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Summary of Fasttoken (FTN) and Bahamut Blockchain
Key Points
- FTN is the native currency of Bahamut blockchain, a public EVM-based layer 1 solution.
- Bahamut uses a novel consensus algorithm called Proof of Stake and Activity (PoSA).
- FTN serves as the gas unit for Bahamut, enabling staking and block creation/validation mechanisms.
- Initially, FTN was an ERC-20 token for the SoftConstruct ecosystem.
- Bahamut has over 4200 validators, 600,000 transactions, and 200,000 FTN holders.
Numbers and Figures
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About Fasttoken
In the realm of digital assets, Fasttoken is a pioneering force, dedicated to fostering a seamless and secure environment for cryptocurrency enthusiasts and investors alike.
What is FTN?
FTN is the indigenous cryptocurrency of the Bahamut blockchain, a decentralized, public, EVM-based layer 1 solution that pioneers a novel consensus mechanism known as Proof of Stake and Activity (PoSA). As the fundamental gas unit, FTN facilitates staking, block creation, and validation processes, while also empowering seamless cross-chain operations within the Bahamut ecosystem.
Initially, FTN was introduced as an ERC-20 token, serving as a utility token that facilitates seamless interactions within the SoftConstruct ecosystem, a leading IT solutions provider. This enables users to settle a wide range of business and personal transactions with any of SoftConstruct’s products and services.
Introducing Bahamut: A Revolutionary Force in the Realm of Cryptocurrency
Bahamut is an EVM-based, layer 1, public blockchain solution that seeks to revolutionize the way distributed networks allocate block rewards among network participants by introducing a pivotal parameter to the algorithm: activity. This activity parameter is quantified by the amount of gas utilized by a validator’s smart contract, which is subsequently factored into the distribution of the opportunity to become a block proposer and earn rewards. The innovative consensus mechanism, dubbed Proof of Stake and Activity (PoSA), was pioneered by Fastex engineers. Notably, Bahamut has achieved significant milestones, boasting over 4,200 validators, 600,000 transactions, and a substantial 200,000 FTN holders.
PoSA, a variant of the Proof of Stake (PoS) consensus algorithm, introduces a novel parameter: activity. This activity metric is calculated by aggregating the total gas expenditure of smart contracts deployed by validators, which, in turn, influences their likelihood of being selected as a validator in subsequent epochs. In essence, validators with higher activity levels enjoy increased chances of being chosen as validators in the future, thereby unlocking greater rewards.
What is Proof of Stake Authority (PoSA)?
PoSA is a pioneering consensus algorithm that synergistically combines the benefits of PoS with an innovative activity parameter. This parameter is calculated based on the utilization of smart contracts deployed on the network. In essence, the more frequently a smart contract is utilized, the greater its influence on the consensus process. This mechanism creates a compelling incentive for contract developers to design high-quality, widely-used contracts, as they will wield greater influence within the network.
Deconstructing the Mechanics of PoSA: A Comprehensive Overview
In the Proof of Stake (PoSA) consensus algorithm, validators, namely nodes responsible for validating transactions and blocks, are required to stake a fixed amount of tokens, set at 8192 for all participants, to engage in the consensus process. This staked amount serves as collateral, guaranteeing that validators behave in a trustworthy manner. Notably, in PoSA, a validator’s ranking is determined by a dual metric, encompassing not only the size of their stake but also the activity level of their smart contracts.
The operational intensity of a smart contract is quantified by the cumulative gas consumption resulting from user interactions. The higher the gas expenditure, the more active the contract is deemed to be. This activity level is subsequently aggregated with the validator’s stake to determine their ranking.
The dual benefits of this approach are twofold. On one hand, it incentivizes developers to craft high-caliber, widely adopted contracts, thereby contributing to the overall well-being and security of the network. On the other hand, it fosters decentralization by empowering validators with high-quality, user-friendly contracts to wield greater influence in the consensus process.
It is noteworthy that even inactive validators still play a vital role in the network, as they contribute to its security and stability.