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Analysis

ABEYCHAIN 2.0: The introduction of decentralized File Storage with Hybrid Consensus

With the development of science and technology, blockchains have gradually emerged in people’s vision. It is becoming a focus of research and receiving increased attention from experts in the industry. People have been aware of the remarkable innovation that blockchain can bring out not just in the finance sector but for the entire society. According…

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ABEYCHAIN 2.0: The introduction of decentralized File Storage with Hybrid Consensus

With the development of science and technology, blockchains have gradually emerged in people’s vision. It is becoming a focus of research and receiving increased attention from experts in the industry. People have been aware of the remarkable innovation that blockchain can bring out not just in the finance sector but for the entire society.

According to experts, the last two years have noticed the creation of 90% of all the world’s data. More so, 2.5 quintillion bytes of data are produced by humans every day. If you’re wondering how many zeros are in a quintillion, there’s 18. Hence, the need for reliable storage is getting even higher. 

With that said, many chains exist nowadays, but few can achieve interoperability with others like the ABEYCHAIN 2.0. It was created with interoperability in mind. The ABEYCHAIN 2.0 is a decentralized file storage and distribution network with a hybrid consensus. We’ll talk about it in detail later, but first what exactly is decentralized file storage?

Decentralized File Storage

Basically, decentralization in its simplest word is transferring a central entity’s authority to a more localized and ‘liberal’ system. The concept itself has been around for a while but the term is more used now on blockchain technologies like Bitcoin and Ethereum.

Meanwhile, storage is the retention of retrievable data on a computer or other electronic system. From the days of having to put files on a floppy disk to storage ‘cloud’ in today’s internet era, storage has come a long way.

With that said, data breaches have also been rampant since the Internet started. Now, companies have learned to deal with them where decentralized storage enters the picture. Alongside developing a distribution network, it is a strategic way of planning a company’s success. Thus, services and products can reach users or clients quickly and efficiently.  

The introduction of ABEY Storage Network solves such problems with advanced alternative platforms integrated with the InterPlanetary File System (IPFS). 

Understanding Hybrid Consensus

In the blockchain network, there are several ways to validate transactions in a decentralized manner, one is Proof of Work (PoW), and the other is Proof of Stake (PoS). Bitcoin is a classic example that achieves consensus using PoW while Cardano is infamous with PoS. 

To explain further, PoW is a system that requires a non-insignificant but feasible amount of effort to stop malicious uses of computing power. Some samples of these frivolous actions are sending spam emails or launching denial of service attacks. Meanwhile, PoS deals with the weakness of PoW. In this mechanism, every block is validated before the network adds another block to the blockchain ledger. 

Now, as we have understood the concept of consensus mechanism, let’s start discussing the Hybrid version of these two. The hybrid PoW + PoS utilizes elements of both models when determining transaction validation rights. It aims to mitigate the weakness of each consensus mechanism.

ABEYCHAIN 2.0 is among the few cryptocurrencies to utilize both PoW and PoS in recognizable forms and merge them. The objective of this hybrid is to catch the benefits of both approaches and use them to balance each other’s downside.

Consequently, the hybrid design significantly avoids hackers attacking the network because there are two distinct systems. 

The Introduction of ABEYCHAIN in the Industry

Launched in March of 2021, ABEYCHAIN 2.0 is a leading public chain looking to solve the biggest problem confronting permissionless blockchains. A hybrid blockchain that provides the underlying public blockchain infrastructure with speed, performance, and security for decentralized applications and financial transactions.

The ABEY foundation, established in Vaduz, Liechtenstein, is a non profit foundation. It is the keeper of the native ABEY blockchain protocol and platform. It contributes governance, and research, for the ABEYCHAIN 2.0, 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.

With industry-leading technology, ABEYCHAIN 2.0 aims to bring an efficient and well-governed blockchain for the decentralized economy. They came up with the first hybrid consensus incentive model to use economics as a drive to uphold and improve the chain. Meanwhile, they also created a stable gas fee mechanism. The purpose of this is to make the blockchain more public and lower the cost for the DApp developers.

Aside from a platform, ABEYCHAIN 2.0 builds an all-inclusive community to attract worldwide developers and businessmen. Not only does ABEY have a global developer community, they also have a library of open-source products that are handy for the developers.

Conclusion

From the above discussion, it is clear that consensus algorithms make the nature of the blockchain networks versatile. But it is not a single consensus algorithm that can claim it to be perfect. There are various other consensus mechanisms such as Proof of Activity, Proof-of-Burn, Proof-of-Weight, amongst others.

With a balanced hybrid consensus protocol striking the perfect balance between decentralization, scalability, security, and innovation, ABEY 2.0 presents a truly robust solution for the mass adoption of blockchain technology into the future. With these developments, ABEY aims to continuously contribute to the diversified blockchain ecosystem.

Disclaimer: This is a paid post and should not be treated as news/advice.

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Analysis

SEC, Ripple, XRP Lawsuit update: This is ‘something obviously the SEC does NOT want to see happen’

The ongoing case between the United States SEC and Ripple Labs was already seeing a lot of back and forth before John Deaton and XRP Holders filed a motion to intervene. While the defendants, for their part, have come out in support of the movants’ motion in “limited capacity,” the regulatory agency has vigorously argued…

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SEC, Ripple, XRP Lawsuit update: This is ‘something obviously the SEC does NOT want to see happen’

The ongoing case between the United States SEC and Ripple Labs was already seeing a lot of back and forth before John Deaton and XRP Holders filed a motion to intervene. While the defendants, for their part, have come out in support of the movants’ motion in “limited capacity,” the regulatory agency has vigorously argued against both the motion and Ripple’s “limited participation” idea.

The SEC’s latest response to both has fueled quite a reaction within the crypto-community, with most on the fence with respect to what they expect might happen next. Jeremy Hogan, however, isn’t one of them, with the popular attorney recently going on Twitter to air his views on the agency’s response to XRP holders’ motion to intervene.

According to Hogan, the aforementioned response “jumped the proverbial shark,” with the attorney implying that the SEC’s latest argument is unlikely to fly and be accepted by the court in the present case. Here, the argument that Hogan was referring to was the allegation that Ripple and Deaton and XRP holders are in cahoots with each other and are colluding to beat the SEC.

Such an allegation is an extension of similar statements made by the SEC in the past. In fact, in its initial reply to Deaton’s motion to intervene, the agency had accused the movants of “reciting” the defendants’ litigation position. Even in its present response, the SEC has alleged that the movants won’t be impartial and objective participants, with the agency adding,

“….. Movants would act as friends of the defendants, not true friends of the court.”

It’s worth adding, however, that for his part, Hogan seemed to agree with the SEC’s contention that XRP holders shouldn’t be “injected as full litigants.” Instead, he said,

“I think the Judge should (and will) grant limited “amici” participation – something obviously the SEC does NOT want to see happen.”

Hogan, ergo, seemed to side with Ripple’s conditions for XRP Holders’ participation in the present case.

The popular attorney also took issue with the fact that the SEC has failed to recognize the value of the new insights and facts the movants might be able to bring to the said litigation.

What does the SEC’s latest response, the sheer tone and animosity of it, mean for the prospect of settlement, however? Well, according to the attorney, “it doesn’t change anything.”

Finally, Hogan observed,

“Lawyers are not supposed to make baseless accusations against opposing counsel yet, here we are…”

This is a telling statement to make, especially since something similar was implied by the intervenors’ latest memorandum of law against the SEC’s opposition. In his submission to the court, Deaton had claimed that he was being “unfairly targeted as an unhinged conspiracy theorist crusader.”


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Jibin George

Jibin is a news editor at AMBCrypto. With over three years of experience as a political writer, he primarily focuses on the political impact of crypto developments. A graduate in Law and International Relations, his writing is by and large focused on cryptocurrencies from the political and financial perspective. A Liverpool FC fan. YNWA

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Analysis

Matic & Loopring: Why these projects matter to Ethereum’s performance

With ETH’s price back in the $2900 range, there has been a lot of debate on the level of security Layer 2s provide, their long-term ROI, and the sustainability of their price rally. After crossing the $4000 level on May 12, the price dropped, several times and the scaling solutions’ have rallied. Consider the analogy,…

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Matic & Loopring: Why these projects matter to Ethereum’s performance

With ETH’s price back in the $2900 range, there has been a lot of debate on the level of security Layer 2s provide, their long-term ROI, and the sustainability of their price rally. After crossing the $4000 level on May 12, the price dropped, several times and the scaling solutions’ have rallied.

Consider the analogy, someone with $100 can save or store it in several ways as they would like. There is the option of storing it in a wallet, keeping it in a bank, or in the security of a vault. However, with Ethereum, a trader with $100 worth of ETH would have to use all ways at once – store in a wallet, bank and vault at once. Does that make it inefficient and unnecessary?

What L2 solutions do is that they offer the option of one way instead of many, making it efficient. These L2 solutions are projects like MATIC, Loopring, OMG. All three projects have offered high short-term ROI since the launch of ETH L2. In the case of MATIC, the number of transactions and the transaction volume have increased significantly since the launch.

The altcoin now ranks 14 in the top 25. The transaction volume for nearly all three projects has increased, on account of significantly high fees of settling transactions on the ETH network. According to data scientist @ASvanevik, MATIC has the largest inflow of stablecoins of any Ethereum address in the last 7 days. This signals increasing demand for MATIC, while the price rally extends beyond the 105% from last week.

In the case of Loopring based on the following data from Lunarcrush.com, the Galaxy Score Trend, a combined measure of health, quality and performance, is at 63, lower than the peak it hit the second week of May 2021. The social volume has dropped considerably and the demand across exchanges has dropped. It is anticipated that once the social volume recovers and trader sentiment is neutral, Loopring would offer high short-term ROI like other L2 scaling solutions.

L2 solutions are likely to remain relevant for a long time; as ETH transaction fees remain high, traders and ETH Maxis have been bullish about MATIC and Loopring. MATIC already offers side chains and plasma and has a roadmap to introduce optimistic and Zk rollups in the future which is likely to increase ease of use. In the war of L2 scaling solutions, ease of use is the key factor, after demand and ROI. Long-term ROI is anticipated to be high for ETH and scaling solutions alongside it.


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Ekta Mourya

Ekta is a full-time journalist at AMBCrypto and her specialization lies in spot markets. Currently pursuing her MBA, she is passionate about trading, fintech, and everything decentralized.

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Analysis

What’s next for XRP’s price following these court proceedings

The ongoing legal battle between the SEC and Ripple has been somewhat of a rollercoaster for XRP traders and HODLers. There is uncertainty in the price of the altcoin, as a result of this legal debacle. The SEC has argued from the beginning of this enforcement action that XRP is a security. The impact of…

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What’s next for XRP’s price following these court proceedings

The ongoing legal battle between the SEC and Ripple has been somewhat of a rollercoaster for XRP traders and HODLers. There is uncertainty in the price of the altcoin, as a result of this legal debacle. The SEC has argued from the beginning of this enforcement action that XRP is a security.

The impact of the recent updates is that XRP’s price is at $1.44, down nearly 5% in the last 24 hours. There has been an increase of nearly 50% in the trade volume in the last 24 hours. The altcoin’s price is nearly 62% below the ATH of the $3.84 level based on data coinmarketcap.com.

The social volume hit a peak several times, following updates from the SEC vs Ripple hearing. It has dropped to 16258 based on the above chart, following SEC’s argument that XRP holders are actually XRP investors. This is akin to an attack on XRP HODLers’ portfolio given the impact on the ROI in the short-term. (Ironically, the SEC’s motto is to “protect investors”)

HODLers vs Investors: What is the fate of XRP traders

XRP Short term ROI || Source: Messari

Based on the above chart, XRP traders have earned less than 15% ROI in the past 30 days and that makes it less profitable than most altcoins in top 10. Similarly, for HODLers who accumulated when the price was at $1.9 level, they are currently unprofitable. The volatility has nearly dropped, with a few spikes following updates from the hearing. At the same time, XRP’s correlation with BTC and ETH is above 80%. This has helped the altcoin’s price sustain at the $1.6 level against the selling pressure on spot exchanges.

In its latest filing, the response from SEC makes the hostile stance towards XRP traders clear. The updates in court proceedings have by no means safeguarded the interests of XRP traders. The short-term ROI is expected to drop further following updates.

The enforcement action brought by the SEC may have never been intended to protect or negatively impact XRP’s price, however, at a time when nearly every mid to small-capitalization altcoin is rallying this summer, XRP’s rangebound price action is largely a result of the SEC proceedings against Ripple.

XRP traders have responded to this action, by consistent demand across spot exchanges and the market capitalization is currently above $51 Billion, the altcoin ranks 7 and there are currently no signs of dropping below the top 10.


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Ekta Mourya

Ekta is a full-time journalist at AMBCrypto and her specialization lies in spot markets. Currently pursuing her MBA, she is passionate about trading, fintech, and everything decentralized.

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