Technology advisory council member Aram Jivanyan, along with teammates Karen Terjanyan and Vladimr Igityan, recently had the opportunity to participate in the “Big Data and Privacy Computing (BDPC 2024)” conference held in Macau. They presented the preferred Proof of Stake and Activity (PoSA) algorithm of the Bahamut blockchain, along with its associated capabilities. Their presentation stood out among the others and was selected as the best demonstration at the conference.

The PoSA algorithm is a new consensus algorithm that validates validators through smart contract agreements established by them on the network. The more contracts a validator uses, the higher their chances of receiving the validation fee. This puts developers to the test to create high-quality and widely-used contracts.

While Bitcoin relies on the Proof of Work (PoW) algorithm, which involves complex mathematical calculations, Ethereum utilizes the Proof of Stake (PoS) mechanism. PoS ensures network scalability by freezing a portion of the network members’ funds. In the case of PoSA, the frozen funds also play a role in calculating the activity displayed on the network.

Fastex, as a leading scientific event, not only contributes to the further dissemination of blockchain technology but also actively supports and promotes new scientific and technological innovations. By doing so, the company sets new standards in the field while maintaining progress and implementation.

Being able to speak and present at a scientific conference of this magnitude is a significant achievement. It affirms that Fastex is a prominent player in the field, backed by extensive research and recognized by industry experts.

In addition, BDPC 2024 provided an excellent platform for experts to share their successes and make significant contributions to the advancement of blockchain technology. Fastex is committed to continuing its important work in the realm of the PoSA consensus algorithm, actively contributing to the expansion of knowledge in this field.