Fastex
Fastex is a comprehensive solutions ecosystem in the Web3 space, functioning as a centralized hub for various offerings under its brand umbrella, including the FTN token, ftNFT, and Fastex Verse. SoftConstruct, a software development company, powers Fastex. [1]
Overview
Founded by Vigen Badalyan in 2017, Fastex is a cryptocurrency derivatives exchange platform that facilitates spot and OTC trading across a wide range of crypto and fiat currencies and offers various order trading types, including limit, stop-limit, market, stop-market, trailing stop, trailing stop-limit, and trading API. Futures and leveraged tokens are planned for future implementation. The Fastex wallet is a unified solution for all services within the Fasttoken ecosystem, including the NFT marketplace, Fastex payments, and multiple decentralized applications.
Additionally, Fastex provides a unified payment services system that encompasses both online and hardware payments. It also introduces a cryptocurrency-to-cash mechanism through cryptocurrency ATMs, enabling users to directly convert their cryptocurrencies to fiat and withdraw cash instantly from the machine. This unified system operates alongside the Fastex cryptocurrency exchange, allowing users to share and utilize the same wallet for all transactions and operations involving both fiat and cryptocurrency. [2]
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 strategy reduces the frequency of blockchain interactions to initiating games and synchronizing the latest state with the blockchain. Shifting processes off-chain significantly reduces costs by making data transfers between the DApp and the user independent of the blockchain, free of charge, fully verifiable, and cheat-proof. Users can engage in multiple simultaneous games without experiencing latency, lag, or other limitations. FastChannels consists of two main components: [2]
- Channel Contract: This component stores the latest channel state, including account balances, prizes, and random numbers.
- Off-chain Channel: This component stores the current state data locally on each participant's device and is fully verifiable by the smart contract using the Elliptic Curve Digital Signature algorithm during the signing process of off-chain messages.
Ecosystem
Bahamut Chain
Bahamut operates as an EVM-compatible layer 1 blockchain, featuring a new consensus mechanism called Proof of Stake Activity (POSA). The Bahamut Chain unveiled its Sahara Mainnet on May 3, 2023, introducing its execution layer, Caravan, and consensus layer, Bedouin. Since it shares similarities with EVM, developers can create and launch decentralized applications (dApps) on Bahamut using familiar programming languages and tools. Using EVM and PoSA, Bahamut works to establish a scalable and secure blockchain network that accommodates various decentralized applications and use cases. [2] [3]
ftNFT Marketplace
Founded in 2022, the ftNFT is an NFT platform dedicated to providing digital solutions to users of all levels, whether experienced or new to the technology. The platform ensures accessibility to NFT technology through a marketplace within the Fastex ecosystem and physical NFT stores in the UAE. Through the marketplace, users can participate in activities such as buying and selling digital assets. [2] [4]
Phygital NFT Space
In March 2023, Fastex expanded its ftNFT marketplace into Phygital NFT Space, a store specializing in NFTs in Dubai Mall. The space provides an interactive environment to explore NFTs firsthand and learn about their technology and possibilities. It also offers virtual reality services and solutions, including 3D avatars and rooms within the metaverse. [5]
FastexVerse
FastexVerse serves as a metaverse platform within the Fastex ecosystem. It enables users to create and use 3D avatars to engage with the digital realm of Fastex and access all its products and services seamlessly, eliminating the need for site or currency switching. Developed internally atop the Panda MRB2B metaverse platform by SoftConstruct, FastexVerse provides a unified environment for users to navigate and interact within the Fastex ecosystem. [2][6]
Cerebrum
Cerebrum enables entrepreneurs and enterprises to digitize their businesses regardless of size or location. It offers a platform where companies can be managed directly from a three-dimensional space, providing the tools to enhance digital presence and offer an interactive experience to customers. Users can purchase virtual spaces, showcase and sell products and services, and organize events such as concerts, exhibitions, and virtual tours. [7]
Fasttoken (FTN)
Fasttoken (FTN) is the official token of the Fastex ecosystem and the native currency of the Bahamut blockchain. Within Bahamut, FTN is the gas unit, facilitating staking, block creation, validation mechanisms, and cross-chain operations. Initially launched as an ERC-20 token, FTN functions as a utility token within the SoftConstruct ecosystem, enabling users to settle various business and personal transactions across SoftConstruct's products and services. [2]
The FTN token sale comprised four phases: presale, private sale phase 1, private sale phase 2, and public sale. The initial exchange rate of FTN was 1 FTN = €0.15. Initially, the lowest price was offered to the SoftConstruct network's workforce and close relatives. During the token sale, 30% of the total token supply was available, with proceeds directed towards improving product delivery rates, marketing, PR, and brand recognition, and expanding the Fasttoken team to enhance development and delivery rates. Fiat and major cryptocurrencies were accepted during the FTN Token Sale. As the token is ERC-20, any supporting wallet is compatible. The public sale was conducted via an IEO, following the payment and wallet rules of the Exchange overseeing the process. [2]
Fasttoken was audited by CertiK, a Web3 security company, in October 2022, and the summary was that four issues were found, with three being resolved and one being acknowledged. In the same month, Hexens, a cybersecurity company, also audited Fasttoken and discovered seven issues, which were resolved. [8][9]
Tokenomics
The FTN Token was based on Ethereum's ERC-20 standard. A total of one billion (1,000,000,000) FTN Tokens were issued in a single TGE within 30 days before the commencement of the FTN token sale. No further token issuance was possible other than that envisaged in the TGE.
The distribution of FTN was as follows: [2]
- Ecosystem: 24%
- Founders: 20%
- Blockchain: 12%
- Private Sale Phase 2: 10%
- Marketing and PR: 10%
- Private Sale Phase 1: 8%
- Partners: 6%
- Presale: 6%
- Advisors: 3%
- Public Sale: 1%