Fastex Chain has committed to improving the efficiency and security of its blockchain product with the February 1 launch of its Testnet mechanism, featuring the latest consensus feature, Proof of Stake Autonomy (PoSA).
Part of the SoftConstruct group of brands, Fastex is a Web3-driven exchange that allows developers, builders and businesses the opportunity to build and scale decentralised applications.
Vigen Badalyan, Co-Founder of SoftConstruct, said: “I am thrilled about the successful launch of Fastex Chain’s Testnet. This innovative blockchain technology has the potential to propel the growth of web3 technologies and drive the future of the digital economy.”
By using Testnet, Fastex’s partners will be able to get to grips with the Fastex ecosystem and the PoSA mechanism, whilst also allowing Fastex to “gather valuable feedback from the community and improve the network before its mainnet launch”.
The PoSA mechanism has been programmed to take into account the users’ actions with a validator-deployed smart contract “in addition to the stake whenever considering the chance to become a block producer or validator”.
Validators will then be determined based on their stake and ability to contribute to the wider Fastex ecosystem. By doing this, SoftConstruct explained that this will not only enhance the network’s security, but will also ensure that the Fastex ecosystem becomes more decentralised.
In a statement, SoftConstruct said: “Fastex is committed to building a high-performance, secure, and decentralised blockchain. Launching the Testnet with PoSA is a significant step towards achieving this goal.
“The Fastex team invites all interested parties to participate in the Testnet and provide feedback on the technology.”