Coinsilium Announces Successful ICO for Fantom, $39.8 Million Raised
Coinsilium has announced that one of its clients, Fantom, has raised $39.8 million in its ICO.
Coinsilium is a company from London that invests in and manages blockchain startups. Since its being founded in 2014 it has invested in companies such as Indorse, a Linkedin-type website from Singapore, Satoshipay, a Bitcoin micro-payment platform from London, and RSK Labs, a Bitcoin-based smart contract platform from Buenos Aires.
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Coinsilium announced the addition of Fantom to its list of advisory clients on the 10th of May 2018, promising guidance for the now-completed ICO.
What is Fantom?
Fantom is a South Korea-based blockchain company that promises instant transaction confirmation, transaction fees of $0.01, and processing power that increases with the number of nodes in the system.
According to its website, it is the world’s first DAG-based smart contract platform. DAG stands for directed acyclic graph. This is a finite and chronological graph which cannot cycle back on itself because any given event in the graph is dependent on the preceding one. A family tree is an example of a directed acyclic graph.
Source: fantom.foundation
One common application of a directed acyclic graph is a spreadsheet in which a value displayed in a given cell is the basis of values displayed in many other cells; when that value is altered, the cells all change automatically.
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In terms of blockchain technology, Fantom uses a system caled Opera which doesn’t use blocks: “Instead of blocks, the OPERA Chain processes a list of events asynchronously with no rights to modify previous confirmed transactions.”
According to the whitepaper, it operates on three layers: the ‘Core Layer’ process transactions, the ‘Ware Layer’ supports smart contracts, and the application layer supports third party applications. The whitepaper says that the core later should be able to handle 300,000 transactions per second.
The consensus model used is called ‘Lachesis’. It is asynchronous, meaning that one event can only be initiated when the previous one is concluded. The Lachesis DAG will store information in ‘event blocks’ which will be the basis for the proceeding event blocks: “Like other Blockchain technologies, where the new event block verifies all previous event blocks (including the transactions inside them), all new Event Blocks will verify only their parent event blocks,” says the whitepaper.
The difference is that event blocks verify previous transactions instead of miners, avoiding delays in approval and bottlenecks.
According to the press release, Fantom has already partnered with banking, telecom and insurance firms. It specifically mentions the Korea Food-Tech Association, a consortium of companies that have a combined worth of $179 billion. According to Korean news portal Pulse, the organisation intends to apply the payment service to its member companies.
Coinsilium CEO Eddy Travia said: “The success of FANTOM’s public token sale in a short time-frame illustrates the high level of interest in this project from the investment and blockchain communities globally. The team must now demonstrate the value of their protocol, but we see indications that FANTOM’s technology is being considered very seriously, both at the enterprise and government levels.” 