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DAG smart contract platform Fantom partners with IOT energy giant, Danfoss

DAG smart contract platform Fantom partners with IOT energy giant, Danfoss

Fantom, a Directed Acyclic Graph (DAG) based smart contract platform today announced a strategic alliance with Danfoss, a multi-billion dollar corporation and giant in the efficient energy and IOT infrastructure industry Fantom and Danfoss will the explore the possibilities of accelerating the development of the microgrid. The partnership has the potential to revolutionize peer-to-peer energy platforms.

The Fantom team believes that “technological innovation will continue to be essential in the energy system for both economic and public policy reasons. Breakthroughs come not only in physical form from research or national labs, but also through new business models from the private sector.

“By cooperating with Danfoss, we are working towards to applying Fantom technology in real-world use-cases through groundbreaking innovations and utilising the power of distributed ledger technology.”

Dr. Ahn Byung Ik, CEO of Fantom Foundation

The Danfoss Group is a leading corporation in manufacturing products and providing services used in cooling food, air conditioning, heating residencies and corporate buildings, and household appliance. The company is innovating in the field of renewable energy by investing largely in solar and wind power, as well as district heating and cooling infrastructure.

Danfoss employs approximately 24,000 people worldwide with its headquarters in Nordborg, Denmark. In 2017, Danfoss managed to accrue 5.8 billion euros in sales across 47 countries and 56 factories globally. Their distribution network for solar inverters covers 82 distributors and wholesalers across 27 different countries.

 

The vision of Fantom is to grant compatibility between all transaction bodies around the world using fast DAG technology that can be deployed at scale in the real world, and to create new infrastructure with high reliability that allows for real-time transactions and data sharing.

The Fantom platform adopts a new protocol known as the “Lachesis Protocol” to maintain consensus. This protocol is intended to be integrated into the Fantom Opera Chain. The aim is to allow applications built on top of the Fantom Opera Chain to enjoy instant transactions and near zero transaction costs for all users

With the announcement, Fantom has taken a big step towards achieving the milestones within their ecosystem development.

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