Fantom 2.0 - TOKEN2049 Singapore 2023

thank you very much everyone uh for coming here today uh to listen we speak and today I want to talk about the future of phantom I know a lot of people have been questioning it you know particularly as a result of what has happened recently with multichain and and other things um so today I want to give an outline as to like what I see the future going to be for the rest of the year and also into next year as well so just a quick primer um what is phantom well Phantom is essentially as a technology an open source for missionless um uh technology where you can process transactions in what we call an asynchronous manner so what that means is that you know instead of processing one block at a time or one transaction at a time you're processing multiple transactions at the same time right or multiple blocks at the same time and there's a lot of work that went to like being able to do that while maintaining what we call consensus um but that's essentially like what we've done at Phantom and we've been operating the mainnet for a bit over um a bit over two years now almost three years now um the time to finality which is basically how long it takes to confirm a transaction on the network is less than a second on average is about 0.9 seconds although it does vary a bit the average transaction cost is less than a cent for your average transaction um it's solidity compatible and buy for compatible meaning that the way that you would process and deploy smart contracts on Phantom is pretty much the same as on ethereum so if you can take the skill sets for developing applications on ethereum and applying it to phantom um we can also you can also prune the data set so you you know can run validators or nodes with a lot less data than you need for four node um and it doesn't require that much powerful Hardware in order to run a node you know you can take a medium instance for example an AWS and be able to run a node uh quite successfully so why solve technology problems a lot of people out there have you know kind of criticized question Phantom saying oh all you guys all you guys do is just talk about technology right all you really really care about is just like you know your new story system and this that and the other but users don't really care about that you know they want to hear something more than just about technological Phantom I think to some extent that is true but technology is really really important as well you know I think to grow a successful like platform project you kind of need two aspects right you need like the users and the ecosystem and you also need the technology because without having both um you're not going to have a sustainable ecosystem so specifically in relation to solving the technology problems you know there is a lot of Technology development that has occurred uh recently um with Phantom and with other projects that are out there but still to this day if you were to run even just one single popular application on the Phantom Network or on any other like so-called layer one or layer 2 Network out there say it has about 50 50 000 data user users that submit you know 10 20 30 transactions on a daily basis they're playing a particular game that already would slow down the network because fundamentally blockchain technology to this to this very day is not very scalable and that's because you have to confirm a lot of transactions across a lot of different nodes in order for it to work rather than just a single computer right otherwise it's completely centralized so for blockchain to have high levels of adoption similar to internet you have to kind of solve these problems and Phantom had these kind of bottlenecks in 2021 and and elsewhere and with our new technology I think we'll solve this bottlenecks a lot so what is this new technology I've been talking about well it comes down to a few projects called Tosca and Carmen so Tosca is basically this new virtual machine that will replace the ethereum virtual machine but importantly it's still solidity and Viper compatible meaning that for developer if you were to build an application on ethereum and you're using this new technology the founder virtual machine you'll still be able to build that application using ethereum-based Technologies and deploy that onto Phantom you'll just have to be running different commands right we also have a another project called project Harmony which is basically a new storage system so one of the big bottlenecks with are the ethereum network and other layer ones and layer 2 is that use ethereum technology is that you rely on something called the Merkel Patricia try and basically it's a way of storing history to do with executional transactions it's a really great way of you know being able to replay transactions and replay the whole history of the chain and to verify that the data is true however it does come with a few big disadvantages one of the big disadvantages is the fact that you have to store a lot more data than you really need to in order to be able to verify transactions so we've found a way of replacing this MPT technology in order to um in order to basically reduce the amount of computation required to confirm transactions and in order to reduce the amount of storage as well um while still being able to maintain you know being able to verify independently the history of nodes also we've been working on a whole bunch of like um other software to do with uh the peer-to-peer networking problems or to do with consensus so solving those sorts of problems and optimizing it which I won't get into too much detail about for my presentation so what have you been doing with this new technology well the new virtual machine story system it's fully built and we're running a whole bunch of experiments right now as I speak and and these are basically the parameters of the experimentation you know I'm not going to go through each of the hardware specifications of what it means and you know why we're using it that sort of thing but these are basically the specifications that will be in the slides that will be publicly available after my presentation so some of the key things about the network parameters right is that we've been basically testing this new technology submitting a lot of transactions to the network right and and these are not transactions that are really simple transactions right you know accountable account transfers where you get a lot of like transactions on network but they're not really representative of what people do on the network because I think you know the Phantom and other layer ones and natives out there most people use the network to do a lot of like um clever smart contract interactions you know engaging with lending protocols engaging with gaming protocols creating nfts are doing all sorts of defy activities and so we'll try to mimic that in our own testing parameters so most of the transactions over 90 of the transactions are small small contract based transactions whereas only 10 of them are simple to account to account transfers and that basically aligns with how the Phantom system um operates at the moment is that about 90 or so of the mainnet consists of these smart contract transactions only about 10 consists of the accountable account transfers or transferring one Phantom to another Phantom uh another Phantom wallet right and so we've also done this testing um we've even the state um privile State nodes so Phantom runs on approval stake system and we've assumed the worst case scenario here where it's the slowest possible uh a time it takes to confirm transactions because we've spread those Stakes evenly because if the stakes are more unevenly spread then it's a lot faster to confirm transactions because until you reach the threshold of two-thirds of confirm a transaction it's a lot faster if it's like I'm uneven rather than even and so um you know we've been managed to um these are the Mainer parameters as well that are displayed on the screen so it's these are some of the preliminary results we've been able to execute over 2 000 transactions per second and actually the number is a lot higher than this based on some further testing we've done closer to three and a half thousand but these are the conservative numbers that we are very very confident we can also display on the main app right we can also generate um we can also the network can consume over 180 million gas per second right and the retire to the finality crucially we haven't traded off confirmation times um for um you know for higher transaction throughput right the confirmation time is still sub second right it's still under a second as you can see in your screen there right and also the disk usage is a fraction of the current mainnet which I'll display on the next screen now so this is the song the preliminary results of our um testing right now um compared to the mainnet data so I want to take you through some of the information that's displayed on the screen there right so first of all transaction throughput or what we call transactions per second right is basically how much computation can the network do um in a given second um on the network right and so the higher the number the better it is because the more activity that applications can generate on the network and so you see on the mainnet we it varies between about like 30 to 512 right but on the mainnet it's consistently above 2000 and as I mentioned before even with some of the more like experimental numbers that we've had we've generated it can even reach up to three and a half thousand or even four thousand in some cases right um and so the difference there is one to two orders of magnitude or about seven to eight times more than the current mainnet right um confirmation times as well we maintained the time to finale to be under one second you know it is the time to finality in my opinion is under one second that's good enough in terms of user experience on the individual level how long it takes for them to confirm a transaction so we didn't want to try that off for performance benefits in other areas so we've kept that low storage crucially is a fraction of what it was before so if you want to maintain a full node on Phantom it takes about 11 terabytes of data if you use the new technology that we've got coming out very very shortly your storage numbers are reduced by at least 90 percent and that number is actually quite conservative we're confident that it's actually closer to around 95 so you know under one terabyte compared to 11 terabytes at the moment and when you prune a node to make it a lot smaller than it currently is on the main net it would be even smaller on the private test that you know perhaps it could even be like 100 gigabytes for the entire blockchain storage on on your network and why is that important because if you're running if you want to run a node it's a lot faster to sync right if you want to run a node it'll be a lot cheaper to do that as well right and so you know if you're running a four node for what we call RPC node if you're running a validator node if you're running just like a like client node it will be a lot cheaper and it should sync a lot faster so that's why storage is is really really important as well and that's storage reduction has managed to occur because we've been able to take advantage of removing the MPT while still maintaining um the verification of the history of the network and also the number of transactions that we um tested this network on was about 512 million right so this is like basically equivalent um data on the private test net as to what is displayed on the um on on the public mainnet right now other things I want to talk about are to do with growing the Phantom ecosystem so I talked a lot about technology but whatever reasons why should people Deploy on the Phantom ecosystem going forward right so there's a few initiatives that we've got already rolled out and we want to grow over time so one of them is called the gas monetization program that I think a lot of people in the Phantom ecosystem are kind of familiar with um you basically earn a rebate on the fee on the on the transactions that occur through your smart contract or through your application right so um it's similar to like the Twitter monetization project program or the YouTube monetization program and I think it's a win-win for developers right because if they build on popular applications they get earn fees from it the network earns fees because there's more transactions generated and it creates more user growth right and we want to actually increase this 15 number to perhaps 20 or 25 percent um perhaps sometime next year but we've been running this project for a few months now and already we've been able to distribute more than 600 000 FTM or a few hundred thousand dollars worth of FTM and this is just the beginning of the gas monetization project another thing we've got working at the moment is called ecosystem Vault so of auditory Visa generated on the network about 70 of them go to validators and the other 30 go elsewhere right so for the Phantom ecosystem Vault 10 of the transactions are fees go to this Vault and we can and basically the community votes to determine like well which on our projects today you want to find with these uh collection of transaction fees and right now um there's about 750 000 in there um we might change it so that it's a foundation that decides just to make it a lot faster um but that's the situation at the moment and the other thing I wanted to talk about are Bitcoin grants as well so we've been working with Bitcoin for more over a year now and we've had several gigcon grants rounds the most recent one was relatively small about 125 000 FTM but we want to increase that to the next round of 750 000 FTM so actually there's a novel round happening right now uh where we're just finalizing the projects that have participated in good coin and basically get coin is a way of um allowing the community or um are the people who are supporting particular applications to um you know vote for those um vote for those particular applications to receive funding via the Bitcoin grants program so we've already like um um more than tripled the 175 000 FTM to 750 000 FTM and we want to increase the number over time as well and finally we're also sponsoring a lot of phantom hacker bonds this year and we did last year as well so um in our latest hackathon we had over 50 000 in prizes from the foundation and we also um had a lot of um advisors as well from AWS so free storage free computation that sort of thing and AWS or Amazon web services have been a really great partner of ours so I'd like to thank them a lot for helping us participate in the Falcon hackathons as well as the judges for example through our covalent and others as well and another final thing I wanted to mention is you know some of the popular applications that are on Phantom so a lot of people have said you know what are those popular applications in the Phantom that you know that you speak of you know not just in D5 but also elsewhere well interestingly enough in just the past few um in just the last few weeks uh popular RPG game called escal kingdoms has launched on Phantom and it is already within the top 10 of blockchain games it's actually like in number 10 now number one trending amongst blockchain projects and there's tens or thousands of of players on the network as well and I think you know as we continue to you know improve the technology of Phantom and grow the ecosystem we can get a lot more games like this Deploy on Phantom so finally you know Pete's got our website follow me on Twitter follow the Phantom foundation on Twitter and thank you very much for your time