Scalability is one of the problems facing public blockchains such as Bitcoin and Ethereum. This is because their architecture is not sufficient to handle the increased number of users. Ethereum, in particular, suffers from slow confirmation times and high transaction fees, causing many to seek alternatives.
ABEYCHAIN 2.0 wants to be an alternative to the popular public blockchain 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 be home to Web 3.0 applications.
How Abechin 2.0 works
To help understand how ABEYCHAIN 2.0 works, it is important to note that most public blockchains use a consensus protocol. ABEYCHAIN 2.0 uses a hybrid of delegated proof-of-stake and proof-of-work to get the census on its blockchain.
You may already know that proof of work packages transactions into blocks solved by miners using computing power. Conversely, proof of stake involves giving a certain amount of tokens to give users the opportunity to create blocks.
ABEYCHAIN 2.0 combines these two systems to achieve a hybrid consensus that ensures scalability and maintains decentralization. This unique architecture means developers can build products on one of the fastest and most secure public blockchains. It is also the first third-generation blockchain to solve the ‘impossible triangle’ puzzle.
Decentralized storage ecosystem
ABEYCHAIN 2.0 provides one of the best-decentralized storage systems called ABEY Storage Network (ASN). The ASN is built on ABEYCHAIN 2.0 using an incentive layer built within the IPFS network. Its architecture consists of globally dispersed nodes and provides high quality, fast speed data storage for users.
This decentralized storage rivals Filecoin and the miners are rewarded with an Abe Storage Token (AST). AST can also be exchanged with Filecoin at 1: 1 parity and traded on the XSwap decentralized exchange. ASN is also fully decentralized, and miners are not subject to censorship or stricter regulations.
Decentralized finance is one of the most important areas in the blockchain industry and it has changed the way we think about finance. As a third generation blockchain, ABEYCHAIN 2.0 has many DeFi features for users. The major DeFi hub is called XSwap. XSwap is a decentralized exchange that provides extensive facilities for merchants.
Traders can take advantage of options like betting, lending, chest, yield farming etc. It also has an inbuilt wallet for merchants to securely store their tokens. Digital assets developed within the ABEYCHAIN 2.0 ecosystem can be exchanged at no additional cost.
Another DeFi feature is aCash Token (ACT) which serves as the basic constant currency of the ABEYCHAIN 2.0 blockchain. Fixed currency. Is judged from USDT And there is a control mechanism that controls its price.
Whenever a user buys ACT using another crypto, an equal amount is mined. Once the transaction is reversed, the token is burned by the blockchain and acts as a deflation control mechanism. Additionally, ABEYCHAIN 2.0 has an aPay service that can be used to swap ACT USDT Within the ABEY 2.0 wallet.
NXT is a trend in the crypto world, and Abitchin 2.0 has a dedicated section for NXT. It is operated by an NXT marketplace where anyone can create, auction and sell NXT.
With a focus on music and entertainment through Music.Net, artists and brands will be encouraged to launch limited NXTs that will be auctioned in the market. Some of the proceeds go to the artist, while the rest is redistributed. Also, NXT can be stored and removed in a built-in NXT wallet.
ABEYCHAIN 2.0 is an innovative project designed to solve the real problems prevalent in the crypto space. Decentralized storage blockchain is a notable piece of excellence and is likely to be adopted by top firms in the future.
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