The Fantom ICO’s whitelist, which closed yesterday, was more than 60 times oversubscribed. The project team received over 148,000 applications, and will now use two lotteries to narrow the list down further to 2,400 investors who will be admitted to participate in the token sale.
Fantom (@FantomFDN) received over 148,000 whitelist applications, which will be sifted through two lotteries. About 2,400 aplicants (only 1.62%) will be able to participate in the token sale. More https://t.co/cnVgEUEycB pic.twitter.com/TPeCMuPmBY
— ICO Drops (@ICODrops) June 12, 2018
The project has already raised most of its overall target of $40 million during a pre-sale but decided to go ahead with a token sale for a limited number of applicants. The demand for tokens comes despite what appear to be several problematic aspects with the ICO, showing that demand for ICO participation remains particularly strong. Given the number of would-be investors who are losing out at this stage, this will likely be a token to watch when it begins trading.
Infinitely Scalable Smart Contract Platform
Fantom is building a DAG-based smart contract platform. The platform promises instant transactions, near zero fees, and infinite scalability. The team has an ambitious target of 300,000 transactions a second. Essentially Fantom is looking to challenge Ethereum, EOS and other similar protocols by offering a different solution to the issue of scalability.
The network will consist of three layers, each responsible for a different function. The bottom layer will be responsible for maintaining consensus across all nodes while the middle layer executes functions. The top layer will provide access to the blockchain via publicly available APIs.
Initially, ERC-20 tokens will be distributed, and these will be swapped for native tokens when the mainnet is launched in the third quarter of 2019. The team will only be releasing a middleware beta version on Friday when the token sale begins.
Some analysts feel $40 million is a lot to be raising without first presenting the prototype. The tokenmetrics have also been questioned, with just 40 percent of the token supply available to investors.