The University of Sydney has ventured with a new research partnership with Fantom. The partnership includes a donation from Fantom to the University’s Faculty of Engineering and Information Technologies.
That donation will support a dedicated research group at the University of Sydney, focused primarily on building automatic bug-checking software for safer smart contract development, along with developing a new programming methodology for smart contracts.
This will extend the Solidity programming language to be safer to use and create a new and more efficient virtual machine. Better smart contract technology would be a major help in the cryptocurrency world.
Michael Kong, the chief innovation officer of Fantom emphasized,
“the need for increased security in cryptocurrencies and distributed ledgers is paramount. From multi-million dollar hacks to wallet freezes, we have seen that poorly-written smart contracts have disastrous consequences for the entire industry.”
Fantom, however, doesn’t actually use a blockchain. It is one of the handful of cryptocurrencies that uses a “directed acyclic graph” (DAG) type ledger instead of a blockchain. Such an approach helps scalability explains Dr. Byung Ik Ahn, CEO of Fantom.
Dr Byung further added, “Since the historic rise of Bitcoin in 2017, cryptocurrencies and blockchain technology have only continued to grow in strength, and yet as the exuberance subsides the industry has struggled to move away from anecdotal accounts and actually bring transactions mainstream. The same roadblocks persist the lack of real-time transaction settlement; the question of scalability; as well as concerns of standardization. It was based on these challenges that Fantom was born.”
Like most DAGs, Fantom was built to scale far beyond the bounds of existing blockchains. Bitcoin by itself tends to perform poorly at about five to ten transactions per second and in its current form Ethereum can do maybe twice that.
However, both are just not fast enough for real wide-scale use. Some blockchains have managed to improve on that considerably, but this often comes with some immense sacrifices.
“At Fantom, we focused on addressing these concerns by presenting a new implementation of Directed Acyclic Graph (DAG)-based consensus through the integration of Lachesis Protocol with the Fantom Opera Chain”, Dr Byung says.
However, there are some key obstacles associated with this system. It also has to adhere to prior systems like proof of work and mining, overcoming salient vulnerabilities.
This news is no doubt one of the latest and the greatest. When once the system is evaluated and brought into the mainstream, masses of folks will be greatly benefited.