The Challenges and problems in the market.
At this stage, various underlying protocol projects such as EOS, NEO, ArcBlock, etc. emerge in an endless stream, while most of which are iterated on the basis of Ethereum, which has a certain gap with the standard of blockchain 3.0, not to mention Blockchain 4.0. At present, blockchain mainly has the following problems: low performance, high using threshold, high using cost, platform lock-in, and narrow application scope. It is in an urgent time that need to carry out research on the underlying protocol of blockchain, overcome the underlying core technology of blockchain, redesign or improve various dimensions of blockchain, to solve and meet the following problems of transaction congestion, high transaction fees, long transaction confirmation time, low anonymity of node communication, weak cross-chain communication and multi-chain integration…
The Birth of FON Smart Chain.
DeFi, originated from the Ethereum network and led to a big bull market in the crypto market in 2020. Hundred times coins and thousand times coins were born in DeFi network. People marveled and chased this new way of finance and triggered a wave of wealth boom. However, with the increase in the price of Ethereum and the increase in the number of participants, the Ethereum network has become slower and slower, and the gas cost has become higher and higher, and ordinary users can no longer afford it. By 2021, the development of the ethereum ecosystem has stalled and the average user can no longer afford to use the ethereum network, which has opened a blockchain infrastructure race with public chains as the main track. Based on the above background, the FSC Ecological Development Fund has created the FON smart chain. Based on the “consensus trust” mechanism and encryption algorithm of the blockchain, every transaction in the user scenario is recorded on the blockchain without relying on third-party intermediaries, which is completely open, transparent and traceable, and establishes an ecosystem system of universal trust, and realizes efficient consensus, multiple application scenarios, high performance, high security, high-speed access and efficient operation.
Introduction to FON Smart Chain.
FONSmartChain, referred to as FSC, is committed to becoming the world’s leading public chain system and blockchain infrastructure. FSC is compatible with EVM at the base layer, has the ability to create and deploy smart contracts, and is compatible with the Ethereum Virtual Machine (EVM).
How the FON Smart Chain works:
1. Consensus: FON Smart Chain uses the consensus mechanism Authority-Proof-of-Stake-(APoS) to keep the ecosystem in sync. APoS is a mechanism for validators to stake FON and attest to the validity of transactions, a model that is more efficient and less costly from an energy perspective than other variants.
2. Cross-chain compatibility: This feature can easily exchange assets from BSC as well as TRON protocol to FON Smart Chain. Users can use the solution to convert three of FON’s most popular FEP standards: FEP2, FEP8 and FEP20 tokens.
3. Ethereum Compatibility: In addition to native cross-chain communication, FON Smart Chain is compatible with the Ethereum mainnet to support all existing Ethereum tools or coins with lower transaction fees and faster processing times compared to the normal base. In addition, FON Smart Chain will support existing token assets on BSC and TRON protocols, and developers will enhance the functionality with EVM-compatible programming capabilities and native support for cross-chain communication.
In the future, FSC will realize various key technologies of value transmission network, build a global value Internet, and provide basic network and complete ecosystem support for various value transmission applications.
Goals of FSC:
Using self-developed public chain technology and combine the technical characteristics of blockchain to build a fair and open comprehensive application system, to solve the trust issues and fairness problems currently faced by the industry to make the whole competitive environment more fair, open and efficient. FSC’s mission is to build a complete value ecology for global business and users in the blockchain era, and hopes that this ecology will provide security for users’ free will and personal value, especially the value of time. FSC will completely reshape the operating model of the existing Internet, turn the economic incentive system itself into a system that can circulate within the system, and create a completely decentralized Internet value transmission ecosystem, which is also a completely open community ecosystem, allowing Each participant can obtain the corresponding value embodiment.