Fasttoken price

FTN

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Fasttoken (FTN) is the native coin of the Bahamut blockchain, a public, EVM-compatible layer-1 blockchain that utilizes a unique Proof of Stake and Activity (PoSA) consensus mechanism. PoSA introduces a new parameter - activity - into the validation process, incentivizing developers to create widely used smart contracts (BHRC20 tokens, DeFi protocols, NFTs, etc.). Activity is measured by the amount of gas spent when interacting with a smart contract. The more activity a smart contract generates, the higher the chance to become a block producer and thus earn more rewards from the network.

FTN plays a crucial role in Bahamut’s operations, enabling both native and liquid staking, block validation, and cross-chain activities. It is also central to the Fastex ecosystem and can be used in various sectors, including iGaming and DeFi platforms such as Ortak, Lolik, Mutuari, and YoHealth.

Bahamut is an EVM-based, layer 1, public blockchain solution that aims to transform how distributed networks approach block rewards among network participants by adding a crucial parameter to the consensus algorithm - activity. Activity is represented by the amount of gas used by a validator's smart contract, and this amount is taken into consideration when distributing the chance to become a block proposer and earn rewards in the future. Bahamut’s novelty consensus – Proof of Stake and Activity (PoSA) – has been developed by Fastex engineers. Currently, Bahamut has over 4,100 validators, 67.3M transactions, and 6.85M FTN holders.

PoSA is a variation of PoS (Proof of Stake), which introduces a new parameter called activity. This activity is represented by the total amount of gas spent by a validator-deployed smart contract, and it is taken into account when determining the chances of becoming a validator in the next epoch. Put simply, the more activity a validator has, the higher their chances of becoming a validator in the future, and the greater the rewards they can earn.

To improve scalability, Caucasus Blockchain was introduced as a Layer 2 solution using Optimistic Rollup technology. It increases transaction throughput, reduces gas fees, and maintains Bahamut’s security and decentralization. Caucasus aims to support the iGaming, DeFI, and financial sectors, improving user experience for developers and their customers.

In PoSA, validators (i.e., nodes that validate transactions and blocks) must first stake a fixed amount of tokens, which is 8192 for all validators, to participate in the consensus process. This stake serves as collateral, ensuring that validators act in an honest manner. However, in PoSA, the ranking of a validator is determined not only by the size of their stake but also by the activity of their smart contracts.

The activity of a smart contract is the sum of all gas used by users when interacting with the contract. The more gas a contract uses, the more active it is considered to be. This activity is then combined with the validator's stake to determine their rank.

The advantage of this approach is two-fold. Firstly, it provides an incentive for developers to create high quality, highly used contracts, which helps to maintain the overall health and security of the network. Secondly, it helps to decentralize the network, as validators with high quality, high usability contracts will have a greater influence in the consensus process. It's important to note that even validators without activity are still important to the network, as they play a role in maintaining its security and stability.