Multiple Blockchains Will Be Successful, Says Fantom Foundation CEO, “But Not 20 or 30”

At Chainlink SmartCon 2022, Michael Kong, CEO of the Fantom Foundation, discussed the Layer-1 blockchain and its competition with Ethereum and other chains, the multi-chain future, how many misinterpreted the meaning of the Ethereum to merge, and how to enroll more people into the Web3 network with Decrypt’s Dan Roberts.

Currently, there are over 20,000 blockchain initiatives on the market, each striving for market share and supremacy. And since the beginning of the crypto bear market, the price of these tokens throughout the sector has fallen.

Currently, Fantom is among the most well-known chains. According to CoinGecko, the FTM coin (number 67 by market cap) has fallen 93% from its all-time high of $3.46 on October 28, 2021, and is now trading at $0.22.

However, the CEO of Fantom Foundation is optimistic about the future despite the sluggish economy and competitive marketplace.

Fantom Foundation CEO Michael Kong told Decrypt at this week’s Chainlink SmartCon in New York that several blockchains would thrive into the future because crypto consumers have become accustomed to using more than one blockchain. 

Use an Ethereum protocol on a particularly busy day, and you will likely be appalled by the fees, which may quickly exceed the amount of your deal if, for example, you are exchanging cryptocurrencies valued less than.

Layer-1 protocols like as Bitcoin, Ethereum, and Solana employ their own blockchain, enabling decentralized apps to be constructed on top of their protocol.

Ethereum finally made the switch on September 15 from the inefficient proof-of-work consensus method to the more sustainable proof-of-stake mechanism.

However, ETH has decreased by 320% since then, and Kong feels that many members of the Ethereum community did not fully comprehend what the merging would entail.

Also Read: Bitcoin will top $12 million by 2031, predicts ex-hedge fund manager