Fasttoken

Fasttoken, abbreviated as FTN, is the native cryptocurrency of the Bahamut blockchain, which is an EVM-compatible, public, layer-1 blockchain. It operates on a distinctive Proof of Stake and Activity (PoSA) consensus mechanism. PoSA incorporates a novel component called activity into the validation process, motivating developers to build smart contracts that are frequently utilized, like BHRC20 tokens, DeFi protocols, and NFTs. Activity is gauged by the gas used during interactions with smart contracts. The greater the activity a contract generates, the higher the likelihood it will become a block producer, thereby earning additional rewards from the network.

FTN is pivotal to Bahamut's functionalities, facilitating native and liquid staking, block validation, and cross-chain operations. It’s also integral to the Fastex ecosystem and finds applications in multiple areas, including iGaming and DeFi platforms like Ortak, Lolik, Mutuari, and YoHealth.

Bahamut is a layer-1, public blockchain solution built on the Ethereum Virtual Machine (EVM), designed to revolutionize the way block rewards are allocated among network participants by introducing an activity parameter into the consensus algorithm. This activity is measured by the gas consumed through a validator's smart contract and influences the probability of becoming a block proposer and earning rewards moving forward. The unique consensus protocol known as Proof of Stake and Activity (PoSA) was engineered by Fastex. Currently, Bahamut boasts over 4,100 validators, has processed 67.3 million transactions, and has 6.85 million FTN holders.

PoSA is a twist on the traditional Proof of Stake (PoS) model, incorporating a fresh variable known as activity. This activity is quantified by the total gas consumed by the smart contracts a validator deploys, and it factors into the likelihood of becoming a validator in subsequent epochs. In essence, higher activity increases a validator's chances of future validation opportunities and, consequently, earning more rewards.

To enhance scalability, the Caucasus Blockchain was introduced as a Layer 2 solution using Optimistic Rollup technology. This innovation boosts transaction throughput, cuts down gas fees, and retains Bahamut's security and decentralization. Caucasus is aimed at supporting the iGaming, DeFi, and financial sectors, enhancing the user experience for developers and their customers.

PoSA, or Proof of Stake and Activity, is an innovative consensus algorithm that combines the advantages of PoS with an additional activity component. This activity metric is based on the gas used during interactions with smart contracts on the network. Simply put, the more frequently a smart contract is utilized, the more influence it exerts for the deploying validator in the distribution of rewards. This incentivizes developers to create high-performing, popularly-used contracts, amplifying their impact within the network.

In the PoSA system, validators—nodes responsible for validating transactions and blocks—are required to stake a set amount of tokens, specifically 8,192, to engage in the consensus mechanism. This stake acts as a form of collateral, encouraging honest behavior from validators. Unlike traditional methods, PoSA ranks validators not just by their stake size but also by the activity associated with their smart contracts.

The activity level of a smart contract is determined by the total gas spent by users when they interact with it. The more gas consumed, the more active the contract is deemed. This activity is then combined with the validator's stake to calculate their ranking.

This methodology offers dual benefits. Firstly, it motivates developers to create effective, frequently-used contracts, which contributes to the overall health and security of the network. Secondly, it promotes decentralization, as validators with high-quality, widely-used contracts wield greater influence in the consensus process. However, it's crucial to highlight that validators lacking activity are still essential to the network, as they help uphold its security and stability.