Fasttoken (FTN)
Fastex is a comprehensive ecosystem in the Web3 space, serving as a centralized hub for various services under its brand, such as the FTN token, ftNFT, and FastexVerse. This platform is powered by SoftConstruct, a software development company.
Overview of Fastex
Fastex was founded by Vigen Badalyan in 2017 as a cryptocurrency derivatives exchange platform. It offers spot and OTC trading across numerous crypto and fiat currencies, alongside various order types like limit, stop-limit, market, stop-market, trailing stop, trailing stop-limit, and trading API. Future plans include the integration of futures and leveraged tokens. The Fastex wallet is a unified solution for all services within the Fasttoken ecosystem, supporting the NFT marketplace, Fastex payments, and multiple decentralized applications.
| Ticker | FTN |
| Category | Smart Contract Platform |
| Website | https://bahamut.io/ |
| @fasttoken_com | |
| Telegram | fasttoken_eng |
| https://www.reddit.com/r/Fasttoken | |
| Contract Addresses | |
|---|---|
| ethereum | 0xae...64 Copied! |
Additionally, Fastex provides an integrated payment services system for online and hardware transactions. It also features a cryptocurrency-to-cash mechanism through cryptocurrency ATMs, allowing users to convert cryptocurrencies to fiat and withdraw cash instantly. The unified system aligns with the Fastex cryptocurrency exchange, enabling users to utilize the same wallet for all fiat and cryptocurrency transactions.
Fast channels
FastChannels are a variation of Ethereum's state channels, designed to enhance processing speed and scalability by moving gaming processes and data transfer off the main blockchain. This approach reduces the frequency of blockchain interactions to initiating games and synchronizing the latest state with the blockchain. Off-chain processing reduces costs and allows data transfers between the DApp and the user without blockchain dependency, ensuring they are free, verifiable, and secure. Users can enjoy multiple games simultaneously without latency or lag. FastChannels consist of two main components:
- Channel Contract: Stores the latest channel state, including account balances, prizes, and random numbers.
- Off-chain Channel: Stores the current state data locally on each participant's device, verifiable by the smart contract using the Elliptic Curve Digital Signature algorithm during the signing process of off-chain messages.
The Fastex ecosystem
Bahamut chain
Bahamut is an EVM-compatible layer1 blockchain with a new consensus mechanism called Proof of Stake Activity (POSA). The Bahamut Chain launched its Sahara Mainnet on May 3, 2023, featuring its execution layer, Caravan, and consensus layer, Bedouin. Its compatibility with EVM allows developers to create and deploy decentralized applications (dApps) using familiar tools and languages. Bahamut aims to establish a scalable and secure blockchain network accommodating various decentralized applications and use cases.
ftNFT marketplace
Launched in 2022, the ftNFT is an NFT platform that offers digital solutions to users of all experience levels. It ensures accessibility to NFT technology through a marketplace within the Fastex ecosystem and physical NFT stores in the UAE. Users can engage in activities like buying and selling digital assets through the marketplace.
Phygital NFT space
In March 2023, Fastex expanded its ftNFT marketplace into Phygital NFT Space, a specialized store in Dubai Mall. This space offers an interactive environment to explore NFTs and learn about their technology and potential. It also provides virtual reality services, including 3D avatars and metaverse rooms.
FastexVerse
FastexVerse is a metaverse platform within the Fastex ecosystem. It allows users to create and use 3D avatars to interact with the digital realm of Fastex, accessing all its products and services seamlessly. Developed on the Panda MRB2B metaverse platform by SoftConstruct, FastexVerse provides a unified environment for user interaction within the Fastex ecosystem.
Cerebrum
Cerebrum offers entrepreneurs and enterprises a platform to digitize their businesses, regardless of size or location. It provides tools to enhance digital presence and offer interactive customer experiences, allowing users to purchase virtual spaces, showcase products and services, and organize events like concerts, exhibitions, and virtual tours.
Fasttoken (FTN)
Fasttoken (FTN) is the official token of the Fastex ecosystem and the native currency of the Bahamut blockchain. Within Bahamut, FTN serves as the gas unit, facilitating staking, block creation, validation mechanisms, and cross-chain operations. Initially launched as an ERC-20 token, FTN acts as a utility token within the SoftConstruct ecosystem, supporting various business and personal transactions across SoftConstruct's products and services.
Tokenomics
The FTN Token was based on Ethereum's ERC-20 standard, with one billion (1,000,000,000) FTN Tokens issued in a single Token Generation Event (TGE) before the FTN token sale. No further token issuance was possible beyond the TGE. The distribution of FTN was as follows:
- Founders: 20% reserved for the Fasttoken team and founders for future distributions and strategic partnerships. Locked for 24 months, unlocking at 10% per month.
- Advisors: 3% allocated to the advisory board as a project contribution reward. Locked for 12 months, unlocking at 10% per month.
- Partners: 6% issued to selected partners based on their market contribution and partnership longevity, released immediately.
- Ecosystem: 24% for operational costs, such as providing liquidity and managing payment systems, released immediately.
- Blockchain: 12% reserved for Bahamut to support blockchain initialization and operation, providing easy access to Bahamut's native currency.
- Marketing and PR: 10% held for marketing and PR expenses, released immediately.
- Presale: 6% offered to SoftConstruct's workforce and partners, with a 9-month vesting period, conducted via the Fastex exchange.
- Private Sale Phase 1: 8% offered to institutional investors and veteran blockchain participants, with a 12-month lock-up, unlocking at 10% per month.
- Private Sale Phase 2: 10% offered to individual and corporate investors, with a 12-month lock-up, unlocking at 10% per month.
- Public Sale: 1% offered to the public, released immediately, conducted via an Initial Exchange Offering on the Fastex exchange.