Topic: Fantom is the first project which will have Central Bank backing. (Read 180 times)

Cannot trust 100% for the news that central banks will support cryptocurrency since it's a thread for them. If cryptocurrency becomes mainstream and the security of cryptocurrency is improved well, i'm sure in the future there will be no people storing their money at banks

So far, banking seems to be an enemy of crypto, but recently rumors of a central bank coming in, supporting and even wanting to create their own crypto. Is this the progress of the crypto industry or is it just a new hype?

We will see later how the support of the central bank for fantom, whether it will have a good impact on its growth or even vice versa.

I dont think it is first. Petro is backed by Central bank of Venezuela. I believe are few more or at least will be before this coin you mention will be issued.

It seems to me that regarding this news you need to find out as much information as possible and first of all you need to find out why and on what basis the Central Bank will support this project.  I think that this is where the main news lies in this information.  There are a lot of projects on the cryptocurrency market, which, according to technical characteristics and other parameters, may be of interest to various companies, including banks.  But in relation to the project, the Phantom will need to observe and monitor the information space in order to verify the authenticity of the prospects of this project. Although it is possible that today, thanks to the development of high technologies, the interest of banking structures lies precisely in Lachesis and TxFlow, in order to keep accounting records using a decentralized system.

Basically my thoughts. Not many of ICOs delivered anything, and  even less were able to keep the team going for over a year. That is pretty standard for most businesses tho.. Sometimes I really feel there is nothing more to startup than having a good name Not that 'Fantom' is bad but as you said something so similar as Tezos can be valued 50x more..

My question has been answered by OP quite sufficiently and clearly at the quoted post below. There must be a little misunderstanding on the connotation of the word backing. Anyway, thanks OP for clarifying.

I like this project...its super cool and I can see this easily getting into the top 50 this year.

Fantom is one of the project that I picked would did well out of those numerous ICO project of 2018, glad the team is still working on their platform and use cases. At $20 million Mcap that is a dirty cheap valuation, if project like Tezos is close to $1 billion Mcap and this is 50X. I think the market will see this and put true value on Fantom

Most probably it's a part of bank's regulation mate, and regarding the approval I think each person who's part of it needs to pass. Government will soon take control of it, and I don't see any good future for this project because financial independence of crypto will be abolished. Central bank and authority of government is powerful particular on law implementation towards tight regulation.

Central bank backed stablecoin?

Not gonna speculate on the price since it is a stablecoin, but from the technology, the team looks solid but since there is central bank behind them, I think it will lose the decentralized value by its way.

I don't heard any news either about it until now, I have some of it before and sold it when I needed some money. Good old days. Let's see this 2020 how they can cope up and re align their goals to achieved again investors attention to them. Some investors were looking for security and being backed by Central banks can help them achieve it.

But we all know already by now that fast and scalable, cheaper and open source is probably 99% of all altcoins. And decentralized can only be true with widescale adoption by nodes. If you start out you cannot be truly decentralized (but we get that). Ultimately the tech is not as important as security and utility. Which Bitcoin perfectly demonstrates (biggest 51% security and yet not as technologically advanced as most alts).

How do you become decentralized and yet get central bank backing by the way?

Fantom gives hope for their holder and believer I remember the day when I first heared this project I buy during sales and wait for a good spike on price after I sell my fantom I dont have any update regarding to this project but now its look like give another impact.
If they have a solid team plus improvement of the peoject this will surely up to the top on cmc.

Interesting.

I've always believed in Factom but obviously its positions on CMC slipped quite a bit from its former glory days when it used to be in the top 20 (if not the top 10? I don't quite remember) to fluxing in and out of the top 100 in recent years.

At the end of the day, it's a good project trying to promote a untamperable decentralised database, which I think has lots of value for lots of organisations, whether or not the organisation may be centralised. That's its main long term appeal and it may sure work.

This is my personal opinion and I feel this is quite absurd. The central bank is the face of a country financially, but does it support a crypto project? I think there is a high possibility that this is a rumor and it doesn't make any sense. In fact, central banks hate cryptocurrencies because it makes it difficult to control their cash flow because they cannot control the blockchain system of each organization. So what are they supporting for a normal crypto? If they also intend to manipulate and money laundering, I have no idea, it's definitely a country about to collapse.

https://consensys.net/enterprise-ethereum/use-cases/banking-and-finance/project-khokha/


If you wanted to chase this down the rabbit hole. SARB was developing a serious blockchain solution and planned to use Quorum but susposedly it failed in terms of scalability and finality etc. Those in Fantom community understand that Fantom took over the role with Cosmos and the XAR network
 

The media attention on this when it comes will be massive.

I used the word backing but I think that might not be the best word to use. Fact is Fantom is Consensus as a service. Completely open source and decentralized. A client however can choose to use the consensus as they wish and that means they can  make it more centralized and run their nodes. Each implementation in that sense is seperate and runs on a different chain. XAR network is simply using Fantoms consensus to run a fiat Collaterized stablecoin. This is not some pilot scheme btw. It will be used by at least two of the top South African banks probably for their users to send fiat in an app kind of like say Venmo works.

Fantom has only launched its mainnet a week ago. The fact that it's already getting this kind of real usage is a testament to the quality of the tech. Its important to know Fantom is interobile and runs on erc20, binance chain and the native mainnet. Fantom created the bridge that Binance now uses.

I am more interested and curious on the implication of Fantom being backed by a central bank.

What happens to the independence of Fantom when it is the powerful central bank that is at its backbone? The central bank itself is not independent from the powerful control, authority, and manipulation of the government.

What is the degree of this backing? Is it only limited to approved or under regulation by the central bank?

So much to say about Fantom. Anecdotally its Hashgraph but scalable, fast, decentralised, cheaper and open source. The main developer is Andre Cronje who is the guy we all have been reading on Cryptobriefing when we want solid code reviews we can trust.

https://fantom.foundation

aside from the tech probably being the best consensus in crypto right now there are a couple of major reasons this is a long term hold and will rise a lot in the coming weeks.

There is staking model to bootstrap the chain, this will almost definitely mean 50% or more is locked up for 6 months. So far 20% is but the main wallet with one click staking will be out on the 7th Jan so most people will stake including me.

But the real killer is already they have South African banks about to deploy stable coins on the platform. The project is called XAR network and is working with Cosmos. Can you imagine the media this will get when they announce what the community already now that Fantom is going to be the first project to have SARB central bank backing stablecoin. The market cap is only 20m and is going to do far more than Ripple could due to its tech abilities. Also every Dapps that is going to be released by Fantom uses a new chain and MUST use Fantom to secure the network. Specs are impressive, finality under 1 second, TPS will be optimised to 30k and I believe its about that for XAR network, ETH apps can be deployed on the consensus cheaper and faster and more scalable than what ETH 2.0 promises even if they achieve it. There is nothing not to like about this project and its still under the radar to some extent. It was listed for free by Binance last year.

https://xar.network