ABEY Foundation has exhibited at AIBC 2021 Dubai Summit on May 25-26, 2021

ABEY will continue to contribute to a diverse blockchain ecosystem.

ABEY Foundation has exhibited at AIBC 2021 Dubai Summit on May 25-26, 2021

One of the world’s most influential blockchain and tech shows, AIBC 2021 Dubai Summit was successfully held on May 25-26, 2021 at InterContinental City Hotel Dubai, bringing together key brands and project parties from the world’s leading high-tech sectors such as artificial intelligence, blockchain, IoT, and quantum technologies. The show created excellent networking opportunities for shaping the future of emerging technologies.

Brian Rogers, one of the representatives of the technology team commissioned by the ABEY Foundation, will be speaking at the event. Brian Rogers, one of the representatives of the technical team commissioned by the ABEY Foundation, participated in the conference, which was a great success and response. Mr. Rogers presented several technical highlights and application scenarios of the ABEY platform to an audience of tens of thousands of people from around the world through offline presentations and live webcasts. Below is Brian Rogers Brian Rogers spoke at the conference.

“With the rapid development of science and technology, blockchain technology has been appearing more and more frequently in people’s eyes. It is becoming the focus of research in various fields and is receiving more and more attention from industry experts. It has been realized that blockchain has not only created a breakthrough momentum in the financial sector, but also can bring considerable innovative effects to the whole society.

According to data experts, 90% of the world’s data is now born between the last two years. Humans generate up to 2.5 QB bytes of data every day. QB may be an unfamiliar unit, and you may be wondering how many zeros are in a QB, and the answer is 18. This shows that there is a growing demand for reliable storage capabilities.

Many blockchain projects exist in the world, but few of them can achieve interoperability across chains like ABEYCHAIN 2.0. Interoperability is one of the original design goals of ABEYCHAIN 2.0, which uses a hybrid consensus decentralized file storage and distribution network. Before we dive into this technology, let’s talk about what decentralized file storage is.

Decentralized File Storage System

The concept of “decentralization” is, in the simplest terms, the transfer of power from one entity to a more localized and “free” system. The broad concept itself has been around for some time, but the term is now more commonly applied to blockchain technology.

Storage refers to the retention of retrievable data on a computer or other electronic system. We have evolved from the days when we needed to store files on floppy disks to the era of cloud-based storage, and storage technology has seen quite a long evolution.

Since the introduction of the Internet, data breaches and hacking have been quite rampant. With decentralized storage technology taking the stage, major companies have found new ways to protect their data. Storage means both developing decentralized network systems that allow services and products to reach users or customers quickly and efficiently.

The ABEY Distributed Storage System (ABEY Storage Network) integrates the Interplanetary File System (IPFS) protocol, providing the market with an advanced alternative that solves the problem of distributed storage.

About the application of hybrid consensus

In current blockchain networks, there are several decentralized consensus mechanisms that can be used to validate transactions, one is Proof of Work (PoW) and the other is Proof of Stake (PoS). Bitcoin is a prime example of a consensus achieved using PoW, while Cardano is known for PoS.

PoW systems require users to put in considerable effort to prevent malicious use of arithmetic, such as tampering with transaction records, sending spam or launching denial of service attacks (Denial of Service attacks), but cannot effectively solve the problem of low transaction speed. the PoS mechanism solves the speed problem of PoW, but at the same time brings the risk of centralization of node rights.

After talking about the basic concept of consensus mechanism, let’s take a look at the hybrid version of both. the hybrid consensus mechanism of PoW + DPoS utilizes a hybrid element of both models in determining the validation rights of transactions. The purpose of using it is to compensate for the weaknesses of a single consensus mechanism, so that it can guarantee a high degree of decentralization of the blockchain (fairness of node rights) and at the same time achieve ultra-high transaction volumes (ABEY’s peak TPS will never fall below 150,000).

ABEYCHAIN 2.0 is one of the few blockchain systems that utilizes a combination of PoW and PoS. The purpose of the hybrid is to get the advantages of both mechanisms and balance each other’s disadvantages.

ABEY 2.0 application scenarios

  1. ABEY has reached a cross-chain agreement with the Filecoin blockchain and launched the AST Storage Token (ABEY Storage Token).

ABEY Storage Network provides an optimized storage solution and incentive layer inside the IPFS network. Storage/Retrieval miners can receive AST (ABEY Storage Token) as a reward for their work. AST can be traded with Filecoin at 1:1. The cost of mining AST is lower than the cost of mining Filecoin, while there is no possibility of being imposed a penalty.

  1. ABEY will launch a decentralized exchange “XSWAP” based on ABEY platform in the near future.

XSWAP supports trading, pledging, liquidity mining, collateralized lending, leveraged trading and other popular decentralized finance (DeFi) applications. XSwap also supports linking and interaction with multiple chains/wallets.

  1. Upcoming Official Stable Coin in ABEY System – ACT

The official stablecoin in the ABEY system is called ACT (aCash token). ACT is a stable coin pegged to the value of USDT. ACT will exist as a medium of exchange in the ABEY ecosystem to avoid price fluctuations of other coins. The aPay payment service developed based on the ABEY platform supports the purchase of ACT with major cryptocurrencies (such as BTC, ETH, BCH and LTC) and the interchange between ACT and USDT.

  1. ABEY NFT Platform

The NFT (Non-Homogenized Token) craze has now swept the world. They have many refreshing features compared to traditional artworks: they are irreplaceable, provably scarce, highly liquid, and can be used in multiple dapps, among other features.

The ABEY NFT platform will work with top artists and brands to create limited edition, high quality NFT collections and allow for NFT transactions and withdrawals to third party wallets.

ABEY is moving into the head of the global blockchain industry

Launched in March 2021, ABEY version 2.0 has become the industry’s leading public chain, looking to solve the biggest problems facing unlicensed blockchains. As a hybrid blockchain, ABEY 2.0 combines speed, performance and security to provide the underlying public blockchain infrastructure for decentralized applications and financial transactions.

Founded in Vaduz, Liechtenstein, the ABEY Foundation is a non-profit organization. It is the custodian of the native ABEY blockchain protocol and platform, providing oversight and research for ABEY 2.0 while maintaining the integrity of the core technology. The Foundation provides guidance and direction to the ABEY community and ecosystem, and is committed to protecting the freedom of all ABEY users’ rights from being compromised.

With industry-leading technology, ABEYCHAIN 2.0 aims to bring efficient and well-regulated solutions to the decentralized economy. ABEY proposes the first hybrid consensus incentive model while also creating a stable and inexpensive gas fee mechanism that makes the blockchain more public and reduces costs for decentralized application (DApp) developers and users.

ABEY 2.0 is both a technology platform and a large user ecosystem that is attracting developers and entrepreneurs from around the world, with a global community of developers and a developer-friendly open source product library.

Conclusion

In summary, no single consensus algorithm in the world of blockchain qualifies as perfect. With a balanced hybrid consensus mechanism, ABEY 2.0 strikes the perfect balance between decentralization, scalability, security, and innovation, presenting a truly powerful solution for the future large-scale adoption of blockchain technology. Through these developments, ABEY will continue to contribute to a diverse blockchain ecosystem.”

The AIBC Summit was a success and the ABEY Foundation will continue to participate in more global trade show events in the third and fourth quarters of 2021.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/abey-foundation-has-exhibited-at-aibc-2021-dubai-summit-on-may-25-26-2021/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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