While everyone was looking at L2s, Fantom ( $FTM ) found a way to push the limits of a L1.
They are preparing to release the #FVM by the end of this year.
Let's simplify:
โ๏ธ What is the #FVM?
โ๏ธ What are the upgrades?
โ๏ธ When?
๐งต๐
They are preparing to release the #FVM by the end of this year.
Let's simplify:
โ๏ธ What is the #FVM?
โ๏ธ What are the upgrades?
โ๏ธ When?
๐งต๐
1.) What's the problem with EVMs?
The EVM has a lot of limitations.
One workaround is to build another blockchain layer on top of it called "Layer 2".
Fantom, a Layer 1, took a different approach.
The EVM has a lot of limitations.
One workaround is to build another blockchain layer on top of it called "Layer 2".
Fantom, a Layer 1, took a different approach.
2.) What is $FTM?
Fantom is a Layer 1 Blockchain running since 2018.
The performance is extremely fast and has low gas fees. It is also EVM Compatible.
[Want a deeper dive into Fantom? Check out @Route2FI's thread:
Fantom is a Layer 1 Blockchain running since 2018.
The performance is extremely fast and has low gas fees. It is also EVM Compatible.
[Want a deeper dive into Fantom? Check out @Route2FI's thread:
https://twitter.com/Route2FI/status/1626257528467214337?s=20]
3.) What's the Roadmap for the #FVM?
There are 4 Projects:
โก๏ธAIDA: Identifying The Bottlenecks (Done)
โก๏ธCARMEN: New Storage System (~Q1/Q2 2023)
โก๏ธTOSCA: Fantom Virtual Machine (~Q2/Q3 2023)
โก๏ธ Testnet & Deployment (~Q3/Q4 2023)
There are 4 Projects:
โก๏ธAIDA: Identifying The Bottlenecks (Done)
โก๏ธCARMEN: New Storage System (~Q1/Q2 2023)
โก๏ธTOSCA: Fantom Virtual Machine (~Q2/Q3 2023)
โก๏ธ Testnet & Deployment (~Q3/Q4 2023)
4a.) AIDA: Identifying The Bottlenecks:
It's hard to determine where/why the EVM is slow.
Fantom created tests and tools to find out.
These tests are now MUCH faster to run. Instead of waiting weeks for it to process, it takes HOURS!
What were the results? ๐
It's hard to determine where/why the EVM is slow.
Fantom created tests and tools to find out.
These tests are now MUCH faster to run. Instead of waiting weeks for it to process, it takes HOURS!
What were the results? ๐
4b.) The EVM spent 84% of its time getting/sending data to the database!
You would think the slowest part of the EVM would be executing the smart contract code.
NOPE! That was only 13%.
You would think the slowest part of the EVM would be executing the smart contract code.
NOPE! That was only 13%.
5.) CARMEN: New Storage System:
Improving the database is the #1 focus since it is the biggest bottleneck.
How is it going to be improved? I'm not sure, it went over my head.
Here's a slide explaining the details more:
Improving the database is the #1 focus since it is the biggest bottleneck.
How is it going to be improved? I'm not sure, it went over my head.
Here's a slide explaining the details more:
6.) TOSCA: Fantom Virtual Machine
FVM = Fantom Virtual Machine, an upgrade of the EVM.
The #FVM will make Fantom faster with "super-instructions". It'll do the same thing as the EVM, but more efficiently.
Example:
Telling your dog to "SPIN" instead of "TURN LEFT" four times.
FVM = Fantom Virtual Machine, an upgrade of the EVM.
The #FVM will make Fantom faster with "super-instructions". It'll do the same thing as the EVM, but more efficiently.
Example:
Telling your dog to "SPIN" instead of "TURN LEFT" four times.
7.) How much faster will Fantom be after the new database and #FVM?
They are estimating it'll be 8.1x FASTER and use 98% less storage space!
Those are some crazy numbers!
They are estimating it'll be 8.1x FASTER and use 98% less storage space!
Those are some crazy numbers!
8a.) Why does x8 speed improvement and 98% storage reduction matter?
"This would theoretically allow $FTM to process 400 Million transactions, four times the amount of transactions processed by VISA in the USA."
"This would theoretically allow $FTM to process 400 Million transactions, four times the amount of transactions processed by VISA in the USA."
8b.) New validator nodes would be able to sync extremely quickly!
Instead of needing TERABYTES of memory, you'd need only gigabytes.
This is a storage amount even most laptops can handle.
Instead of needing TERABYTES of memory, you'd need only gigabytes.
This is a storage amount even most laptops can handle.
9.) EVM, FVM, Database....can you just show me a diagram?
Yes, here's my understanding.
The portion circled in purple is where over 80% of the EVM's time is currently spent.
[If it's too confusing, don't worry about it. I may create a simplified thread on EVMs in the future.]
Yes, here's my understanding.
The portion circled in purple is where over 80% of the EVM's time is currently spent.
[If it's too confusing, don't worry about it. I may create a simplified thread on EVMs in the future.]
10.) Summary
Fantom is pushing the limits of a L1 blockchain by:
โก๏ธ Identifying where the EVM is slow.
โก๏ธ Upgrading the database.
โก๏ธ Improving the EVM to the #FVM.
โก๏ธ Insane speed and storage performance.
โก๏ธ Completing everything by the end of the year.
Fantom is pushing the limits of a L1 blockchain by:
โก๏ธ Identifying where the EVM is slow.
โก๏ธ Upgrading the database.
โก๏ธ Improving the EVM to the #FVM.
โก๏ธ Insane speed and storage performance.
โก๏ธ Completing everything by the end of the year.
11.) My Sources Or If You Would Like To Learn More:
Awesome article written by @ash_ksmo [@FantomFDN]:
fantom.foundation/blog/fantom-viโฆ
@michaelfkong presented this at @quantum_miami.
I HIGHLY recommend watching [Few people even know this video exists.]:
Awesome article written by @ash_ksmo [@FantomFDN]:
fantom.foundation/blog/fantom-viโฆ
@michaelfkong presented this at @quantum_miami.
I HIGHLY recommend watching [Few people even know this video exists.]:
12.) Transparency
โก๏ธ I am NOT being paid or sponsored to write this thread.
โก๏ธ I am invested in some Crypto Projects that are on the Fantom Blockchain.
โก๏ธ Not Financial Advice.
โก๏ธ This thread is based off my understanding. Some details are probably wrong. Please correct me!
โก๏ธ I am NOT being paid or sponsored to write this thread.
โก๏ธ I am invested in some Crypto Projects that are on the Fantom Blockchain.
โก๏ธ Not Financial Advice.
โก๏ธ This thread is based off my understanding. Some details are probably wrong. Please correct me!
13.) Special Shout-Out
I wanted to thank @0xDoubleSharp.
He's a gifted developer that took the time to answer any technical questions I had.
This guy really knows his stuff. Make sure to give him a Follow, especially if you're really technical!
I wanted to thank @0xDoubleSharp.
He's a gifted developer that took the time to answer any technical questions I had.
This guy really knows his stuff. Make sure to give him a Follow, especially if you're really technical!
14.) Big Fantom GigaLeaders To Follow:
@FantomFDN (Fantom Foundation)
@michaelfkong (CEO)
@theotherpomp (CMO)
@AndreCronjeTech (Architect)
@juanaxyz00 (Head Of Marketing)
@Nick_SR5 (SMM)
@blockbytescom
@0xBebis_
@NickDrakon
@markjeffrey
@defi_naly
@crypto_linn
@0xSouvlaki
@FantomFDN (Fantom Foundation)
@michaelfkong (CEO)
@theotherpomp (CMO)
@AndreCronjeTech (Architect)
@juanaxyz00 (Head Of Marketing)
@Nick_SR5 (SMM)
@blockbytescom
@0xBebis_
@NickDrakon
@markjeffrey
@defi_naly
@crypto_linn
@0xSouvlaki
15.) Tagging Crypto Chads Worth Following:
@rektdiomedes
@thedefiedge
@Chinchillah_
@DefiIgnas
@DAdvisoor
@Route2FI
@jake_pahor
@phtevenstrong
@eli5_defi
@crypthoem
@defi_mochi
@blocmatesdotcom
@TheDeFinvestor
@Slappjakke
@rektdiomedes
@thedefiedge
@Chinchillah_
@DefiIgnas
@DAdvisoor
@Route2FI
@jake_pahor
@phtevenstrong
@eli5_defi
@crypthoem
@defi_mochi
@blocmatesdotcom
@TheDeFinvestor
@Slappjakke
@rektdiomedes @thedefiedge @Chinchillah_ @DefiIgnas @DAdvisoor @Route2FI @jake_pahor @phtevenstrong @eli5_defi @crypthoem @defi_mochi @blocmatesdotcom @TheDeFinvestor @Slappjakke Did you find value in this thread?
It'd be amazing if you could do me a favor and Like/Retweet the first tweet:
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It'd be amazing if you could do me a favor and Like/Retweet the first tweet:
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https://twitter.com/SimplifyDeFi/status/1630506923140284417?s=20
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