About $FTN
Last updated
Last updated
FTN, the native cryptocurrency of the Bahamut blockchain, serves as the primary unit of value within the ecosystem. Similar to how Ether (ETH) functions within Ethereum, FTN has multiple utilities and plays various roles within the Bahamut network.
Fundamental Usage
FTN serves as the essential currency for various transactions and operations within the Bahamut network. Specifically:
Transaction Fees: FTN is the mandatory form of payment for transaction fees on the Bahamut network. Any action performed on the blockchain, such as smart contract execution or data storage, necessitates payment in FTN.
Consensus and Validation: FTN is crucial for validating and proposing blocks on Bahamut's Mainnet, emphasizing its role in securing the network.
Utility Beyond Transactions
Beyond its primary function as a means of value transfer, FTN serves various purposes:
DeFi Collateral: Similar to Ether's role in Ethereum's DeFi lending markets, FTN can serve as primary collateral within Bahamut's decentralized finance (DeFi) ecosystem.
NFT Marketplaces: FTN may function as a unit of account within Non-Fungible Token (NFT) marketplaces on Bahamut, facilitating the exchange and valuation of digital assets.
Service Payment: Individuals can earn FTN for providing services or selling goods within the Bahamut ecosystem, emphasizing its broader economic use.
FTN and Network Resources
Just as Ether regulates computing power allocation within Ethereum, FTN plays a crucial role in Bahamut's resource allocation. The finite nature of the shared computing resources on Bahamut necessitates a mechanism to fairly distribute resources among decentralized applications (dApps).
Pricing Mechanism: FTN supports a pricing mechanism, governing the allocation of Bahamut's computing power. Users must pay FTN as gas fees for transaction execution based on the required computing resources and network demand.
Balancing Network Usage: This mechanism prevents network abuse by ensuring that even if a dApp attempts to consume excessive resources through malicious or inefficient transactions, the execution would halt once the allocated FTN is depleted, restoring normal network operations.
FTN vs. Bahamut
It's essential to differentiate between Bahamut, the blockchain network, and FTN, its native cryptocurrency. While Bahamut hosts various functionalities and dApps, FTN acts as the primary unit of value and governance within this ecosystem.
