Background overview

With the continuous evolution of blockchain technology, public chains have become one of the most competitive fields worldwide. As the infrastructure of blockchain technology, public chains are decentralized, highly secure, reliable, and flexible. And advantages such as scalability, communityization and ecological construction, as well as innovation and customization are changing the traditional economic and social development model.

Today, the public chain field is showing two significant trends: on the one hand, more and more blockchain technologies are used in the financial field, such as decentralized finance (DeFi), digital asset transactions, etc.; on the other hand, the public chain Progressively achieve higher performance and scalability to cope with growing transaction needs. However, existing public chains still have a series of problems when facing these challenges.

Among the many existing public chains, performance issues are the most prominent. For public chains represented by Bitcoin and Ethereum, under high transaction loads, problems such as extended transaction confirmation time and rising transaction fees have become constraints. In this context, the FSC Ecological Development Fund created the FON smart chain, which is based on the "consensus trust" mechanism and encryption algorithm of the blockchain. Every transaction in the user scenario is recorded on the blockchain and does not rely on the third party. The three-party intermediary agency is completely open, transparent and traceable, establishing an ecosystem that is trusted by all people, and achieving efficient consensus, multiple application scenarios, scalability, high performance, high security, high-speed access, and efficient operations.

FON Smart Chain is a decentralized, efficient and energy-saving ecological public chain. Programmable smart contracts are seamlessly compatible with the Ethereum network, reducing development and migration costs. In addition, decentralized DApps created on the FON smart chain can include privacy expansion, liquidity mining, DeFi financial management, privacy Swap, lending, cross-chain transactions, NFT, social networking, payment, entertainment, e-commerce and other application directions.

The FON smart chain will establish point-to-point direct and reliable trust, remove the interference of intermediaries in business scenarios, form a new digital currency system, payment method, and credit mechanism, and create a high-efficiency, low-cost, and safer value ecosystem chain.