Token2049 Dubai revealed Web3’s recent developments along with the burgeoning ecosystem and novel solutions such as Bahamut based on the Proof-of-Sustainable-Authority (PoSA). Taking place on April 18-19, 2024, this active crypto conference attracted more than 4,000 companies and attracted leading professionals in the crypto industry to share a vision for Web3.
Dubai’s Rapid Blockchain Growth
Located in the United Arab Emirates, Dubai is the city with the highest population density, and this makes it possible to host multiple tech-related events; therefore, Token2049 was held in Dubai. This event proved that the blockchain industry in this area is gradually developing, and the Web3 ecosystem, Fastex, is one of the most representative examples. Speaking at the presentation of the Bahamut blockchain, representatives of the Fastex company presented the following services: Fastex Exchange, Fastex Wallet, Fastex Card, Fastexverse, as well as the ftNFT platform.
Fastex’s Web3 Innovations
Despite the site’s vocational appearance, Fastex offered a broad range of Web3 services, including a white-label centralized exchange, an NFT marketplace, and fan token development services for the iGaming niche. One of them was Fastexverse, which is a virtual environment where one can create their own AVAX metaverse, develop applications, start businesses, and organize events. This metaverse can be used to purchase file types and other products including the Fastex Exchange and FastexPay.
One branch of the project is called Cerebrum Virtual City, under which Fastex is to create VR models of real cities. By creating physical-world equivalents, businesses can use innovative approaches to engaging customers and offer prompt help through digital agents based on artificial intelligence.
Bahamut Chain and PoSA Consensus
One thing showcased at Token2049 was Bahamut Chain, a blockchain-based in the United Arab Emirates employing the PoSA consensus. Since its launch in 2023, Bahamut Chain has improved security and expandability with adequate stability for different applications ranging from DeFi to NFTs. Also, the PoSA mechanism reduces the number of transactions and promotes engagement, presenting new financial benefits to companies.
In comparison with the previous game, Bahamut Chain aims to create a better user experience and give more incentives to developers. The protocol also has an execution layer called Caravan and a consensus layer known as Bedouin on its Sahara mainnet. The specifications of PoSA construct the advantages of PoS while giving enterprises another income source.
Phygital NFT Experience
One of the impactful Web3 practices that Fastex has going forward is the ftNFT line, which includes both tangible and virtual elements. These physical NFT centers are found in Dubai, Venice, and Yerevan, where the viewer can visit actual NFT galleries and get scanned to make avatars thanks to 3D scanners available in-store. At Token2049, Fastex conducted presentations focusing on ftNFT at Bahamut blockchain and the Bahamut Grants program as well as legal and regulatory aspects of the crypto sphere.
That is the potential for Fastex to become a major player in the industry as well as its future prospects.
Fastex is also organizing the second ftNFT International Awards aimed at demonstrating the potential of Dubai as the Web3 and NFT hub. The Chief Legal Officer of Fastex, Vardan Khachatryan, stated his belief that Fastex will become the leading platform in the given field, which will provide a vast range of services to a customer by following the requirements of legal standards.
Such events as Token2049 enhance the perception of Dubai as a hub for blockchain and Web3 innovation. These meetings enable Dubai-based companies to present their development to the global community and prove that Web3 ecosystems such as Fastex, will have a significant impact in both virtual and real environments in the future.
