What is Fuel Network? - About The Modular Execution Layer For Ethereum

If The Merge goes well, Ethereum 2.0 will have two main layers: the execution layer and the consensus layer. Fuel Network was created as a programmable layer on top of Ethereum 2.0. Fuel Network is an execution layer for Ethereum, based on Optimistic Rollup's scaling solution to become a settlement solution. So, What makes the Fuel Network special? Who is behind the project? Let’s learn all about the Fuel Network project in the article below.

What is Fuel?

Fuel network 1

Fuel v1 was developed as a layer-2 (L2) scalability technology for a monolithic Ethereum. It was the first optimistic rollup on Ethereum mainnet, which went live at the end of 2020.

Fuel is considered the fastest execution layer for the modular blockchain stack. The technology, which is both powerful and elegant, enables parallel transaction execution, providing developers with the highest flexible throughput and maximum security required for scaling. FuelVM is preferred by developers due to its superior developer experience and ability to go beyond the limitations of the EVM.

Fuel Network's Highlights

The executive layer provided by the Fuel network provides not only simple transfer functions but also general-purpose smart contracts. To realize this vision, the Fuel network provides three distinct features as follows.

Parallel transaction execution

Fuel provides unrivalled processing capability due to its power to perform transactions in parallel utilizing UTXO-style state access lists. This allows Fuel to utilize far more idle CPU threads and cores than traditional single-threaded blockchains. As a result, Fuel can offer dramatically increased compute, state access, and transactional throughput compared to single-threaded alternatives.

Fuel network Virtual Machine (FuelVM)

The FuelVM aims to improve the inefficient processing of standard blockchain virtual machine architectures while dramatically increasing the design space available to developers. The design is informed by prior blunders and years of production blockchain experience. Now, developers can achieve significantly more than they could with the EVM's limitations.

Toolchain & Sway Language Forc

Through the domain-specific language, Sway, and a supporting toolchain, Forc, Fuel offers a robust and streamlined developer experience (the Fuel Orchestrator). Developers can now enjoy a vertically integrated environment in which every component, from the virtual machine to the command line interface, functions in tandem.

What is a Modular Execution Layer?

Layer-1 (L1) blockchain architectures are undergoing a massive transformation. We are transitioning from a monolithic design in which consensus, data availability, and execution are inextricably linked (e.g., today's Ethereum) to a modular future in which execution is separated from data availability and consensus (e.g., tomorrow's Eth2, or Celestia). This separation allows for specialization at the base layer and then delivers a significant increase in bandwidth capacity.

Fuel is specifically designed to take advantage of this additional bandwidth in ways that no other scalability system can. Fuel is the modular blockchain stack's fastest execution layer, providing the highest security and most flexible throughput. It refers to Ethereum-style interoperable Turing-complete smart contracts, not just simple transfers.

Fuel specializes in maximizing execution efficiency. This is in contrast to previous rollup deployments, which were optimized for monolithic problems such as constrained bandwidth.

Fuel Network Token and Tokenomics

The project currently lacks an official token.

Team, Partners and Backers

Who is behind the Fuel Network project? How about the funding of Fuel? Let’s discover in this section below.

The Fuel Network project's team

The development team of the Fuel Network project is mostly anonymous and has not released official information.

Partners and Backers

On Sep 6, 2022, Fuel Labs raised $80 million. Blockchain Capital and Stratos Technologies came out on top in the fundraising round. Alameda Research, CoinFund, Bain Capital Crypto, TRGC, Maven 11 Capital, Blockwall, Spartan, Dialectic, and Sam Bankman-Fried also participated. Ekram Ahmed, Celestia Labs' head of communications, also serves as a strategic advisor.

Roadmap

The project has not yet announced a roadmap, and it is currently in beta-2. The project, however, has confirmed that there is no incentive for beta-2. SwaySwap, an AMM project on Fuel, has also released a demo version.

In September, the project launched beta-1, the first public Fuel testnet, offering open access for developers and users. This has already seen significant traction, with over 130,000 transactions within 2 months. In addition, there are a huge number of exciting new applications already building on Fuel, with over ten applications publicly launched and many more in the works.

Expanding on the features of beta-1, the beta-2 testnet is launching with a bridge to Ethereum's Goerli test network. Now, developers will be able to build and test cross-chain Dapps, laying the foundations for projects building on Fuel to tap into Ethereum's massive liquidity and existing user base.

Fuel Grants Program

The Fuel Grants program helps to fund ecosystem projects that rely on Fuel. The project is currently offering generous grants ranging from $10,000 to $150,000 USD to developers and existing projects interested in building on the world's fastest modular execution layer.

Conclusion

The information presented above is a summary of what everyone needs to know about Fuel Network. We hope the information in this article is useful to the readers. If you have an interest in Layer 1 or Layer 2, you can visit our website to read more good articles about other projects.

Discover more about Fuel Network:

Website: https://www.fuel.network/

Discord: https://discord.com/invite/xfpK4Pe

Twitter: https://twitter.com/fuellabs_

Common Questions

What is the token of Fuel Network?

The project hasn’t announced any information related to the token release.

Is it good to invest in Fuel Network?

The crypto market always contains risks, therefore you should do on your own research before making an investment decision. Keep in mind that all information provided by Market247.io is a reference.

About Market247.io

Market247.io offers fundamental and technical analysis of potential crypto projects and hidden gems. By doing so, we hope to bring information promptly to support investors in making investment decisions. All information provided by Market247.io is just as a reference, not an investment advice.

Twitter: https://twitter.com/Market247_io

Telegram: https://t.me/Market247_news

Community: https://t.me/market247news

Facebook: https://www.facebook.com/groups/market247.io

What is Shardeum? All You Should Know About The Shardeum Project

Loopring Project(LRC) - All You Need To Know About A zkRollup Layer2