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Fantom ICO Review

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COUNTRY: Bahamas


RESTRICTED AREA: Afghanistan, Australia, Bosnia and Herzegovina, Central African Republic, China, Democratic People’s Republic of Korea (North Korea), Democratic Republic of the Congo, Eritrea, Ethiopia, Guinea-Bissau, Iran, Iraq, Japan, Korea, Lebanon, Libya, Myanmar, Somalia, South Sudan, Sri Lanka, Sudan, Syria, Tunisia, United States, Vanuatu, Yemen, Zimbabwe.


Fantom ICO Overview

The Fantom ICO offers a DAG-based blockchain protocol for instant transactions and infinite scalability at near zero cost. The Fantom team has set a throughput target at 300k transactions per second (TPS).

As a high-performance blockchain, their goal is to be among the first platforms to disrupt the existing payments and supply-chain management industries. With a value proposition that focuses on reducing costs, increasing transparency and executing hundreds of thousands of transactions per second, Fantom envision future use cases for their product in a multitude of sectors including food technology, telecom, banking, electricity and real estate.

Fantom ICO Value Proposition

The actual architecture of Fantom is divided into three layers.

The bottom is called the OPERA Core Layer and is responsible for creating events and maintaining consensus across all nodes via the Lachesis Protocol. Transactions are confirmed by leveraging a Directed Acyclic Graph (DAG), allowing nodes to process transactions asynchronously.

Similar to a blockchain, transactions are saved on each node in the network, though data is not required to be saved across all nodes. In order to validate transactions, a second type of node is employed, called the witness node. Witness nodes check validity across all nodes on the network. These nodes rely on Delegated Proof of Stake to elect validators.

The middle layer of the protocol is called the OPERA Ware Layer. This layer acts to execute functions such as issuing payments, rewards, and writing “Story Data”.

The top layer is called the OPERA Application Layer, and will provide publicly available APIs for dApps to utilize the middle layer. One particular aspect of note is what Fantom refer to as the “Story Data”.

While Ethereum has a limited capability of tracking past transactions, Fantom solves this issue by leveraging Story Data, which allows all past transactions to be tracked. Every transaction and smart contract execution can store a piece of data this way for functions like tracking items. For utilities such as supply-chain management where indefinite records of data are essential, this type of architecture offers immense value.

The FTOM token is used primarily for staking and to reward witness nodes participating in validation of the network. FTOM tokens will also be used for incentivization schemes to reward users and attract contributors to the platform. FTOM will initially be issued as an ERC20 token until the launch of the mainnet, at which time participants will lock the FTOM ERC20 tokens on the Fantom Platform and the equivalent amount of native tokens will be allocated.

Fantom ICO Team

The Fantom team is large. The lead team behind Fantom Foundation is comprised of 11 members, along with 8 advisors. Beyond the core foundation members, the platform development team includes an additional 16 members in total.

Dr. Ahn Byung Ik (Founder and CEO) Dr. Ahn holds a PhD in computer science from Yonsei University and is President of the Korea Food-Tech Association. Dr. Ahn’s record of previous successes in the startup realm is noteworthy. In 1998, he founded a location based service company called Point-I which he then sold after IPO. Again, in 2010, Dr. Ahn founded food-tech platform SikSin (similar to Yelp) which according to Google Play has reached 1 million+ downloads.

Bob Tucker (COO) Bob has over 25 years of experience managing businesses for leading financial institutions and asset managers, including Barclays Capital, Bank Austria Creditanstalt, Man Investments and ANZ Bank. Most recently, Bob was the Head of Business Management for the Global Markets and Institutional Loans division of ANZ Bank. He has prior experience in the cryptospace through his role as COO at Digital Currency Holdings.

Sean Yun (CFO) Sean concurrently serves in several different positions aside from Fantom- he is an Auditor for Natural FNP and TCN Bioscience, and also CEO of Foodntable. Prior to his current roles, he served as a manager at the Industrial Bank of Korea for 3 years.

Isaac Lee (CIO) Isaac is a general partner at BlockWater Capital. As a firm that focuses on bringing blockchain projects to fruition, this is not his first foray into the cryptospace. Isaac is also former COO of KRTG, a consulting company specializing in digital assets.

Jake Choi (CMO) Jake Choi serves as Chief Investment Officer at Digital Currency Holdings. He holds a demonstrated track record in the financial services industry through past roles such as Security Analyst for the Digital Currency Group at Capital Markets CRC and as Vice President of Sales with

Joseph Jang (CSO) Joseph currently serves as VP of SL Blockchain Partners. He is also former CFO of Global IP, a company which offers a cryptocurrency arbitrage automated tradebot system. Other past roles include International Director of Business Development at DVInside and Director of International Investment at Sansoo Ventures.

Advisors to the Fantom ICO include:

Steve Bellotti – COO of Digital Currency Holdings and former Director of ANZ Bank

Cho Min Sik (Michael)- board member of Korean messaging app Kakao

Kim Hyeong Joo- President of the Korean Blockchain Association

For a complete list of team members and advisors please visit the Fantom website.

Fantom ICO Strengths and Opportunities

Fantom have laid out a plan for capturing their initial target market. The website lists the South Korea Food-Tech Association as a partner, which includes the top 90 leading companies in the 200 billion dollar food industry.

As mentioned above, CEO Dr. Ahn also serves as President of this association. With Dr. Ahn’s extensive background in both the food and technology sectors, Fantom plan to start building their ecosystem with dApps for food reservations, delivery services, and supply-chain management.

The team have expressed their intention to leverage partnerships via the Food-Tech Association toward this end. The sales team also plan to promote the product to retailers and street vendors as a cheaper alternative to the transaction fees incurred by regular payment systems, though this remains a more theoretical prospect at present.

DAG-based protocols provide one path to scalability that has in the past proven attractive to investors, with previous projects such as IOTAByteball and Nano all having seen significant returns post ICO.

While those projects hail from the first wave of DAG protocols, the next round could well induce similar sentiments within the space. A real value-add, Fantom brings to the table the incorporation of infrastructure for smart contracts and dapps, which prior DAG projects like IOTA and Nano did not offer at the time of their launch and have yet to incorporate into their product. The past performance of DAG-based protocols gives us increased confidence for the future of Fantom.

Fantom ICO Weaknesses and Threats

According to the Fantom roadmap, the testtnet launch is planned for Q4 2018. Fantom may encounter competition from other DAG protocols like Hedera Hashgraph and Constellation, which also plan to have live testnets by the end of 2018.

Hedera and Constellation both deploy similar architectures to Fantom through their incorporation of smart contract functionality. In terms of TPS, Hedera also have taken aim at a higher figure, which they purport to have already achieved.

As a project based out of Korea, Fantom could arguably maintain a hold on their domestic market via the connections Dr. Ahn and others on the team possess. Nonetheless, this is not a guarantee and the progress of Fantom in relation to direct contenders will represent a crucial element in achieving adoption with enterprises.

At this stage, Fantom has yet to establish any partnerships with enterprise clients. While there has been mention of discussions that are in the works, no official announcements have been made. As enterprise adoption is the crucial element of Fantom’s scaling strategy, it will serve to foster a greater sense of confidence if the team can produce solid agreements from enterprises to work together on piloting and incorporating the protocol.

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