As attendees of SiGMA Malta connect to explore the future of iGaming, Fastex is excited to share its vision. We are here to present the Fastex Ecosystem, a practical and user-friendly suite of Web3 products.
Fastex is an extensive Web3 ecosystem full of different products. From the ‘Fastexverse’ metaverse and the ‘ftNFT Marketplace’ for creators, to the solid ‘Bahamut’ and easy-to-use ‘Fastex Pay’ system, Fastex has made a place where crypto and online experiences come together. With over 7,000 users, 500+ partners and a goal focused on clear communication and data control, Fastex brings old ways and new ideas together.
Bahamut is at the centre of the Fastex ecosystem, a testament to innovation and cultural heritage combined. As the first Emirati blockchain platform, Bahamut is an open-source platform that facilitates smart contract-enabled Distributed Ledger Technology (DLT) tailored explicitly for Web3 applications.
Beyond its technology, Bahamut is an homage to the region’s rich history. Drawing inspiration from ancient Arabian culture, Bahamut, an ancient Arabian mythical creature known for its immense size and depth, mirrors a blockchain’s expansive and foundational nature, symbolising strength, support and vastness.
Comprising two primary layers - the ‘Caravan’ execution layer and the ‘Bedouin’ consensus layer, Bahamut promises a streamlined, secure and efficient digital experience. The execution layer is currently operational and live, while the consensus layer is undergoing testing. The consensus layer is expected to be fully live by approximately 1 November.
Bahamut’s Grant Program
In its commitment to the evolution of Web3, The Bahamut Foundation has introduced the Bahamut Grants Program. Aided by milestone-based funding, this initiative aims to empower organisations dedicated to maintaining the Bahamut network and furthering the Web3 cause.
Central to Bahamut’s ethos is the desire to guide into Web3 – decentralised, secure and user-centric. The grant seeks to support projects that add real value to users and play a role in onboarding new users to Web3. Whether it’s non-profits, businesses, researchers, or academic institutions, the doors are open to all entities that share Bahamut’s vision.
From bridging assets across chains and setting up decentralised exchanges, to enhancing security with multi-signature wallets, the grant’s funding areas emphasise its commitment to a powerful and integrated future for Web3.
The PoSA Merge with Testnet
Bahamut’s latest groundbreaking venture is the successful integration of the PoSA consensus mechanism on the Oasis testnet. PoSA, a unique blend of staking and activity-based rewards, changes how validators are motivated. Unlike traditional mechanisms, ‘activity’ refers to the gas consumed from interactions with smart contracts, enabling validators with active contracts to reap more frequent rewards by becoming block proposers more often.
This successful testnet phase has set the stage for the much-anticipated PoSA merge on the Bahamut mainnet. It is an endeavour that promises to further democratise the network, allowing independent validators to join the fray and optimise their rewards based on smart contract activity. As Bahamut reviews the outcomes of this test phase, the community eagerly awaits the official date for the mainnet merge, marking yet another milestone in Bahamut’s illustrious journey.
Transition to the Mainnet: A Glimpse into the Future
As Bahamut Chain continues its innovative journey, the next significant step is on the horizon: the merge to mainnet. This move symbolises a technological advancement and a pivotal moment for the entire Fastex ecosystem. With the PoSA merge onto the mainnet, Bahamut is set to redefine blockchain interactions, offering validators unprecedented opportunities. With the promise of a more inclusive, rewarding and responsive system to activity, the merge is keenly anticipated by all. While the exact date remains under wraps, one thing is certain, the seamless integration is poised to be another feather in Bahamut’s cap.
Fastex and Bahamut blend old traditions with new tech, aiming for a better, decentralised world. Curious about what’s next? Dive deeper into Fastex and discover the potential of the Bahamut Chain.