Fantom Recap for May 2019
Blog post by Michael Chen
If you told me two months ago that we’d be partnering with Binance Chain to empower interoperability, and that we’d be listed on Binance DEX, I’d uncomfortably try to wiggle myself out of the discussion.
May 2019 has been an incredible month, and I feel like the topics we discuss in the monthly recaps get better every month, because I really like the direction that Fantom is heading into. In this monthly recap we’ll be talking about Binance Chain, Binance DEX, the interviews and original content that have been pushed out about Fantom recently, our partnerships with Fusion and COTI, a multitude of technical papers and technical articles, and what we could learn as a team from everything that’s happened in May.
Binance Chain, Interoperability, and Partnerships.
There’s a lot to unpack so I’ll start with the juiciest events of the month, Binance Chain, Binance DEX, and the ERC20 → BEP2 token bridge. In May we announced a collaboration with Binance Chain to create a multi asset cross chain ecosystem. That probably sounds really exciting, but it doesn’t tell you guys much other than providing a few keywords that we’ve all heard before, and that may have left a sour taste in some people’s mouths.
That’s why I really want to talk about what this collaboration is about, and what interoperability truly means for Fantom. In first instance, this interoperability means compatibility with Binance Chain, the FTM token can be found on Binance Chain, Ethereum, and soon also on our own native network. But apart from the obvious benefit of having a BEP2 token and listing on Binance DEX, I really want to underline how important we think it is to interconnect all these loosely connected industry players.
In the current day, tokens are stuck to their own networks and the limitations that come with it, whereas having good bridges and easy swap mechanisms would provide flexibility for projects to migrate to other blockchains when better technology is presented, without losing the liquidity on- and off-ramp.
What’s our approach? — We want to ensure maximum compatibility with legacy blockchains, while also being able to adapt to novel blockchains. Partnering with Fusion is something that we want to play a really big role in making this ecosystem more cohesive, by licensing and using their DCRM (Distributed Control Rights Management) technology we predict that it will be much easier to have custody over tokens on other chains, which essentially allows the Fantom network to ‘own’ tokens on another chain. This was also discussed during the ‘Fantomians Live’ discord call we held recently, in which our technical advisor Andre Cronje mentioned that our joint product which makes use of DCRM is very far along.
On the other hand, we also discussed that we are in the process of making Cosmos SDK (used to build blockchain applications), ABCI (Tendermint communication layer), and Amino (tendermint protocol) compatible with our aBFT consensus mechanism. To clear up any confusion: there is no partnership between Fantom and Cosmos, and Cosmos is not looking to use our consensus mechanism instead of their own (this one is for you, rumor-spreading-guy on 4chan). However, I can say that this compatibility and the ability to leverage some of Cosmos’ strengths will be very beneficial for Fantom and its ecosystem.
Aside from the Fusion partnership, we haven’t been resting on the frontier that we call partnerships and collaboration. We recently signed and published our partnership with COTI, a project which strives to become an universal internet currency and has a great retail merchant network to pursue these aspirations. On one end that’s really interesting for us because we’re looking for the FTM token to be available on more payment rails, and because we want our future iteration of FantomPay to have a bigger distribution network. The actual hot sauce in this collaboration though, is in exploring how we can do a bridge protocol between our respective networks to improve our interoperability. Even though we are still exploring ways to work together, we have found incredible synergies in exploring specific Directed Acyclic Graph (DAG) cryptography, and we are looking to share deals in business development and use cases where we do not overlap or compete.
Make it rain with the tech.
Calling the month of May eventful for our technical department would be an understatement. We released 5 Fantom Archive articles, 2 technical updates, 2 new technical papers, and we‘ve made incredible progress on our Golang and Rust repositories for our Lachesis protocol. We have an incredible community of passionate people, but we’ve really been trying to embrace the developer community throughout these efforts by releasing more general research as well that can contribute to the wider ecosystem instead of purely working out of the interest of our own network.
Read the Fantom Archive articles at:
Read our new technical papers at:
Lastly, read our technical updates at:
Tackling all frontiers in Dubai with Fantom Innovation Labs from Sydney.
As most of you may already know, and you are probably in anticipation to hear more, we’ve been extremely active in Dubai as of April until now. We recently sent our Fantom Innovations Labs, led by Ashton Hettiarachi and David Freuden, together with Andre Cronje, to the UAE. They went to Dubai and its surroundings as a part of the Australian Trade Commission (Austrade) delegation, on its blockchain mission to Dubai. This allowed us to come into direct contact with a lot of key decision-makers in the Dubai government, and in the UAE corporate sector. It was an absolutely phenomenal trip, and June will be all about unpacking what has come from that phenomenal journey to Dubai.
Wrapping up, we really want to thank the community for being absolutely terrific as of late. We’ve been exploring more business development opportunities, creative community engagement ideas, and technological concepts with some of our newer community members which has been an absolute blast. I also want to drop a short mention about TheCryptoZombie interview and the ThatMartiniGuy video that dropped recently which were a great watch for any Fantom supporter — I really suggest you watch those if you haven’t yet.
See you all in July for the next iteration of the Fantom Recap, cheers!
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