What is Fasttoken (FTN)? Getting to Know Bahamut Blockchain's Main Token

Bittime - Amid the rapid development of layer-1 blockchains, Fasttoken (FTN) emerges as a crypto asset that offers a different approach to consensus systems and reward distribution. 

FTN is the native coin of the Bahamut Blockchain, a public EVM-compatible blockchain that introduces a unique mechanism called Proof of Stake and Activity (PoSA).

Unlike conventional Proof of Stake (PoS) blockchains, Bahamut not only considers the amount staked but also smart contract activity. 

This article will discuss in detail what Fasttoken (FTN) is, how Bahamut works, what PoSA is, and FTN's potential in the crypto ecosystem going forward.

What Is Fasttoken (FTN)?

Fasttoken (FTN) is the main coin used on the Bahamut Blockchain network. 

FTN plays an important role in various network activities, from block validation, staking, gas fee payments, to cross-network interoperability.

Besides its technical functions, FTN is also at the center of the Fastex ecosystem, which includes various sectors such as:

• DeFi (Decentralized Finance)
• NFTs and BHRC20 tokens
• iGaming
• Web3 platforms such as Ortak, Lolik, Mutuari, and YoHealth

With its wide utility, FTN not only functions as a transactional tool but also as a primary economic instrument within the Bahamut network.

What Is Bahamut Blockchain?

Bahamut is an EVM-based Layer-1 public blockchain designed to improve fairness and efficiency in validator reward distribution. Bahamut's main advantage lies in its innovative consensus, Proof of Stake and Activity (PoSA).

To date, Bahamut has shown significant growth with:

• More than 4,100 active validators
• Around 67.3 million transactions
• More than 6.85 million FTN holders

Bahamut was developed by the Fastex engineering team and is designed to support smart contracts, DeFi, NFTs, and other high-performance Web3 applications.

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Understanding Proof of Stake and Activity (PoSA)

PoSA is an evolution of the traditional Proof of Stake (PoS) mechanism. In PoSA, there is an additional parameter called activity, which becomes an important factor in the block validation process.

Activity is measured by the amount of gas used when users interact with smart contracts. The higher the smart contract usage, the larger that validator's activity contribution to the system.

In other words, PoSA rewards not only validators who hold many tokens but also developers who create high-quality and widely used smart contracts.

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How Does PoSA Work on Bahamut?

To become a validator on Bahamut, participants must stake a fixed amount of 8,192 FTN. 

However, validator ranking is not only determined by staking but also by the smart contract activity they deploy.

It works simply as follows:

1. Validators stake FTN
2. Validators run or support smart contracts
3. Activity is calculated based on total gas usage
4. Stake + Activity determine the chance to become a block proposer

Advantages of PoSA:

• Encourages smart contract innovation
• Incentivizes active developers
• Helps decentralize the network
• Maintains blockchain security and stability

Fasttoken (FTN): Supply Structure and Token Distribution

Fasttoken (FTN) has tokenomics designed to be clear and measurable, with a fixed total supply and distribution mechanisms locked via smart contracts. 

This aims to maintain stability, transparency, and sustainability of the Bahamut and Fastex ecosystems.

Total Supply and FTN Token Standard

FTN was issued using the ERC-20 standard on the Ethereum network. Fasttoken's total supply is fixed supply, meaning no additional tokens will be minted beyond the initial scheme.

Key FTN information:

• Symbol: FTN
• Maximum total supply: 1,000,000,000 FTN
• Token issuance: Completed in a single Token Generation Event (TGE)
• Standard: ERC-20 (Ethereum)
• Trading start date: January 21, 2023

All FTN tokens were issued through a single TGE and are managed by a distribution smart contract that passed two independent security audits, ensuring there is no supply manipulation in the future.

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Fasttoken (FTN) Token Distribution

FTN distribution is carried out with clear proportions and most allocations are accompanied by lock-up and vesting periods to prevent dumping.

FTN Distribution Details

• Founders – 20%
  Locked for 24 months, then unlocked 10% per month. Used for long-term development and strategic partnerships.
• Advisors – 3%
  Locked 12 months, then unlocked 10% per month as compensation for strategic contributions.
• Partners – 6%
  Released immediately to support business relations and network expansion.
• Ecosystem – 24%
  Used for exchange liquidity, payment systems, crypto terminals, and ecosystem operations.
• Blockchain – 12%
  Allocated for initialization and support of the Bahamut blockchain, including the transition from ERC-20 to native FTN.
• Marketing & PR – 10%
  Used for global promotion and brand development.
• Presale – 6%
  Specific to the SoftConstruct network, with a 9-month vesting through Fastex Exchange.
• Private Sale Phase 1 – 8%
  Institutional investors, 12-month lock-up, unlocked 10% per month.
• Private Sale Phase 2 – 10%
  Individual & corporate investors, 12-month lock-up, unlocked 10% per month.
• Public Sale – 1%
  Released directly through an Initial Exchange Offering (IEO) scheme on Fastex.

Potential and Uses of Fasttoken (FTN)

Fasttoken has significant potential because it is supported by a growing ecosystem. Some of FTN's main uses include:

• Native staking and liquid staking
• Gas fee payments
• Validator and developer rewards
• Cross-application transactions within Fastex
• Utility on iGaming and DeFi platforms

With its unique PoSA approach, FTN has the potential to become one of the Layer-1 tokens attractive to developers and Web3 users.

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Conclusion

Fasttoken (FTN) is not just an ordinary token. As the native coin of the Bahamut Blockchain, FTN brings innovation through the Proof of Stake and Activity (PoSA) mechanism that balances staking and real smart contract usage. 

Supported by Layer-2 Caucasus and the Fastex ecosystem, FTN has a strong foundation to grow in Web3, DeFi, and iGaming.

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FAQ

What is Fasttoken (FTN)?

Fasttoken is the main coin of the Bahamut Blockchain used for staking, block validation, and various ecosystem activities.

What makes Bahamut unique compared to other blockchains?

Bahamut uses the PoSA consensus which considers smart contract activity in addition to staking.

What is Proof of Stake and Activity (PoSA)?

PoSA is a consensus mechanism that combines token staking and smart contract activity to determine validator rewards.

How much staking is required to become a Bahamut validator?

Validators must stake 8,192 FTN.

What is FTN's function outside the blockchain?

FTN is used in the Fastex ecosystem, including DeFi, iGaming, NFTs, and other Web3 platforms.