Cryptocurrency has slowly gained mainstream awareness throughout the last few years, but it is often associated with Bitcoin or Ethereum and nothing else.
The technology presented by such early founders of the cryptocurrency space is now considered rather outdated compared to new up-and-coming competitors that have taken what these companies offered and improved it for the 2021 user. An example of this is Fantom, a blockchain platform that has revolutionized the transaction speeds available in the crypto space and substantially lowered transaction fees.
Below, we go into detail about some of the ways that Fantom is improving the crypto space and making it more accessible for all.
Utilizing user feedback
Fantom’s newest update, the upgrade dubbed Go-Opera, was successfully implemented on April 29. The update was made after gathering blockchain users’ feedback about current technologies in the cryptocurrency space. The Fantom Foundation then went on to make improvements to the Fantom network that were directly in response to the demand shown in user feedback.
This meant that Fantom’s latest upgrade improved their already efficient time to finality for transactions, and the estimated time to finality is now less than a second. This is key to meeting and surpassing the expectations of current blockchain users who have long-since experienced frustration with dreadfully slow transaction speeds on networks like Ethereum.
It also improves the future of blockchain technology for those new to it, who will not have to suffer through those slow speeds as long as they utilize technology that has optimized it by now such as Fantom. In this upgrade, Fantom took further user feedback and improved its decentralization — new nodes can now join the network in a more efficient manner with faster P2P synchronization and will not have to process previous events.
Increasing quality of current technology
As stated above, Fantom is truly focusing their efforts on revolutionizing what is currently available in the cryptocurrency space to improve the user experience in any way it can. Where other blockchain networks are avoiding looking at the long-term issue with network saturation and speed, Fantom is ensuring that it is two steps ahead of the issues that could possibly come up for users while on their platform and learning from the past generation of blockchain network’s mistakes. Fantom recently improved its event emission with the Go-Opera update, meaning that in the case that the network may be suffering from less-than-ideal conditions of saturation and experiencing delays in propagation between nodes, user experience will not suffer in the way it might with other platforms.
Raising awareness about the blockchain tech
Through Fantom’s recent partnership with Formula One through sponsoring AlphaTauri driver Pierre Gasly for the 2021 Formula One season, the Foundation is raising awareness to a massive audience of millions viewers about the cryptocurrency space. The more people are aware of just how prominent the space has gotten due to its amplification across sports sectors, the more likely they are to realize what they are missing out on within the space and join it. The sponsorship efforts were led by joint sponsor Quantum FinTech Group from Abu Dhabi.