The Fantom Foundation, the organization behind the Fantom decentralized network, recently announced the creation of a new foundation to facilitate the launch of the upcoming new Sonic chain.
On May 23, Phantom Foundation CEO Michael Kong announced the new foundation on the Blockchain Network blog. Kong wrote:
“Our team is constantly working to explore how Sonic Chain can impact and enhance a variety of DeFi and real-world use cases. Industries and applications such as real-world assets, persistent DEX, payments, trading, and high-volume gaming can be transformed by Sonic’s speed and high throughput.”
Fantom’s Sonic Foundation will be responsible for overseeing Sonic’s governance, managing network finances, coordinating partnerships, and developing the DApp ecosystem.
According to the Kong and Fantom development teams, Sonic consists of a novel layer 1 solution and a built-in layer 2 that connects EVM-compatible networks directly to the Ethereum network.
Sonic Chain’s architecture will reportedly allow users of the upcoming Sonic Network to leverage Ethereum’s vast ecosystem of decentralized applications, liquidity providers, and communities.
First launched in 2019, Fantom offers a unique consensus model called Lachesis that departs from traditional blockchain networks by using directed acyclic graphs and asynchronous Byzantine fault tolerance (aBFT).
Related: Fantom bets on ‘safer memecoins’ with launch of $6.5 million development fund
Validators on the Phantom Network do not have to work on modern blocks like Bitcoin or Ethereum, but instead work on independently validating transactions and blocks themselves, known as “event blocks.”
These event blocks are then broadcast to other nodes in a non-linear manner to achieve consensus that does not depend on blocks being sequentially ordered and verified.
If the majority of nodes agree on the contents of the event block, it is added to Fantom’s main chain as the root event block. Fantom’s main chain is an actual blockchain, while the consensus mechanism between nodes is a directed acyclic graph that promotes continuous asynchronous communication between all validator nodes.
The Phantom Foundation explained that the use of asynchronous messaging between these nodes allows Phantom to have a finality time of 1 to 2 seconds per block.