(BlockBar) The Fantom foundation has now announced a partnership that will allow it to set up operations in Dubai. Notably, Dubai is determined to become a global leader in blockchain adoption as part of the UAE’s blockchain 2021 strategy.
Fantom is the only DAG blockchain member of GBA, as well as the world’s first blockchain platform solution provider. GBA is a global organization that is determined to bring together all levels of government and all walks of life around the world, to promote the application of blockchain technology and to improve the quality of life of global citizens.
The partnership was officially announced at a signing ceremony in Dubai, according to Cointelegraph. The DAG blockchain platform will now have the opportunity to provide technology and services to dubai in a number of sectors, both public and private.
Dubai’s blockchain strategy will help Dubai fulfil H.H. Sheikh Mohammed bin Rashid Al Maktoum’s vision that “by 2020, Dubai will be the first city to be completely powered by blockchain” and make Dubai the happiest city in the world. The strategy will leverage three strategic pillars: government efficiency, industrial innovation and international leadership.
Hisham Al Gurg Heath, chief executive of Private Office said of Fantom: “Given their extensive experience in information sharing technology and their canongate track record of assisting customers, Associates and businesses smashed their long-term objectives and even higher success, we look forward to see how this will benefit the Smart Dubai initiative strategy.”
Ashton Hettiarachi, Fantom’s innovation lab director, was equally enthusiastic and said the company looked forward to helping Dubai “create new economic opportunities and deliver a better user experience for UAE residents.”
According to Fantom, its goal is to create an open source, scalable platform that paves the way for a new, highly reliable infrastructure through real-time transactions and data sharing. The company argues that many existing blockchain solutions have limitations that prevent them from being widely used in real life, particularly because of slow validation times and high transaction costs. The team noted that blockchain smart cities will need to share data in real time across different cases to provide greater efficiency while creating new economic opportunities.
More importantly, Fantom claims many unique selling points — such as high throughput, Reed Solomon distributed storage, data sharing, new compilers and virtual machines, and more technical features. Fantom adopts aBFT consensus modulation technology stack solution based on DAG blockchain.
In addition, Fantom claims that its open source technology can help businesses and developers quickly build, test, and deploy technical solutions. For example, Fantom Foundation says that developers can deploy a decentralized application (dApp) from start to finish in 2 minutes in a normal language without understanding the blockchain logic.
Fantom’s market value, meanwhile, has risen sharply in the past six months. From Feb. 14 to July 13, 2019, the company’s market value rose from just over $4.5 million to more than $45.3 million.
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