We Chose Fantom. Here’s Why.

By Moni Talks Chairman and Founder Brendan Beeken FInstSMM

In creating our #cryptocurrency community, Moni Talks, a crucial decision was which #blockchain to build it on.

I’m pleased to announce that we have selected Fantom Foundation, and I want to explain why.

Ethereum and Polygon

The obvious blockchain choice is Ethereum. It’s huge, it’s well-known, it’s reliable, and it has been actively dealing with slow speed and high gas fee concerns.

However, as media such as Decrypt have reported, #fantom is established as a true challenger to #ethereum dominance. The smart contract blockchain protocol is faster and cheaper thanks to remarkable innovation in how it operates and the consensus mechanism it uses.

Many tired of Ethereum look to Polygon Labs. However, as On Chain Updates and others have reported, Fantom transactions are faster and cheaper than you find on #polygonnetwork.

Why Fantom

Obviously, for a #crypto business like Moni Talks, speed and cost of transactions are important. However, they are not the only factors.

Security is vital to us, as is the exciting potential for Fantom to radically change the space with its innovative culture.

When myself and the senior team at Moni Talks, assisted by our expert developers, chose the Fantom blockchain protocol over competitors, we assessed many aspects. Here are just a few that made Fantom stand out and confirmed it was the right choice for our business:

True finality – There is no longest chain rule. When a transaction is seen by the network it is final. It can’t be rolled back by a chain reorganisation, which can and does happen on Ethereum and Polygon

Synchronous RPC – Instead of asynchronous ‘fire and forget’, Fantom uses synchronous remote procedure call

Gas monetisation – This allow Moni Talks to earn revenue from gas fees on our contracts

Full EVM compatibility – being fully compatible with Ethereum Virtual Machine (#evm) means developers don’t need to relearn anything and makes their multichain journey easier when they wish to deploy on other chains

No segmentation – Fantom has no segmentation between networks (subnets/supernets/L2s), so there is shared security, liquidity, and users

Legacy - Fantom is one of the oldest EVM chains after Ethereum, operating for four years with 99.9% uptime It had a 30-year runway, much longer than any competitors. It gives peace of mind to build on a platform that will exist for decades

But it isn’t just about the features the chain has now. For Moni Talks, it was about future innovative. For example, due to go live this year are:

Gas subsidies – This will allow users to onboard without needing Fantom’s native currency, FTM, expanding access

Account abstraction – This will allow for wallets to be owned by normal Web2 methods (username/password, social authentication, face ID, etc)

It’s About People

While everything above creates a strong business case for Moni Talks choosing the Fantom protocol, for me it was about people too.

I like doing business with genuine, inspirational, excited people. In the blockchain world, it is all too common to know the brand, but never be able to identify, never mind talk to, the people behind it.

When I established Moni Talks, one of my key commitments was that we would be entirely transparent about who we are and make ourselves visible and willing to engage.

At Fantom, I found a similar outlook.

Co-founder Andre Cronje is a key figure in #defi. He has simultaneously been described as controversial and a rockstar. No one can doubt his commitment and innovation.

Perhaps personally more relevant to me are CEO/CIO Michael Kong and the involvement of cryptocurrency visionary Harry Yeh.

Yes, the tech and infrastructure of the blockchain is key, but they three guys are the main reason behind my decision for Moni Talks.

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