This week, Dr. Ciprian Pungila, co-founder and chief scientist of the revolutionary solution to blockchain scaling challenges, ABEY, spoke about the project at the Future Blockchain Summit in Dubai.
There, he discussed the next phase in the project’s roadmap and highlighted the crucial factors that make ABEY the first real crypto market contender to take on the likes of VISA and Mastercard on a transaction per second and throughput basis.
Following his speech, those in attendance were able to see how advances in ABEY led by Pungila and his team were putting the project ahead of even Bitcoin and Ethereum in terms of speed and scaling. Here’s why this is such an important moment in finance, and more on why ABEY is the key to unlocking cryptocurrency’s true potential as payment technology.
ABEY Summit Presentation: Building The Future Of The Blockchain Industry At Scale
2020 was a difficult year for conferences where executives, scholars, and the industry’s most influential people gather to discuss the future of blockchain. Capping off the year – and a year especially significant for the adoption of cryptocurrency technology and the blockchain it is built on – however, was the Future Blockchain Summit in Dubai, running from December 6 through 9.
All this week, some of the brightest minds in the blockchain space brought forth new ideas, introduced the next phase of past ideas turned proof-of-concept, and those even further along, revealed future roadmaps that include a full rollout and a strategy to scale effectively.
Among the elite speakers, chief scientist of ABEY (Advanced Blockchain for Enhanced Yields) Dr. Ciprian Pungila, joined by ABEY Research associate Alexe Spataru, debuted a presentation on the current status of the project and an outline of where it is headed next.
The ABEY Foundation team revealed that adoption is growing steadily, as shown by fully transparent blockchain data, and has already amassed over 100,000 unique wallets and counting. The price per ABEY tokens has also risen from the early mining price of $0.001 to as high as $5.60 on December 4, 2020.
Dr. Ciprian Pungila revealed the development team’s plan for the future, and that they are aiming to create a self-sustaining ecosystem and a blockchain solution that is scalable from individual to enterprise-level easily. The team also underscored some of the other unique features of ABEY that aren’t found elsewhere in the crypto market, such as refunds – critical for successful e-commerce business operations – and the ability to go head to head with VISA and Mastercard on a transaction per second (TPS) basis.
How ABEY Will Disrupt Legacy Systems, From VISA and Mastercard, To Bitcoin and Ethereum
While Bitcoin and Ethereum dominate the crypto market top ten, social chatter, and more, each time these assets experience peak interest, the excitement typically fades in time when users realize how slow these legacy systems are. Their value is incredible, and the entire industry has those two assets to thank for laying the framework for which the future of finance will be built.
But time and time again, the Bitcoin network gets congested and takes forever to send and receive BTC, and ETH gas fees skyrocket whenever the Ethereum network becomes active through DeFi applications. The future of cryptocurrency and blockchain technology can never reach mainstream penetration without addressing these key issues.
Ethereum developers are attempting to solve this with ETH 2.0, but the community is mixed or somewhat disinterested thus far. Bitcoin has no dedicated core development team, which has left solutions like Lightning unable to meet certain speed or scaling standards.
The answer isn’t developing more on legacy tech; the solution in the future and ABEY, as was the central topic of the Future Blockchain Summit presentation in Dubai. To learn more about ABEY, please visit abey.org and view selected highlights of Dr. Pungila’s Dubai talk on Youtube.
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