Q&A: Can blockchain’s biggest challenges be overcome?

摘要： Noted blockchain expert Professor Ken Huang explains some of the key issues that are holding the industry back — and how they can be fixed.

▲圖片標題(來源：cointelegraph)

The issues that are holding the blockchain industry back have been well-documented, with slow transaction speeds making these networks unsuitable for use on a mass scale. A requirement to code in niche programming languages has also prevented a sizable number of developers from building on these platforms.

We spoke to Professor Ken Huang, who recently became a key business advisor to the ABEY Foundation, to discuss how the organization’s blockchain aims to offer innovative solutions for consumers and developers alike.

What are the origins of the ABEY blockchain?

Well, ABEY stands for Advanced Blockchain for Enhanced Yields, and the project came about in 2018.

The main reason for ABEY’s existence is to fundamentally improve blockchain’s efficiency, so it’s capable of being adopted by the mainstream world.

As we know, the biggest bottleneck of blockchain has always been slow transaction speeds.

Bitcoin only processes seven transactions per second, and Ethereum processes up to 20 transactions per second.

The processing speed deficit is why, after more than 10 years of Bitcoin's success, most people still cannot define the term “blockchain” — and rarely encounter them.

ABEY exists to solve this challenge. It is an individual platform blockchain — not an ERC-20 project. ABEY adopts a unique blockchain setup with on-chain governance, and ABEY only uses 50 active blocks in the chain. When a new block is created, the oldest block is removed from the tail of the chain, with that data being retained and archived. This keeps the chain short, light and responsive.

ABEY requires an average of two minutes to create a new block, a time that has been proven to be as close to optimal as possible through multiple reputable research studies. That’s much faster than traditional chains.

What's the highest level of efficiency that ABEY can achieve?

The ABEY blockchain, theoretically speaking, can scale continuously according to user demands.

For example, the first use case built upon the core fundamentals of the ABEY blockchain is the aPay Systems payment services platform. It is much quicker to process transactions and can handle more throughput than the Visa/Mastercard system.

APay supports the conversion of Bitcoin, Ethereum, Bitcoin Cash and Litecoin into a proprietary token called ACASH, or ACT. This cryptocurrency can be used to send funds to other users, purchase goods and services, and soon it will be possible to load ACT on to a debit card. From here, the tokens can be exchanged for fiat at any ATM worldwide, and spent at any vendor that accepts Visa or Mastercard.

The platform’s aim is to bridge the gap between cryptocurrency and the real world, and it does so with underlying core technology of transaction efficiency coming from the same team that created ABEY.

詳見全文： cointelegraph

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