Web3 — interoperability, scalability, NFTs, DeFi, Gaming

Project introductions — resolving blockchain scalability and interoperability issues

What differentiates Fantom from other blockchains? Why do users choose it?

  • Fantom doesn’t compromise on security
  • Fantom has created an asynchronous technology, which can confirm multiple transactions simultaneously through a complex consensus method
  • Achieves scalability without trading away decentralisation or security
  • Good foundation for an even more scalable network in the future

Fantom scalability

Fantom can handle approximately 1.5 to two million daily transactions.

  • At the beginning, Fantom chose to be EVM/Solidity-compatible as opposed to creating own virtual machine and programming language because:
  1. Technology already existed and was easy to simply plug into
  2. It’s a standard for developers — wanted to make it as easy to develop on Fantom as it is on Ethereum
  • Umbria Network’s Narni bridge is fastest and cheapest for cross-chain transactions between Ethereum and EVM-compatible chains such as Fantom
  • DeFi liquidity and staking platform

EVM-compatibility, solidity and other programming languages, smart contracts and coding discussion

Time stamp: 10:00

Developing solutions, substrate blockchain framework

Time stamp: 23:23

Technology, business development and use cases: DeFi, NFTs, gaming and beyond

8BIT Metaverse on Fantom
  • Primary reason people use Fantom has been for DeFi, but currently pivoting towards NFTs and gaming
  • Problems in DeFi at the moment:
    - TVL has gone down significantly on all chains as yields have decreased - Regulatory issues have impacted on DeFi development
  • DeFi will pick up again as market conditions improve and if we get regulatory clarity
  • Two big areas people are using blockchain technology in general for at the moment are NFTs and gaming
  • Future uses cases: P2P insurance, supply chain management, data verification

Need for the right amount of regulation

Time stamp: 31:10

  • DeFi still feels like Wild West territory; need for regulatory clarity
  • As regulatory framework becomes more apparent, the space will open up to the general public as an investment option
  • However, highly onerous regulation requiring a lot of compliance could make DeFi unviable
  • The technology outpaces the regulation
  • There is a need for a safe and friendly place for onboarding more users and increasing mainstream adoption

Umbria as a DeFi system

  • Stake single asset (not a pair of assets)
  • Whenever the staked asset is used to bridge between one network to another, the LP gets a slice of the fee
  • Fees paid in asset provided (such as ETH, USDC, USDT)
  • Stakers of UMBR get fees in ALL assets supported by the bridge
  • No impermanent loss and fees accrue over time
  • Can be unstaked at any time

Multi-chain future: different blockchains for different purposes

  • People are going to continue using multiple chains in the future, but could be some consolidation
  • Horses for courses: users utilise a chain that’s more popular/prevalent for one application and move back to another chain for a different application
  • We know the limitations of Ethereum
  • New solutions such as Fantom tackle the next set of challenges; for example NFT gamification, which aren’t possible on Ethereum
  • So much innovation happening on different blockchains

Umbria: The importance of platform security, the oracle and protection of users’ assets

Image by iuriimotov on Freepik
  • Umbria has never taken users’ liquidity out of the system and lent it elsewhere
  • Core infrastructure is audited externally
  • Security first approach to all development; security specialists in-house
  • Bridge’s oracle system isn’t front facing (doesn’t interface with users)
  • Oracle system only interacts with data that has been confirmed on the respective blockchains that it’s talking to

Top Web3 trends for 2023

Web3 trends
  • More verification (KYCs)
  • Developments in the zero-knowledge proof space; self-driving cars and zero knowledge-proof messaging systems
  • Start developing DeFi applications again (regulation dependent)
  • More development in NFTs/Metaverse/gaming — there’s a lot of value to be added
  • Different trends emerging such as P2P insurance; strong use case for blockchain technology

Roadmaps for 2023

Fantom

  • Immediate technology goals: launch the Fantom Virtual Machine (FVM), get new read and write storage technology running on testnet (then look at deploying the technology on the mainnet)
  • Looking at ideas around group-based voting to develop over the next few months and implement to increase the performance of consensus
  • Business development: looking to hire new biz dev people to get bigger partnerships

Umbria

  • Multi-bridge system: new oracle system that will facilitate the bridging from any of its supported blockchains to any other of its supported blockchains
  • Will be able to bridge from Binance Chain to Fantom or Avalanche to Polygon etc
  • Will consolidate all of Umbria’s liquidity pools and potentially facilitate greater yields for customers
  • Reduce the cost of bridging further with new multi-bridge system

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Umbria Network

Umbria Network

Umbria’s Narni Bridge is the fastest, cheapest cross-chain liquidity bridge Ethereum ↔️Polygon/AVAX/BSC. Migrate assets almost instantly for the LOWEST fees