As part of its shutdown Ethereum: For an innovative new blockchain with a unique consensus mechanism, Fasttoken (FTN) will go public on January 18th.
FTN is the native token of the Fastex ecosystem, which includes a crypto payment system, exchange, metaverse solution and NFT market.
Fastex aims to become one of the leading tokens in the web3 gaming space by integrating the token with over 700 gaming partners. By the end of January, Fasttoken expects to be used in hundreds of games developed by more than 100 game developers. Fastex claims its offering will allow gaming enthusiasts to access a secure web3 ecosystem with vetted partners and ease in and out.
All products in the Fastex ecosystem are moving to the new Fastex chain, which uses a patent-pending consensus mechanism called Proof of Staked Activity (PoSA).
What is Proof of Stake and Activity?
Blockchains that work stake proof (PoS) consensus mechanism requires users to stake their cryptocurrency to help validate transactions and secure the network, receiving a reward for doing so.
Under Fastex Chain’s PoSA system, it is not only how much a user is willing to bet that matters, but also their activity. Operations smart contracts are taken into account when considering the possibilities of becoming a block producer or validator, and further rewards are also distributed based on this. Fastex says this maximizes the user’s ability to monetize the chain.
“Fastex Chain enables developers, builders and enterprises to build and scale decentralized applications on this rewarding platform, driving increased user engagement and high value,” the company said ahead of the launch.
The project was developed by SoftConstruct, the technology company that previously built gambling software provider BetConstruct, website builder Ucraft and metaverse platform PandaMR.
The FTN price for the public sale will be €0.35 ($0.37) per unit, with a cap of 60 million FTN.
Two rounds of pre-sales have already been successfully completed, one for employees of SoftConstruct and related companies, and another for partners and private buyers.
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