Italian Formula One team Scuderia Alpha Tauri has announced a partnership with smart contracts platform Fantom for the 2021 season.
A press statement Alpha Tauri notes that the partnership is part of popularising the Fantom platform with the firm’s logo set to appear on racing cars during the Monaco and Abu Dhabi Grands Prix. Furthermore, racing driver Pierre Gasly will continue as Fantom brand ambassador.
Fantom’s appealing eco-friendly feature
Alpha Tauri added that Fantom’s focus on reducing energy consumption in the blockchain ecosystem was a significant catalyst for the partnership. Fantom deploys a Proof-of-Stake system that doesn’t require massive amounts of energy to work, unlike competitors.
According to Harry Yeh, the Managing Director for Quantum Fintech Group and investor in Fantom, the exposure will benefit the crypto platform.
“We’re extremely excited about this sponsorship. I was an early investor in Bitcoin and Ethereum, and I haven’t been this bullish about a blockchain technology project as I am with Fantom. Additionally, unlike other blockchains that use POW (Proof of Work) for mining transactions which is not eco-friendly, Fantom uses PoS (Proof-of-Stake) for transaction processing which is a green and eco-friendly strategy,” said Yeh.
Fantom’s real-world use cases are in sectors like pharmaceuticals and education. Following the ecosystem upgrade, the market capitalization of the FTM token has increased by 50 fold in 2021, recording at least 100,000 users daily.
Fantom is a pioneer smart contract platform enabling fast and affordable transactions in the crypto space. Following the system’s software upgrade to Go-Opera, Fantom has witnessed rapid growth, improving the time-to-finality to about a second.