Fantom: Why I’m Bullish
This is not Financial advice, this is simply how I see things:
The next 5–10 years will be the easiest opportunity to get rich in the past 1000 years. Let me repeat that again: The next 5–10 years will be the easiest opportunity to get rich in the past 1000 years. It does not matter how much money you have. $500, $1000, $10,000, etc. You’re here, you have internet, you have some capital, and you’re looking for an opportunity to make money. It is my utmost assumption that a thousand dollars can now be worth millions in 5–10 years. Why? Let me explain.
We are currently shifting from early adopters to early majority for Bitcoin. We still haven’t hit that mark yet, I assume it will be in the next couple years. Bitcoin is by far and large the most widely known crypto currency asset, and yet it is understood by only a select few groups of people. If it were actually understood, the price would be 10x higher than it currently is now.
A major narrative for Crypto during these times of inflation is as a store of value, “Digital Gold”. Yet the market is a thousand times bigger than that.
The public, nor institutions have grasped the concepts of smart contracts, decentralized finance, decentralized oracles, etc.. This aspect is only understood by a very small minority of people. A few million at most. Hence the market cap of DeFi is only around 20 billion at the time of writing this.
There is currently a huge chasm between early adopters and early majority. Concerning DeFi, we are still in the infancy stages. A 20 billion dollar market cap compared to a multi-deca trillion dollar target market. That is what we’re dealing with here. This is an extremely rare opportunity we have, and not many people see it. I doubt we will ever in our lifetimes again.
Please do not gamble your money away on Sh*tcoins that hold no value. Forget the dead projects, forget the narratives, forget them all. I dont care what your favorite shill tells you. Ethereum is the defacto smart contract platform, Chainlink is the defacto decentralized oracle network that will be connecting legacy systems to public blockchain smart contracts networks, and SNX, AAVE, UNI, SUSHI, YFI, and others are all products of these very successful systems working together in harmony. And yet they are still severly undervalued on the macro-scale.
Think of it in this perspective: for the first time in human history, the financial system will be entirely transparent to it’s users, removing the middle-man aspect entirely, ensuring common people don’t get screwed over, all while being massively profitable for legacy finance to adopt. You couldn’t ask for a more perfect storm. The key take-away is this: if you’re feeling FOMO, jealousy or resentment for people that have larger bags than you, don’t. You’re earlier than 99.99% of people on this entire planet. Do not gamble this opportunity away trying to “Swing trade your bags for more gains”. The end game isn’t this bull run, or the next, or the one that comes after that.
The end game is the entire financial system. Just keep accumulating.
Your future self thanks you.
So, where does Fantom come into this equation? Ethereum has steep transaction fees to move money around, and increasing congestion is a big issue now, and will get geometrically *worse* as DeFi succeeds and grows. It could choke everything. This whole thing will HAVE to jump to a different, scalable chain. Currently they are working on the beginning phases of rolling out ETH 2.0 and while it is going smoothly, the finalization of actualizing ETH 2.0 is still months out from becoming reality, and people need a solution for quicker finality and cheaper transactions YESTERDAY.
Fantom has the solution:
I want to start this off by clarifying: Fantom is not trying to be an “Ethereum Killer”. It’s not trying to replace Ethereum, it’s not trying to take the value away. Fantom is not an Ethereum replacement. Fantom plans on establishing bridges and providing more scaling for Ethereum.
Prominent developer in the Solidity smart contract ecosystem, creator of YFI and Fantom Foundation tech advisor Andre Cronje recently tweeted:
“Today I sent ERC20 <> FTM. Wrapped FTM to wFTM. Minted fUSD. I have to admit, after all this time building on ETH, it was a nice change Cross-chain defi is not here yet, bridges are not trustless yet. But, the pieces are coming together. L1 is the new L2"
Current solutions make trade-offs between three components: scalability, security and decentralization. This is known as the blockchain trilemma.
Bitcoin for example focuses on decentralization and security, which makes it less suited for any kind of transaction that requires speed and fast confirmation, like day-to-day payments, data transfer, asset trading or other transactions consumers and businesses rely on in everyday life.
Especially the legacy financial system, from the processes that happen in the back-end to consumer-facing solutions, requires high throughput and fast finality.
Decentralizing these services at scale, while providing bank-grade security represents a challenge for the whole blockchain industry.
Fantom tackles the problem at the core: its high-speed consensus mechanism, Lachesis, allows digital assets to operate at unprecedented speed and delivers dramatic improvements over the current systems.
Unlike other solutions, Fantom does not sacrifice security and decentralization in favor of scalability.
Indeed, the advantages brought by Fantom are not merely pure performance; its modular architecture allows for full customization of blockchains for digital assets, with different characteristics tailored to their use-case.
Fantom also offers exceptionally high levels of security by using a leaderless Proof-of-Stake protocol to secure the network.
Fantom’s aBFT consensus, called Lachesis, is capable of scaling to many nodes around the world in a permissionless, open environment, providing a good degree of decentralization. It does not use Delegated Proof of Stake, and has no concept of “Masternodes”. -Source
Essentially: Crypto will need Fantom to scale properly, and while there is several scaling solutions on the market, Fantom is already ready, built in Solidity making it easy to plug and play with Ethereum, and it’s Lachesis consensus technology is unrivaled in the space. The team is constantly pushing updates to the Github, updating their website, in communication with other teams in the space and constantly collaborating and innovating and the team just released a beautiful new explorer that the Etherscan team helped them work on.
Crypto is an ongoing attempt to solve real world problems, but trying to cover all of the bases has caused a cascade of emergent problems as we flesh out and build the foundational infrastructure. Fantom comes in as the ideal platform to develop global solutions using blockchain technology.
A wide range of industries like financial markets, healthcare, education, and many more can benefit from Fantom’s unique and future-ready infrastructure.
Developers can build on top of the existing Fantom ecosystem, or integrate Fantom’s Lachesis consensus into their technology solution, the use-cases for Fantom are not limited to just one narrow set of possibilities.
Andre Cronje also recently stated
“The amount of things that start clicking together when you stop thinking about separate system, and instead systems as a whole integrating, is honestly amazing. Lending is such a powerful and underutilized tool. The things we can do with it in defi are about to get scary”
and I personally believe we are about to collectively leave our crypto tribalism in the past this year as we move forward into 2021.
Working on building a more interoperable network of protocols coming together instead of speculative investors getting into “My token good, your token bad” polarized mentality.
What is Fantom?
Fantom is a high-performance, scalable, customizable, and secure smart-contract platform. It is designed to overcome…