“Stakers and validators usually don’t care about the blockchain platform they’re using, they don’t care about its health. We want to change that,” said Pavel Aramyan, Blockchain Program Lead at Fastex and one of the guests at Cointelegraph’s live. “We want to actually reward validators and businesses and encourage them to provide value to users.”
And Fastex is doing that with its Proof-of-Stake-and-Activity (POSA) consensus mechanism, which was unveiled earlier this year on the Fastex Bahamut chain and was one of the main topics of Cointelegraph’s recent AMA, among other Fastex projects.
“The differe nce between POSA and other consensus mechanisms is that it takes into account the activity of the gas usage of smart contracts,” Aramyan said. “In simple terms, if you have a business that runs on smart contracts and is deployed on the Fastex chain, the more usage your business and application gets, the more blocks you’ll propose and fees you’ll generate from the network.”
This means that by attaching smart contract addresses to validator addresses, companies on the Fastex chain can accumulate activity based on the gas usage of their smart contracts. This activity determines their chances of becoming a block producer and generating fees from the network.
This unique approach offers endless opportunities for businesses, with both traditional and decentralized services. Especially for Web2 businesses the transition to blockchain can be challenging due to the fear of losing control and valuable user data. But with POSA, a company can focus solely on the growth.
“There are endless possibilities for this activity blockchain parameter, and we think all consensus mechanisms should take this into account because it drives companies and smart contract creators to really think about their user base and the business they’re building,” Aramyan said.
Built as a fork of Ethereum 2.0, Fastex Chain inherited Ethereum’s security and still undergoes continuous auditing processes. “When it comes to building smart contracts and dApps, the highest level of security and reliability is a priority for us. That’s why we engage in a rigorous auditing process conducted by at least two independent auditors. Our preferred partners for these audits are renowned companies in this area like Certik and Hexens, ensuring the highest standards of security. We constantly strive to improve by updating and enhancing our systems on a regular basis,” Aramyan said.
In addition to the blockchain platform, the Fastex ecosystem includes a wide range of other projects, as outlined by another AMA guest, Vardan Khachatryan, Chief Legal Officer at Fastex.
One of them is the next-generation payment technology Fastex Pay, which offers a comprehensive range of solutions, including crypto and fiat services, online and offline B2B and B2C payments, and integration with other crypto exchanges and companies. “We combine traditional payment systems with innovative blockchain-based technologies to provide a holistic suite of products for our users,” said Khachatryan.
“We also have an NFT marketplace,” he added. “And two offline NFT stores in Dubai Mall and Mall of the Emirates, which are quite popular. We realize that customers like the physical integration of NFTs, and artists work in different media. So we bring everyone together – NFT enthusiasts, NFT collectors, artists – to meet the evolving needs of our diverse community.”
“At Fastex, our mission is to empower people to make the most of their assets by providing practical use cases for cryptocurrencies, not just our Fasttoken,” said Aramyan. “We are actively working to educate and engage a broader audience on the benefits and risks of crypto. Our focus is on building a fast and effective system that instills confidence and simplifies this experience.”
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Sourced from cointelegraph.com.
Written by Victoria Li on 2023-06-09 09:15:44.