Fantom is not the first platform based on DAG. IOTA, Byteball, Nano and Hedera Hashgraph already started developing projects with the same technology. Hedera Hashgraph aims to raise 18M USD, which is twice smaller than Fantom wants to attract.
There is no link to GIthub or other source to track the product development As of May 15th 2018, Beta is not available
It is now unclear how the platform will monetize its activity.
The company valuation - 100M USD - seems comparably high. The team does not clarify what "Market Development" reserved tokens will be spent for. The team gives a split of expenses only for 3 broad categories: Development, Operations, Marketing. This seems as a sketchy distribution.
Most of the team members are located in Korea, while some key employees are in Australia. One of the senior developers does not have any other experience stated on Linkedin. Not all of the team members have Linkedin profiles.
Blockchain technology has provided a way to maintain consensus across all nodes with no central authority. However the technology faces fundamental issues like a lack of real-time transaction settlement and scalability. Despite improved consensus algorithms, current blockchain implementations use nodes that synchronize one block at a time. This results in slow confirmation times, one of the biggest factors stopping blockchain technology from being widely used across many industries. Although third-generation Smart Contract platforms such as Cardano and EOS have emerged, scalability issues have not been resolved. To address these persistent issues, a new model based on the Directed Acyclic Graph (DAG) such as IOTA, Byteball, Nano, and Hashgraph improve on current blockchain scalability. This new technology does guarantee real-time transactions because nodes process transactions asynchronously, while ensuring infinite scalability and potentially achieving hundreds of thousands of transactions per second as more nodes participate in the network. However, these platforms lack the Smart Contract dApp infrastructure provided by platforms like Ethereum.
The project was launched in January 2018. Fantom employs an improved version of existing DAG-based protocols. The FANTOM platform adopts a new protocol known as Lachesis Protocol to maintain consensus. Applications built on top of the FANTOM OPERA Chain enjoy instant transactions and near zero transaction costs for all users. Using a DAG, the Lachesis Protocol is responsible for saving transactions that are connected by a chain of events. Like a blockchain, the OPERA Chain is saved on each node that participates in the network. To validate transactions on each node, a node known as the witness node checks validity across all nodes. Unlike many other DAG based platforms, the Lachesis Protocol will not only secure and speed-up transactions above 300,000 TPS, but also provide an open-source and permissionless platform. The FANTOM architecture is divided into three layers. The bottom layer is called the OPERA Core Layer. It is responsible for creating events and maintaining consensus across all nodes via the Lachesis Protocol. The middle layer is called the OPERA Ware Layer. It will provide the functionality for payments, issuing rewards, incentives, and Story data. Finally, the top layer is called the OPERA Application Layer, and will provide publicly available Application Programming Interfaces (APIs) for applications to use features of the OPERA Ware Layer. The project has already established partnerships with Korea FoodTech Association members, Oracle, Quantum Equity Partners plus various partners in the blockchain field.
The chain is being designed so that FANTOM and low-level transaction tokens provide users not only access to the network but also Smart Credit functions. A Smart credit is an automated contract credit which uses Smart Contract technology stipulated in an internalized contract to force parties involved in the contract credit to fulfil their contractual obligations). As consumers grow and technologies evolve, Application hosts will require more FANTOM tokens to drive their business. A Smart credit contract guarantees user protection upon failure of the Application host (i.e. bankruptcy). Users can immediately regain their assets by redeeming them with FANTOM tokens that have been previously provided as surety, and connect them with other Application hosts.
The fund will be used to further develop the FANTOM stack (OPERA Core, OPERA Ware, and OPERA Public) over the short, medium and long-term. The Foundation will also use the fund in marketing and promotional activity for the FANTOM project, with the aim of attracting new developers to the platform, users from various industries and organisation, and to generate global public awareness. The fund will also cover other costs of the FANTOM Foundation such as legal and administrative matters. Tokens will be distributed right after the public token sale ends. The team does not clarify what "Market Development" reserved tokens will be spent for. Tokens for advisors and contributors and tokens for FANTOM team and founders will be used for team members who plan the development of projects as well as partners who are involved in the FANTOM project. These FANTOM tokens are granted with 2-year disposal condition by stage. The team gives a split of expenses only for 3 broad categories: Development, Operations, Marketing. This seems as a sketchy distribution.
There are 16 members working on the platform development + 11 foundation members, including CEO. Most of the core competencies are covered in the team. The CEO of Fantom has previous entrepreneurship experience. He sold one of his previous businesses(Point-I), and currently is the founder of Siksin Ltd (2M+ downloads from App store). The technical specialists have previous experience in Oracle. Most of the team members are located in Korea, while some key employees are in Australia. One of the senior developers does not have any other experience stated on Linkedin. Not all of the team members have Linkedin profiles.