This company just launched an innovative consensus mechanism that rewards activity instead of simply measuring stakes.
Blockchain technology has disrupted various industries by providing a secure decentralized platform for transactions and data storage. The consensus mechanism is one of the most critical components of any blockchain out there, as it ensures its reliability and security. In recent years, new consensus mechanisms have been introduced, and existing ones have been improved to cater to the growing demands of the industry.
To date, proof-of-work (PoW) has been the most widely used consensus mechanism in blockchain technology. However, PoW blockchains have several limitations, including slow transaction processing times, high energy consumption and scalability issues.
To address these challenges, several new consensus mechanisms have been proposed, such as proof-of-stake (PoS), delegated-proof-of-stake (DPoS) and leased-proof-of-stake (LPoS). These new consensus mechanisms are designed to overcome the limitations of PoW and provide a more energy-efficient and scalable solution for blockchain technology.
Up-and-coming Web3 company Fastex is taking this development to the next level by introducing its very own ecosystem of tools and products that will rely on the innovative proof-of-stake-and-activity (PoSA) consensus mechanism.
What is PoSA, and how does it work?
Built to improve upon the widely adopted PoS mechanism, proof-of-stake-and-activity (PoSA) is designed to create an additional layer of security for the long-term success of the blockchain network.
PoSA introduces a revolutionary change in the blockchain world by considering not only the stake each node validator contributes to the network but also their activity level. This new approach to block creation and validation will shape the future of the blockchain economy. PoSA uses a smart contract deployed by validators to evaluate user actions, in addition to the stake, before granting the opportunity to become a block producer or validator. This also affects the distribution of block rewards.
PoSA places emphasis on network participants who focus on delivering value to their users through consistent block rewards. The larger the user base, the greater the level of activity and the larger the share of rewards.
Importantly, this new approach to what blockchain networks can be is at the center of what Fastex is looking to achieve with its products. Aiming to create an environment where Web3 businesses can thrive, and Web2 businesses can be easily onboarded and reshaped for a blockchain future, the Fastex Chain will offer the foundation for that.
What to expect from the Fastex ecosystem?
Developed by a team with rich business experience, Fastex is a comprehensive crypto ecosystem designed to meet the needs of all users.
Fastex is building its ecosystem from scratch, starting with its own blockchain and native token. The Fastex Chain and Fasttoken (FTN) will serve as the foundation for the ecosystem, and the company is already in the process of constructing all components to fully realize its vision for a complete crypto ecosystem.
Thanks to the PoSA consensus mechanism, the Fastex ecosystem is designed to reward activity. What’s more, businesses that decide to build upon this blockchain can benefit from the very same principles. Whether a Web3 company is looking to create its own virtual world in the Fastex Verse or an NFT project is looking to launch and reach customers in one of the ftNFT shops, the PoSA Fastex Chain lies at the heart of the Fastex Ecosystem.
Fastex is expanding into new markets and attracting more users by integrating all of the available utilities in the crypto world into one comprehensive ecosystem of apps and products.
Learn more about Fastex
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Source : Cointelegraph.com