FON Smart Chain (referred to as FSC or FONChain smart chain), FON smart chain is a brand new public chain.
The FON Smart Chain relies on a system of 21 active validators with proof-of-stake (APoS) consensus that supports short block times and low fees. The validator candidate with the most stakes will become the validator and produce blocks. Double signature detection and other slashing logic ensure security, stability and chain finality. In addition to the 21 active validators, FSC will also introduce more validators, such as another 20 inactive validators, as backups into the validator set, which will be called "candidates."
Candidates will create obstacles and charge gas fees in the FSC Mainnet, but have much less chance of being elected than the 21 sets of formal validators. Unavailable candidates will also be cut, albeit to a smaller extent. It is expected that good incentives will be maintained so that candidate validators are willing to ensure quality and help secure the FSC. In the extreme case, if the majority of the 21 active validators are attacked and go offline, in the genesis block, the team set A node to ensure the normal operation of the public chain. The FON smart chain also supports EVM-compatible smart contracts and protocols. Cross-chain transfers and other communications are possible thanks to native support for interoperability.
Self-sovereign blockchain: providing security and fairness through elected validators.
EVM-comp supports all existing Ethereum tools as well as faster finality and cheaper transactions.
Interoperable: comes with efficient native dual-chain communication; optimized for high-performance Dapps that require a fast and smooth user experience.
Distributed on-chain governance: Proof of Stake (APoS) brings decentralization and community participation.
As a native token, FON will serve as gas for smart contract execution and as a token for staking.
motivation
The creation and development process of FON Smart Chain has experienced many challenges. FSC is a blockchain ecosystem led by a global distributed autonomous community. Many users in the community are based on consensus DeFi decentralization, from the TRON network to the FSC network. After years of accumulation of DeFi consensus, we jointly created an independent, high-speed, high-throughput, service-oriented public chain through DAO governance voting. FSC has been online since October 22, 2022, and has experienced a year of stable network block production. It is known as: the most active blockchain in the global community (currently there are nearly 1.8 million FON currency holding addresses), and the world's almost completely decentralized blockchain. Blockchain (all FON native coins are 100% circulated, no additional issuance, no reservation), is also the most transparent public chain in the world with the fastest growth rate.
Cross-chain and multi-chain ecosystem​
An important lesson to learn from historical data is that “one chain” cannot cover all angles. At its peak, FSC’s daily active users (DAU) exceeded 2 million, and a single GameFi reached 1 million DAU. This creates significant challenges for the network itself and its supporting infrastructure such as RPC/API nodes. For Dapps with massive user bases, multi-chain and cross-chain should be the solution. The FSC core team firmly believes in the future of partitioned chains and multi-chains as it can sustain the growing demand for decentralized computing power and storage. This is consistent with the multi-chain strategy found in many other blockchains in the industry such as ETH2.0 as well as Polkadot, Cosmos and Avalanche. Cross-sharding and cross-chain/multi-chain interoperability will be key topics in recent years, and FSC token developers and corresponding communities are committed to realizing the vision of FSC operating at the crossroads of the future of decentralized blockchains.
Build an independently operating blockchain system in the FON smart chain ecosystem, and the FON smart chain will not rely on any other network.
The design of FSC follows the following principles:
Independent blockchain:
Technically speaking, FSC is an independent blockchain rather than a Layer 2 solution. Most of FSC's basic technology and business functions should be self-contained, so that it can run normally even if other supporting facilities are temporarily stopped.
Ethereum compatible:
The first practical, widely used smart contract platform was Ethereum. In order to connect with relatively mature applications and communities, FSC chose to be compatible with the existing Ethereum mainnet. This means that most Dapps, ecosystem components and tools will be compatible with FSC without modification or only minor changes; FSC nodes only require similar or slightly higher hardware specifications and operational skills to operate. This implementation should provide room for continued compatibility between FSC and future versions of Ethereum.
Based on equity pledge consensus and on-chain management:
The consensus based on equity pledge (APoS) is more environmentally friendly and provides more flexible options for community governance. It can be expected that this consensus will have better performance than the PoW consensus, that is, the block generation time is short and the transaction processing capacity is high.
Tokenomics
The total amount of FON native coins in the FON smart chain is 26 million, and no additional issuance is allowed.
After the FON smart chain is launched, the genesis contract has been open sourced at the Github address: https://github.com/FONSmartChain/fsc-genesis-contract
The initial team destroys 2 million coins
The creation team holds 800,000 coins
Through DEX, ecological mechanisms and team profits, ~969,679 FON were successively destroyed. Destruction address: 0x00000000000000000000000000000000000dEaD
The current FON quantity is 100% in circulation. There is no pre-sale or ICO for the FON native currency. All FON tokens except for the team have been mined and put into circulation.
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.
Thanks to the advantages of continuously developed and innovative blockchain technology, extensive commercial applications, and refined governance, FSC is competitive in the following aspects:
technology
FSC has very mature and powerful technical support. It has accumulated rich industry and technical experience in the fields of blockchain bottom layer, encrypted communication, mathematics, Web3, information technology, etc., and has achieved industry-leading achievements in the development and application of blockchain technology. Leading breakthrough.
Industry resources
The FSC team brings together senior people from multiple industries with many years of practical operating experience and deep insights into industry development. In addition, the FSC team will sign strategic cooperation agreements with top leading companies in the target industry, which will provide strong support for FSC to enter applications, in order to truly promote FSC to access more projects and developers.
Different from general public chains, FON smart chain has a clear and clear strategic plan for the target industry, and is more focused and professional with the characteristics of distributed decentralization, non-tampering, encryption security and point-to-point value transmission of blockchain technology. , to penetrate target industries and quickly gain market share.
Money management
FSC's fund management will strictly abide by the principles of fairness, justice and openness, with the development of the FSC platform as its primary purpose.
The FSC team specializes in safekeeping and ensuring the safety and sustainability of funds.
The use of all funds in the FSC public chain and the FSC Ecological Development Foundation will be disclosed to all investors on a regular basis to ensure the openness of the use of funds.
Expansion capacity The target industries of FSC are trillion-level blockchain infrastructure and encryption markets. The development team has formulated a complete governance structure to effectively manage matters such as general proceedings, code management, financial management, salary management and privileged operation scope. to ensure sustainable development.
FSC perfectly inherits the characteristics and advantages of traditional blockchain ecosystem technology, and solves the current technical bottleneck of blockchain, truly integrating blockchain with commercial applications. In addition, FSC has vigorously and continuously invested in the research and development and innovation of business technology represented by blockchain technology, applying it to enhance the value of traditional industries and promote the vigorous development of blockchain technology in various industries, supplemented by A clear strategic development direction to create a mutually beneficial and win-win blockchain public chain ecosystem in the future.
The goal of FON Smart Chain is to use self-developed public chain technology and combine it with the characteristics of blockchain technology to build a fair, open and comprehensive application system. Solve the trust and fairness issues currently faced by the industry and make the entire competitive environment more fair, open and efficient. FSC's mission is to build a complete value ecosystem for global businesses and users in the blockchain era, and hopes that this ecosystem can provide protection for users' free will and personal value, especially the value of time.
The major platforms are establishing barriers in the business world, splitting the entire crypto world, and turning into isolated islands one after another. The bridges between various economies have long been ruthlessly torn down. Not only that, they have also built high-rise buildings. of walls. FSC hopes to provide a more ideal ecological environment for global users in the blockchain era and achieve interoperability between independent ecologies. FSC will build bridges between each continent, allowing everyone to understand this blockchain technology from a new dimension. A new world of encryption is being built.
The original design intention of FSC is to build a multi-dimensional public chain system. Through cross-chain technology, a complete cross-chain solution is built to be mounted on the FSC public chain, and the unified digital currency produced by blockchain technology is used for rewards:
â– Token economic solutions
â– Multi-application interoperability (digital currency transactions, DeFi, NFT) solutions
â– Digital asset issuance and circulation ecosystem
â– Payment ecological interoperability solution
When FSC participants make contributions to FSC, we will provide them with corresponding reasonable returns based on the calculation of the contribution mechanism. As a commercial application-level blockchain solution, the ecological construction and transformation and upgrading problems of third-party commercial institutions can also be solved through the application of FSC.
FSC will completely reshape the existing Internet operating model, transform the economic incentive system itself into a system that can circulate within the system, and create a completely decentralized Internet value transmission ecosystem that is also a completely open community ecosystem that transcends National boundaries allow every participant to obtain corresponding value expression.