Managing Director of Quantum Fintech and Binary Fintech Group Harry Yeh shared how Fantom is going to change the DeFi industry during his keynote speech at The North American Bitcoin Conference 2021.
Fantom ($FTM) is considered as the answer to the long-term issue of blockchain platforms with slow transaction speeds and high transaction fees. It is permissionless, decentralized and open-source. Mr. Yeh has been a strong supporter of the project since the beginning.
Harry Yeh serves as a Managing Director at Binary Fintech Group. Binary Fintech Group is an investment management company in the cryptocurrency space-based in Abu Dhabi. Yeh is an experienced engineer, entrepreneur and investor, and he is a notable supporter of the Fantom Foundation.
When speaking at The North American Bitcoin Conference 2021, he highlighted the state of the current cryptocurrency space. He believes investors’ focus should shift towards cutting-edge platforms that can complement Ethereum to help it achieve greater transaction processing capability. Yeh also mentioned Bitcoin is not the best network for many transactions, leading to low returns on Bitcoin. Ultimately, Yeh shared that he suggests clients look outside of Bitcoin in order to outperform Bitcoin, and this is where newcomer Fantom is essential to the future of the DeFi industry.
Fantom: Blockchain Project with Enormous Potential
Mr. Yeh believes Fantom is a highly undervalued blockchain that is due to become Top Ten this year. It has broken the top 100, and Yeh considers it the most undervalued project in the cryptocurrency space and urges clients that look to diversify their portfolio to put 40% of the money they are investing into Fantom. He predicts Fantom will follow the same trajectory as Ethereum and deliver incredible ROI. He mentioned that although no other platform does quite what Ethereum does today, its slow speeds are easily remedied by Fantom. In place of Ethereum’s fifteen transactions per second, Fantom can complete four thousand transactions per second.
Fantom uses a Delegated Proof-of-Stake, is ERC-20 and smart contract-compatible. Anything created on Ethereum can be easily passed over to Fantom, and Republic Protocol is building a virtual machine bridge between Ethereum and Fantom’s blockchains. Yeh believes that Ethereum is equivalent to a 100 megabit network and Fantom to a 10G network. Indeed, Fantom is capable of helping Ethereum achieve a greater transaction processing capability and is an optimal answer to looking beyond Bitcoin. Regardless of whether transactions are done on Ethereum or Fantom, Yeh believes the important part is that users are getting the best possible execution price.
Harry Yeh on Fantom’s Technical Application
Further, Yeh mentioned that he had an overwhelmingly positive experience with utilizing the product himself as well as working with the Fantom team. He is a self-described big believer in Fantom from a software engineering perspective as well, as he uses Fantom in his technical work on enterprise blockchain integrations on a daily basis. He also applauds the experienced team behind it. He emphasized the importance of a great team behind a great product and mentioned how the stellar engineers, advisors and general vibrant community around Fantom is key to creating such a ground-breaking innovation.
Yeh had long-since searched for something undervalued, hoping that his company could help unlock that value while truly loving the product and believing in the team behind it. That is exactly what he found in Fantom, and it is why today, he urges those with an interest in the DeFi industry to take a closer look at Fantom Foundation.
Founder and editor at BTC PEERS. Andrey writes about financial experiments, DeFi, cryptocurrency, and blockchain.