Scalability is one of the problems facing public blockchains like Bitcoin and Ethereum. This is because their architecture is not sufficient to handle the increased number of users. Ethereum, in particular, has been plagued with slow confirmation times and high transaction fees leading many to search for alternatives.
ABEYCHAIN 2.0 seeks to be an alternative to popular public blockchains as a platform where anyone can build solutions and launch projects. The blockchain platform is built on a highly scalable architecture and is set to become the home of web 3.0 applications.
How does ABEYCHAIN 2.0 work
To help understand how ABEYCHAIN 2.0 works, it is important to note that most public blockchains use one consensus protocol. ABEYCHAIN 2.0 uses a hybrid of Delegated Proof-of-stake and Proof-of-Work to achieve census on its blockchain.
You may already know that proof of work packages transactions into blocks that are solved by miners using computing power. In contrast, proof of stake involves users staking a certain amount of tokens to stand a chance of producing a block.
ABEYCHAIN 2.0 combines these two systems to achieve a hybrid consensus that ensures scalability and maintains decentralization. This unique architecture means that developers can build products on one of the fastest and safest public blockchain. It is also the first third-generation blockchain to solve the ‘’impossible Triangle’’ conundrum.
Decentralized storage ecosystem
ABEYCHAIN 2.0 provides one of the best-decentralized storage systems called ABEY Storage Network (ASN). ASN is built on the ABEYCHAIN 2.0 using an incentive layer built within the IPFS network. Its architecture consists of nodes spread globally and offers high-quality, fast-speed data storage for users.
This decentralized storage rivals that of Filecoin, and miners are rewarded with Abey Storage Tokens (AST). AST can also be exchanged to Filecoin at a 1:1 parity and can be traded on the XSwap decentralized exchange. ASN is also fully decentralized, and miners are not subjected to censorship or draconian rules.
Decentralized finance is one of the most significant sectors in the blockchain industry and has transformed how we think about finance. As a third-generation blockchain, ABEYCHAIN 2.0 has several DeFi features for users. The major DeFi hub is called XSwap. XSwap is a decentralized exchange that offers extensive features for traders.
Traders can take advantage of options like staking, lending, vaults, yield farming and more. It also has an inbuilt wallet for traders to store their tokens safely. Digital assets developed within the ABEYCHAIN 2.0 ecosystem can be exchanged at no extra cost on the exchange.
Another DeFi feature is the aCash Token (ACT) which serves as the native stablecoin of the ABEYCHAIN 2.0 blockchain. The stablecoin is pegged to the USDT and has a control mechanism that regulates its price.
Anytime a user buys ACT using another crypto, the equivalent amount is mined. Once the transaction is reversed, the token is burnt by the blockchain and serves as a deflationary control mechanism. Additionally, ABEYCHAIN 2.0 features an aPay service that can be used to swap ACT to USDT within the ABEY 2.0 wallet.
NFTs are the trend in the crypto world, and ABEYCHAIN 2.0 has a dedicated section for NFTs. This is powered by an NFT marketplace where anyone can create, auction, and sell NFTs.
With a focus on Music and Entertainment through Music.Net, artists and brands will be incentivized to launch limited NFTs that will be auctioned in the marketplace. Some part of the proceeds goes to the artist, while the rest is redistributed. Also, NFTs can be deposited and withdrawn into the built-in NFT wallet.
ABEYCHAIN 2.0 is an innovative project that has been designed to solve real problems prevalent in the crypto space. Decentralized storage is a remarkable piece of blockchain excellence and is likely to be adopted by top firms in the future.
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