By
Steve Muchoki
April 19th, 2024
ABEYCHAIN integrates the Delegated Proof-of-Stake (DPoS) and Proof-of-Work (PoW) consensus within its blockchain, providing a Hybrid Consensus blockchain network.
Blockchain technology has transformed the financial space leading to the creation of novel solutions built on distributed ledger technology. There has been a gradual improvement from the creation of the first cryptocurrency, bitcoin, to Ethereum, the leading smart contract network.
In recent years many chains have emerged with the promise of achieving scalability and cross-chain interoperability. However, many public chains are based on single consensus mechanisms like Proof-of-Work (PoW) and Proof-of-Stake (PoS) lack efficiency. While those based on dPoS or PBFT have been efficient but have issues with decentralization.
ABEYCHAIN is a third-generation public blockchain that uses a hybrid consensus to resolve these problems. After years of development, the ABEY 2.0 is a significant advancement in blockchain technology. ABEY 2.0 uses a Hybrid Consensus – Multi-Layered blockchain system that incorporates Delegated Proof Of Stake, DPoS, Proof of Work Consensus (PoW) to support High-Volume transaction, to solve the biggest problem confronting permissionless blockchains today: the trade-off between decentralization, security and efficiency. It is the first working third generation public chain to solve the most important problem in the public chain space, the “Impossible Triangle”.
Hybrid Consensus
ABEYCHAIN integrates the Delegated Proof-of-Stake (DPoS) and Proof-of-Work (PoW) consensus within its blockchain, providing a Hybrid Consensus blockchain network.
The Hybrid Consensus model is unique and ensures that ABEYCHAIN is scalable and provides enhanced efficiency that is ideal for e-commerce transactions. ABEYCHAIN also implements a stable gas fee mechanism that lowers the costs for developers and operators of DApps and ensures that the blockchain is more public.
The ABEY ecosystem is extensive and has an all-inclusive community to attract worldwide developers and entrepreneurs to build on its blockchain.
Extensive Blockchain Ecosystem
Smart contracts can be developed on the ABEYChain using a simple web or mobile interface. Developers are free to define their terms, and all transactions are transparent, trackable, and irreversible. Developing smart contracts on the ABEYCHAIN is far less costly than other public chains.
The ABEY Network provides an extensive blockchain ecosystem that encompasses the top concepts in the blockchain world like DeFi and NFTs. XSwap is a decentralized exchange where users can swap their crypto for goods and services. Digital assets issued on the ABEYCHAIN can be swapped on XSwap at no cost. Swapping, staking, trading, yield farming, arbitrage, lending, borrowing and leveraging, are entirely available on XSwap. Multi-chain/wallet support is also fully enabled on XSwap.
ABEY Network is also working on a stablecoin called ACT (aCash Token). ACT (aCash) is the official stablecoin of the ABEYChain. ACT is a stable token with a 1:1 parity to USDT. ACT is mined when it is purchased with mainstream cryptos such as BTC, ETH, BCH and LTC, and burned when it is “cashed out” of the system. The ABEY 2.0 Wallet will support conversion of ACT to USDT through aPay Payment Services.
Moreover, the ABEY Storage Network (ASN) looks to make an enormous impact in the decentralized storage space. ASN provides an alternative solution to contribute high-quality data storage and a new incentive layer inside the IPFS network. Storage/Retrieval miners can earn rewards in AST (ABEY Storage Token). AST can be trade with Filecoin at 1:1 parity. The cost to mine AST is far less than that of Filecoin, with no possibility of being fined.
The ABEY Network also supports the creation and trading of NFTs with a unique marketplace, Music.Net. The NFT platform will team up with top artists and brands to create collections of limited edition and exclusive NFTs. In addition, users can deposit NFTs from external wallets and view them within the marketplace. Also, users can withdraw NFTs to external wallets.
ABEYCHAIN 2.0
Since its launch, ABEYCHAIN 2.0 has quickly accumulated over 150,000 users globally. The ABEY ecosystem is powered by the ABEY Token, its utility token. The ABEY Token currently trades on the ZBX and ZBX.plus platforms. To learn more about ABEY blockchain, visit the website.