The Comeback of Block Enthusiasts

Let’s face it, stakers and validators on blockchain networks often have the same level of enthusiasm as a cat being forced to take a bath—they don’t care much about the platform or its health. Enter Pavel Aramyan, Blockchain Program Lead at Fastex, who’s on a mission to shake things up. “We want to reward validators and businesses, encouraging them to provide value to users,” he stated during a lively chat at Cointelegraph’s AMA.

What on Earth is POSA?

Fastex has stepped up with a Proof-of-Stake-and-Activity (POSA) consensus mechanism that’s all the rage. Imagine POSA as your affectionate friend who keeps track of how much gas you use on your trips. According to Aramyan, this mechanism considers the activity of smart contracts in addition to the usual staker metrics. “The more activity your application sees, the more blocks you can propose, and consequently, the more dough you can rake in from network fees,” he explained.

Your Smart Contracts Need Friends

For companies operating on the Fastex chain, tying smart contract addresses to validator addresses is key to getting ahead. This colorful setup allows businesses to pile up activity based on how much gas their smart contracts utilize. It’s like giving your lunch buddies a shoutout every time they make your sandwich extra delicious—it boosts your chances of being the go-to sandwich shop.

Security Like Grandma’s Cookies

Everyone knows the old saying: better safe than sorry. Fastex takes security very seriously, inheriting Ethereum 2.0’s benefits while conducting rigorous audits. Aramyan assures us that two independent auditors, like Certik and Hexens, are involved to ensure nothing shady is going on. It’s a very intentional process, constantly evolving to keep their network fresh and secure.

The Ecosystem: More Than Just a Pretty Blockchain

Fastex isn’t just resting on its blockchain laurels. Vardan Khachatryan, their Chief Legal Officer, revealed some of the exciting projects in the Fastex ecosystem, including Fastex Pay. This payment technology brings crypto and fiat transactions into a seamless experience, perfect for both B2B and B2C enthusiasts. Imagine swiping your card and saying, “I’ll take that NFT, please!” without a hint of hesitation.

Bridging Art and Blockchain

And let’s not forget about NFTs! Fastex runs both an online NFT marketplace and two physical stores in Dubai’s most glamorous malls. Khachatryan stated, “We realized that customers enjoy the physical integration of NFTs, bringing enthusiasts, collectors, and artists together.” It’s like a community event where everyone shares their funky virtual art and experiences, without the digital awkwardness.

Empowering People with Knowledge

At the end of the day, Fastex is all about empowering individuals to utilize their assets effectively. “We’re here to educate and engage users about the benefits and challenges of cryptocurrencies,” said Aramyan. Fastex is leaving no stone unturned in building a robust system that inspires confidence in this complex crypto lifestyle.