Coinsilium Announces Successful ICO for Fantom, $39.8 Million Raised

Coinsilium has announced that one of its clients, Fantom, has raised $39.8 million in its ICO.

Coinsilium is a company from London that invests in and manages Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term startups. Since its creation in 2014 it has invested in companies such as Indorse, a Linkedin-type website from Singapore, Satoshipay, a Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term micro-payment platform from London, and RSK Labs, a Bitcoin-based smart contract platform from Buenos Aires.

Coinsilium announced the addition of Fantom to its list of advisory clients on the 10th of May 2018, promising guidance for the now-completed ICO.

What is Fantom?

Fantom is a South Korea-based blockchain company that promises instant transaction confirmation, transaction fees of $0.01, and processing power that increases with the number of nodes in the system.

According to its website, it is the world's first DAG-based smart contract platform. DAG stands for directed acyclic graph. This is a finite and chronological graph which cannot cycle back on itself because any given event in the graph is dependent on the preceding one. A family tree is an example of a directed acyclic graph.

One common application of a directed acyclic graph is a spreadsheet in which a value displayed in a given cell is the basis of values displayed in many other cells; when that value is altered, the cells all change automatically.

In terms of blockchain technology, Fantom uses a system called Opera which doesn't use blocks: "Instead of blocks, the OPERA Chain processes a list of events asynchronously with no rights to modify previous confirmed transactions."

According to the whitepaper, it operates in three layers: the 'Core Layer' process transactions, the 'Ware Layer' supports smart contracts, and the application layer supports third-party applications. The whitepaper says that the core later should be able to handle 300,000 transactions per second.

The consensus model used is called 'Lachesis'. It is asynchronous, meaning that one event can only be initiated when the previous one is concluded. The Lachesis DAG will store information in 'event blocks' which will be the basis for the proceeding event blocks: "Like other Blockchain technologies, where the new event block verifies all previous event blocks (including the transactions inside them), all new Event Blocks will verify only their parent event blocks," says the whitepaper.

The difference is that event blocks verify previous transactions instead of miners, avoiding delays in approval and bottlenecks.

According to the press release, Fantom has already partnered with banking, telecom and insurance firms. It specifically mentions the Korea Food-Tech Association, a consortium of companies that have a combined worth of $179 billion. According to Korean news portal Pulse, the organisation intends to apply the payment service to its member companies.

Coinsilium CEO Eddy Travia said: "The success of FANTOM's public token sale in a short time-frame illustrates the high level of interest in this project from the investment and blockchain communities globally. The team must now demonstrate the value of their protocol, but we see indications that FANTOM's technology is being considered very seriously, both at the enterprise and government levels."

In May, Coinsilium announced a revenue increase of 181 percent in 2017, with clients of its consulting service raising approximately $500 million through token sales and £720,000 raised through a share sale in December 2017.