Michael Kong CEO Fantom Foundation Believes In The Success Of Multiple Blockchains

Michael Kong – Fantom CEO – showed his belief in the future of multiple chains and his viewpoint about the Merges transition in the crypto space.

In the winter crypto, the market has suffered downtrends with no signal of coming back. There are 20.000 projects in the marketplace that have competed with others to survive.

At that time, Fantom – a scalable blockchain platform for Defi, crypto dApps, and enterprise applications – stands at No. 67 by market cap. Even though its token crashed from ATH $3.46 on October 28, 2021, Michael Kong – CEO of Fantom – still keeps his belief in the success of this firm.

“Competition is good because it can get you a better result, better technology,” Michael Kong told in the discussion panel at Chainlink SmartCon in NewYork “multiple chains will the must-have model in the future.”

Fantom is the layer-1 blockchain that aims to build a low-cost platform for Ethereum users. After the long-awaited transition from the second largest blockchain network Ethereum, the ETH is decreased by 320%, raising a lot of skepticism about this transformation.

However, Michael Kong believes that the Ethereum community didn’t understand clearly the purpose of this historic transition. The increase in network throughput and scalability, if yes, is the result of the entire change. The Ethereum Foundation said no and emphasized that the Merge is an of-course process to remove the Proof-of-work out of the chain.

The Merge was not “about increasing scalability, not about reducing gas fees dramatically,” Michael Kong explained. After the slump, everything will be in a new order.

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