequential order and validation.
After most of the nodes endorse the contents of the event block, it is incorporated into Fantom's primary chain as a root event block. While Fantom's main chain constitutes an actual blockchain, the consensus mechanism among nodes is a directed acyclic graph that enables uninterrupted asynchronous communication across all validator nodes. The Fantom Foundation clarified that the implementation of such asynchronous messaging between nodes lets Fantom achieve a finality time of 1-2 seconds for every block.
Published At
5/24/2024 12:36:24 AM
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