Fantom Foundation is now announcing a partnership which will see Fantom Foundation establish an operational presence in Dubai. Notably, this comes as Dubai is determined to become a world-leader in blockchain adoption, as part of its UAE Blockchain Strategy 2021.
Moreover, this partnership between Fantom Foundation and The Private Office of Sheik Saeed bin Ahmed Al Maktoum and the SEED Group was recently formalized at a signing ceremony in Dubai. A picture of this event is included below.
Nonetheless, this partnership has been a long time coming. It is the result of a successful trip to Dubai, undertaken by Fantom this April. The partnership will see Fantom Foundation be able to operate under The Private Office of Sheik Saeed bin Ahmed Al Maktoum’s corporate umbrella. As such, Fantom Foundation will be able to be active in Dubai and the United Arab Emirates.
Specifically, Dubai aims to become the first city to be fully powered by blockchain technology by 2021. Fantom Foundation has supposedly been in long discussions with Smart Dubai, as well as other government departments as well as other partners, in an effort to explore the different blockchain use cases around the world.
Hisham Al Gurg, CEO, SEED Group and The Private Office of Sheikh Saeed bin Ahmed Al Maktoum, had this to say about the partnership.
“This day marks the beginning of a new partnership that lays the groundwork for integrating Fantom Foundation’s platform into the vision of Dubai to become a blockchain city. Given their extensive experience in information sharing technology and their lengthy track record of assisting customers, associates and businesses attain their long-term objectives and even higher success, we look forward to seeing how this will significantly benefit the Smart Dubai initiative strategy.”
Furthermore, Fantom has announced that it is ”position itself to work with enterprises within targeted industry sectors directly, and where possible with local and regional government support”.
According to Fantom, Fantom Foundation will provide ”tech superiority” as well as a modular approach that can be used for lean, low build-cost applications. Furthermore, Fantom is determined to acquire the relevant licenses as well as state approvals to be able to position Fantoom as a ”leader” in the Dubai Smart City initiative.
What’s more, Fantom advertises that it has a number of unique selling points – such as a high throughput, Reed Solomon distributed storage, data sharing, a new compiler and virtual machine, and many more technical features. Fantom is based on a DAG blockchain, with a modulated tech stack solution with an aBFT consensus.
In addition to this, Fantom touts that its open source tech can aid both enterprises and developers in quickly building, testing and deploying technical solutions. For example, Fantom Foundation says that developers can deploy a decentralized application (dApp) in 2 minutes from start to finish, in normal languages without knowing blockchain logic.
This comes as Fantom’s market capitalization has grown significantly in the last six months. Between February 14th and July 13th in 2019, it went from a market capitalization of just over $4.5 million to over $45.3 million.
Moreover, Fantom has also been listed on various crypto exchanges during the past few months. To name a few, Fantom has been listed on OKEx, Binance, Binance DEX, BitMax, Digifinex and coinspot.au.