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Our Switch from Ethereum to the Fantom Universe

Jun 04

After more than a year of looking for a technology that meets our needs, we're happy to report that Goodomy will be moving to a new, superfast DAG-based smart contract platform called Fantom.

Our Search

Goodomy needs something that allows for sub-second transactions between users, including for retail-to-consumer transactions. If a user needs to wait more than a few seconds to make a purchase, it's not really a viable solution for payments.

EOS was a contender in 2018 due to its promise of high transaction throughputs, but there were some questions about its viability and legitimacy. We decided to 'wait and see' how its launch went, and it's good that we did.

We also considered Stellar, from the co-founder of Ripple. Although fast and having the ability to run simple smart contracts, the network itself is not without suspicion. Besides various large transactions by Stellar itself that have not been explained, their network has gone down twice while 'pumping' in markets both times.

1+2=3

Version 1 of Goodomy introduced the concept of FIAT mining with retail transactions. Our approach to the adoption of Goodomy cryptocurrency was to piggy-back on the existing, fiat economy rather than trying to create one from scratch using tokens alone. Buyers and sellers could reward each other with Goodomy dollars for purchases made outside the system with fiat currency. Although several retailers expressed interest in the concept and platform, engagement with users was not at a good level.

Version 2 introduced the concept of the 'social exchange' where users could exchange Goodomy and fiat value with each other directly in a social setting. Engagements for the social exchange concept were extremely high for an Android app, though many users wanted to be able to withdraw the value in their accounts and were disappointed that they could not.

Version 3 fulfills the Goodomy vision of the 'social blockchain', allowing direct, P2P transactions with other users — including businesses — on a platform that force-multiplies the value of their cash on hand. With this version, retail transactions and social exchanges combine in a social network format, with instant messaging and much more. The 3.x versions will also allow users to withdraw the Goodomy in their account and exchange it for something else outside of the platform, if they'd like.

With Fantom and its interoperability partners, we can make Goodomy truly wonderful

Why Fantom?

Imagine if Ethereum and Nano had a baby, and it was not only much faster and far more secure than either but could connect to any other blockchain.

Fantom is a DAG-based permissionless smart contract platform with an exclusive aBFT consensus mechanism for enterprise-level scalability and bank-grade security. With 0.7s finality for transactions, it is about 500x faster than Ethereum (~6 minute finality) and 4-7x faster than either Nano or Stellar, respectively, considered the fastest cryptos today.

Although currently positioned for smart cities as one industry vertical before its mainnet launch in the third quarter of 2019, Fantom's vision is for its open-source platform to be interoperable with all blockchains and create new infrastructure with high reliability that allows for real-time transactions and data sharing.

Permissionless, it will allow anyone to run anything on the network. It will launch with an Ethereum Virtual Machine, giving it the ability to run any Ethereum smart contract at much faster speeds and throughput. (The lead technical advisor, Andre Cronje, mentions that any Ethereum smart contract can be deployed on Fantom in about five minutes.) The Fantom Virtual Machine is scheduled to be completed in early 2020.

Fusion Foundation, a Fantom Partner

Fusion bills itself as 'a connected ecosystem for financial transactions'. Fantom have partnered with them, and also share the same technical advisor, Andre Cronje. The two foundations are very closely connected, technology-wise.

The Fusion platform enables time-controlled, cross chain asset custody through its patent-pending DCRM (Distributed Control Rights Management System) solution that enables secure and distributed private key sharding. This could mean, for example, bitcoin tokens trading on Fantom that represent actual control over the private keys for the bitcoin that they represent. DCRM is able to get any chain connected without acknowledgement. With DCRM, there are an endless variety of possibilities when you have a secure bridge between blockchains.

With Fusion's Quantum Swaps, Goodomy users can simultaneously exchange assets or any coin/token with each other in a single step, peer-to-peer. They would also be able to freely exchange any digitized asset with anyone in the world on the Fusion network. Atomic swaps will soon be out-dated.

For Goodomy, that would also means users would be able to hold tokenized assets right in the app and securely lend those assets to others for a certain period of time using its time-lock features. Quantum Swaps could even allow a group of friends to create a lottery between them, or freely determine what can be swapped for what, without pairing limitations or third-party involvement.

COTI

COTI is a platform that allows enterprise users to build payment solutions using their white-label payment network. Goodomy users will be able to make instant payments to merchants, or even micropayments to other Goodomy users with near-zero fees. This option would be a very cost-effective way for Goodomy to be used at merchants worldwide.

The COTI network can handle 100,000 transactions per second, several times more than the Visa network. Its user and merchant-facing tools will be seamless and easy to use, with a dispute resolution system to safeguard users against errors, fraud and counterparty abuse.

Although Goodomy does not need to use COTI for transactions, it may be a good option for online and offline retail payments as well as for a Goodomy stablecoin.

The GOOD 'Stablecoin'

Although COTI would also offer Goodomy the option to create a Goodomy branded stablecoin, the GOOD token is itself already designed as a unique kind of stablecoin when used in retail transactions.

With version 3, the GOOD token will be able to express its unique, patent-pending stablecoin features. It will be the only token backed by peer-to-peer transactions rather than assets (the 'social blockchain'). With this characteristic, users swapping their tokens for dollars where the value of each GOOD retail dollar is determined by what users are able to do with it (i.e., make purchases).

If, for example, you have $20 in GOOD retail dollars in your account that you're able to use to buy something, then that $20 should always be worth a constant value in fiat. (We estimate somewhere between $15-18.) The more users there are the less volatile the value of GOOD will be.

Multiple Accounts

Users will have multiple accounts for which they will have complete, 100% custody of their assets. To avoid confusion, 'GOOD dollars' will become 'Goodies' and sit alongside their GOOD tokens in their account, with the ability to exchange both ways. Users will also be able to see other assets using the Fantom network standard (similar to ERC-20 tokens) such as Bitcoin-tokens, or other Fantom tokens.

Development

We are excited for the future of Goodomy and all that it offers. Development of version 3.0 will begin immediately. It includes a myraid of tasks such as foundation creation (to be hosted at Goodomy.org), office creation, legal work, hiring, requirements analyses, UI/UX design,, and much, much more.

There will be no public release date for version 3, though updates may be provided sporadically.