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Fantom Foundation introduces Sonic Labs, an incubator to empower visionaries & builders

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In a strategic move to accelerate the growth of decentralized applications (dApps) on the Fantom blockchain, the Fantom Foundation announces the launch of Sonic Labs, an incubator designed to empower visionaries and builders within the blockchain space.

Fantom is a decentralized, open-source, smart contract platform that aims to provide fast, secure, and scalable infrastructure for decentralized applications (dApps). 

It is based on a scalable and secure aBFT consensus layer and is powered by Lachesis, an advanced DAG-based aBFT consensus algorithm. 

Fantom’s key differentiating factor from other smart contract platforms is its focus on improving the performance of the underlying distributed ledger, meaning no segmentation between different networks, thereby not trading security for performance. 

It is highly scalable, with nearly instant transactions and transaction fees at $0.01 or less. It is EVM compatible, making it simple to port dApps from Ethereum and other EVM blockchains. 

Fantom said that after focusing on hackathons in the past one year, the introduction of Sonic Labs marks a paradigm shift in its approach, aiming to harness the full potential of Sonic’s technological leap.

Sonic Labs is a cutting-edge incubator tailored for developers to create innovative dApps, preparing for the upcoming Sonic mainnet. The program offers selected teams a unique opportunity, including an equal share of 1,000,000 FTM, direct mentorship from renowned figures like Andre Cronje, guidance from Pyth’s Marc Tillement, and support in compliance, payroll, company structuring, and legal matters.

A breakdown of the project reveals that the Foundation will evaluate submissions based on various criteria, including vision, utilization of Sonic’s technology, identified target user base, uniqueness, positive effect on the Fantom network, and brand appeal.

Additionally, interested developers can apply by filling out the official Sonic Labs application form, available until February 6, 2024. 

The builders testnet, launching on December 15, will be Solidity and Vyper compatible, allowing participants to deploy their MVPs.

It also noted that the builders testnet, which is set to launch on December 15, is 100% compatible with EVM and Opera, offering developers the opportunity to experience Sonic’s incredible performance and launch their dApps. 

The testnet introduces features like native live pruning, MPT trie support, witness proofs, and reduced operating costs for validators.

Read also; Crypto.com secures approval as an Electronic Money Institution in the UK

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