ABEYCHAIN 2.0 brings new technology that is set to shake up the blockchain industry. ABEYCHAIN has attracted over 150,000 unique users. Following the public presentation at the AIBC 2021 Summit in Dubai, crypto enthusiasts, developers, and experts are excited about the possibilities and potential of this platform.
The biggest bottleneck for existing blockchain platforms is transaction speed. Most are very inefficient and slow. Thus, they struggle to handle large traffic. ABEYCHAIN 2.0 brings a new hybrid approach to push blockchain forward. Many public chains based on a single consensus mechanism often have obvious drawbacks, such as PoW (lacks efficiency), or PoS (lacks decentralization). In response, ABEYCHAIN 2.0 combines DPoS and PoW to confront the trade-off between decentralization and efficiency.
ABEYCHAIN 2.0 disrupts the current Proof of Stake structure that makes it easier for a larger stakeholder to grow the user’s token stake faster than a smaller stakeholder. Since that large stakeholder can mine or validate block transactions according to how many coins they hold, they have more mining power than someone with fewer coins leading to centralization of mining where the rich get richer.
ABEYCHAIN 2.0 works on a system of fairness: nodes that decide issues are voted by other users. In other words, users aren’t empowered to be the deciding nodes unless they’re voted to be by the users on the ABEY network. This has an impact on speed as well. Since fewer nodes are participating in the decision-making process, ABEYCHAIN 2.0 sees improvements in speed compared to most other platforms.
ABEYCHAIN 2.0 was launched in March 2021 and has already added thousands of unique addresses to its ecosystem. So, what can these new users expect from the newest version of the ABEYCHAIN ecosystem?
Benefits of the ABEYCHAIN
ABEYCHAIN 2.0 uses a hybrid of consensus combining DPoS and PoW to solve some of the most common problems of blockchains. ABEYCHAIN 2.0 uses the DPoS committee as a fast chain to process transactions, while giving the committee oversight to the PoW nodes. This translates into enhanced efficiency that is ideal for e-commerce transactions. ABEYCHAIN 2.0 expands functionality using smart contracts, DeFi with XSWAP, and the ABEY Storage Network (which leverages the ABEY Storage Token or AST.) and the aCash Token (ACT) a Stable Token issued on ABEYCHAIN that has 1:1 parity with all the various versions of USDT.
- Disruption and Decentralization
The ABEY Storage Network aims to disrupt the data storage business with a decentralized, fair, open, and reliable data storage solution that puts the control of data firmly in the hands of the user. ABEY Storage provides an alternative storage solution and incentive layer to the IPFS decentralized data storage network.
In this platform, clients and miners negotiate for a mutually beneficial storage rate. Clients pay storage miners to hold their data. Following this, storage miners store this data using mathematical proofs to verify completeness, accuracy, and privacy. Retrieval miners are then paid to retrieve and deliver the data whenever it is requested by the end-user.
- Standardized Storage Servers
ABEY Storage provides standardized storage servers that are fully compliant with the IPFS storage protocols that also have significantly less cost than the Filecoin solution — with no possibility of termination from the network. This makes it possible for miners to be rewarded for their efforts in the form of AST: the ABEY Storage Token. AST has 100% parity with FIL and can be traded 1:1. 100% liquidity is provided by multiple liquidity providers and exchanges around the world.
ABEY token could be traded right now on zbx.one and zbx.Plus. For more information about the ABEY, blockchain users can visit the homepage of ABEYCHAIN, in which users can find the initial scientific whitepaper, download links for the wallet and other information.
Furthermore, the ABEY Foundation contributes governance, and research, for the ABEYCHAIN, while maintaining the integrity of the core technology. The foundation provides guidance and direction for the ABEY community and ecosystems, and has a strong commitment to protecting the immutable freedom of all ABEY users now, and for future generations.