Fasttoken

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This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Fasttoken?

Fasttoken (FTN) is the native cryptocurrency of the Bahamut blockchain, a public EVM-based layer 1 solution. It serves as a utility token, enabling staking, block creation, and validation mechanisms, as well as cross-chain operations. Initially, FTN was an ERC-20 token used for the SoftConstruct ecosystem, facilitating business and personal transactions. It is now integrated into various online platforms, including gaming, iGaming, and e-commerce, and is supported by multiple payment providers.

How is Fasttoken used?

Fasttoken (FTN) is used in various ways across different platforms and ecosystems. Here are some key use cases:

  1. Native Currency of Bahamut Blockchain: FTN is the native currency of the Bahamut blockchain, a public EVM-based layer 1 solution with a novelty consensus called Proof of Stake and Activity (PoSA). It serves as the gas unit for Bahamut, enabling staking and block creation and validation mechanisms, as well as cross-chain operations.

  2. Gaming and iGaming: FTN is used as a utility token in multiple online websites, including gaming and iGaming platforms.

  3. Payment and Settlement: FTN can be used for settling business arrangements within the SoftConstruct network. It is also integrated with over 10 payment providers, including MoonPay, Alchemy Pay, and Simplex by Nuvei.

  1. E-commerce: FTN is used in e-commerce platforms, allowing users to make purchases and transactions.

  2. Staking and Block Validation: FTN is used as a staking and block validation rewards currency within the Fastex Chain blockchain solution.

  3. Crypto Rewards Program: The SoftConstruct Crypto Reward Program allows users to benefit from either using or holding FTN in both daily and monthly activities.

  1. Decentralized Applications: FTN is used to fuel blockchain-based and blockchain-related apps within the Fastex ecosystem.

These use cases highlight the versatility and broad adoption of Fasttoken across various industries and platforms.

How do I store Fasttoken?

To store Fasttoken (FTN) tokens securely, it is recommended to use cold wallets, which are offline storage solutions. There are two types of cold wallets:

  1. Paper Wallet: This involves generating a public and private key offline using a program and printing them on a piece of paper. The keys are printed in the form of QR codes, which can be scanned for future transactions. Store the paper in a secure location.

  2. Hardware Cold Wallet: This is a physical device, such as a USB drive, where you can store your cryptocurrency. Only the person with the USB drive can access the assets. Hardware cold wallets are preferred for storing large numbers of coins or tokens.

How to buy Fasttoken?

To buy Fasttoken (FTN) tokens, follow these steps:

  1. Choose a Centralized Exchange (CEX):

    • Select a reliable and trustworthy crypto exchange that supports Fasttoken (FTN) purchases. Consider the ease of use, fee structure, and supported payment methods when choosing a crypto exchange.
  2. Create an Account:

    • Enter the required information and set a secure password. Enable 2FA using Google Authenticator and other security settings to add an extra layer of security to your account.
  3. Verify Your Identity:

  • Complete KYC verification by providing the necessary information, which may vary based on your nationality and region. This step is crucial for accessing more features and services on the platform.
  1. Add a Payment Method:

    • Follow the exchange's instructions to add a credit/debit card, bank account, or other supported payment method. The information you need to provide may vary depending on your bank's security requirements.
  2. Buy Fasttoken (FTN):

    • Use fiat currency to buy Fasttoken (FTN) if supported. Alternatively, you can first purchase a popular cryptocurrency like USDT and then exchange it for Fasttoken (FTN).
  3. Store Your Tokens:

  • For long-term storage, consider using a cold wallet, which is offline and more secure. You can choose between a paper wallet or a hardware cold wallet.

Additionally, you can also use other platforms like Fastex Exchange, MEXC, and SimpleSwap to buy Fasttoken (FTN). Each platform has its own specific steps and requirements, but they generally involve creating an account, verifying your identity, adding a payment method, and executing the purchase.

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History of Fasttoken

Fasttoken (FTN) is the native cryptocurrency of the Bahamut blockchain, a public, EVM-based layer 1 solution with a unique consensus mechanism called Proof of Stake and Activity (PoSA). It was initially launched as an ERC-20 token and serves as a utility token for the Fastex ecosystem, enabling various functionalities across different platforms.

Fasttoken was conceived in early 2022 as part of the Fastex ecosystem developed by SoftConstruct, a leading tech company. It was designed to cater to the needs of the decentralized finance industry and has since grown to have a wide range of real-world applications, including gaming, iGaming, and e-commerce. FTN is integrated with over 10 payment providers and is actively used in more than 300 websites globally.

The token distribution includes a maximum supply of 880 million FTN, with a circulating supply of around 316 million FTN. The token has undergone various sales phases, including a presale, private sale, and public sale, with prices ranging from €0.15 to €0.35 per token.

Fasttoken has seen significant growth in recent months. Between March 9, 2024, and April 9, 2024, its closing price increased by 2.44%, and its market capitalization grew by 2.44% to reach $542.96 million. The trading volume also showed a 20.23% growth during this period.

Today, the live Fasttoken price is around $2.22 USD, with a 24-hour trading volume of $155.05K USD. The market capitalization stands at $699.64 million, ranking it 135 among all known cryptocurrency assets.

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How Fasttoken works

Fasttoken (FTN) is the native cryptocurrency of the Fastex ecosystem, which includes a range of solutions such as the Fastex cryptocurrency exchange platform, Bahamut public EVM-based blockchain, Fastex Pay cryptocurrency payment ecosystem, ftNFT marketplace, and decentralized applications tailored for partners. Here's how it works:

Key Features
  • Bahamut Blockchain: Fasttoken operates on the Bahamut blockchain, a Layer 1 solution built on the Ethereum Virtual Machine (EVM). This allows for interoperability with existing Ethereum-based tools and applications.
  • Proof-of-Stake-Activity (PoSA) Consensus: Bahamut pioneers the PoSA consensus mechanism, which considers both node validators' stakes and their activity levels. This approach ensures fair block validation rewards distribution and encourages active participation in the network.
Token Distribution and Utility
  • Token Distribution: The total supply of FTN is 1,000,000,000, with a current circulating supply of 470,000,000. The token distribution includes allocations for founders, advisors, partners, ecosystem operations, blockchain support, marketing, and presale.
  • Utility: Fasttoken serves as the native currency of the Bahamut blockchain and the Fastex ecosystem. It facilitates transactions, staking, and validation mechanisms, supports cross-chain transactions, and is integrated with various DeFi applications and wallets built on the Ethereum blockchain and other compatible ecosystems.
Staking and Governance
  • Staking: Users can stake their FTN tokens to contribute to the security of the Bahamut blockchain and earn rewards in the form of additional FTN. This incentivizes user participation and fosters a decentralized network.
  • Governance: FTN holders can actively participate in the development of the Fastex ecosystem by voting on crucial decisions that shape the future of the platform.
Integration and Partnerships
  • Integration: Fasttoken is integrated with various Fastex products and services, including the Fastex Exchange, Fastex Pay, and ftNFT marketplace. It is also integrated with over 10 payment providers, including MoonPay, Alchemy Pay, and Simplex by Nuvei.
  • Partnerships: Fasttoken has partnerships with over 100 gaming providers, and it is being adopted as the in-game token. Additionally, it is exposed to millions of users worldwide and is actively being used in over 300 websites across the globe.
Trading and Availability
  • Trading: Fasttoken can be traded on various exchanges, including the Fastex Exchange and Bitget.
  • Availability: FTN is available for purchase through various payment methods, including bank transfers, credit/debit cards, and other payment options.

Overall, Fasttoken is designed to offer fast transactions, low fees, and a user-friendly interface. Its unique PoSA consensus mechanism and extensive integration across various industries make it a promising venture in the world of decentralized finance.

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Fasttoken's strengths

Fasttoken (FTN) has several strengths that contribute to its potential in the digital asset and blockchain technology landscape:

  1. Unique Consensus Mechanism: FTN employs the Proof of Stake and Activity (PoSA) consensus algorithm, which combines traditional Proof of Stake (PoS) with an additional activity factor based on smart contract usage. This promotes the development of high-quality, widely-used smart contracts and ensures a dynamic and robust network.

  2. Strong Ecosystem Backing: FTN is backed by the Fastex ecosystem, comprising various Web3 solutions, and is developed by SoftConstruct, a leading tech giant with a vast network of over one million active users and 700 partners. This provides significant exposure and support for the token.

  3. Global Reach and Strategic Integrations: FTN has strategic integrations and listings on over 14 cryptocurrency exchanges, including the Fastex Exchange, and is integrated with major payment processing companies like Simplex and CoinPayments. This expands its reach to a global audience of over 2.2 million users across 182 countries.

  1. Tokenomics and Security: FTN has a well-planned token distribution, with a total supply of one billion tokens allocated among founders, advisors, strategic partners, and ecosystem support. It has also undergone rigorous security audits by industry leaders Hexens and CertiK, ensuring the security and effective operability of its coins.

  2. Financial Success and Market Confidence: FTN has successfully raised $23.2 million through four stages of token sales, demonstrating market confidence in its potential even in challenging economic conditions.

  3. Versatility and Utility: FTN serves as the native currency of the Bahamut blockchain, facilitates transactions on the Fastex Exchange, and grants access to exclusive features within the Fastex ecosystem. It also supports cross-chain transactions and can be integrated with various DeFi applications and wallets built on the Ethereum blockchain and other compatible ecosystems.

These strengths position Fasttoken as a promising force in the evolving world of blockchain technology and decentralized finance.

Fasttoken's risks

Fasttoken (FTN) carries significant risks, primarily due to its high volatility. This volatility makes it a high-risk investment, suitable only for those with a high tolerance for risk and a strong financial position. Additionally, the inherent risks associated with cryptocurrency investments, such as market volatility and regulatory uncertainties, also apply to FTN.

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Did Fasttoken raise funds?

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Fasttoken’s team

  • Armen Chakhoyan: Head of Project.
  • Vladimir Ighitkanyan: Development Team Lead.
  • Stepan Harutyunyan: Product Manager.
  • Anait Ambartsumyan: Business Development and PR Manager.
  • Karen Terjanyan: Architecture Owner.

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