The problems that plague the blockchain industry are well documented as low transaction speeds make these networks unsuitable for widespread use. The requirement for programming in specialized programming languages has prevented a large number of developers from using these platforms.
We spoke with Professor Ken Huang, who recently became a senior business consultant for ABEY Corporation, to discuss how the company’s blockchain is geared towards providing innovative solutions to both consumers and developers.
1. What is the origin of the ABEY blockchain?
ABEY stands for Advanced Blockchain for Enhanced Yields, and the project started in 2018.
The main reason for ABEY is to improve the efficiency of the blockchain so that it can be accepted by the mainstream world.
As we know, the biggest bottleneck in the blockchain was the low transaction speed.
Bitcoin processes just seven transactions per second, while Ethereum processes up to 20 transactions per second.
The lack of processing speed is the reason that most people still cannot define the term “blockchain” after more than 10 years of Bitcoin’s success – and they rarely come across it.
ABEY is here to fix this problem. This is a single blockchain platform, not an ERC-20 project. ABEY uses a unique blockchain setup with chain management and ABEY only uses 50 active blocks on the chain. When a new block is created, the oldest block is removed from the tail chain and this data is retained and archived. This makes the chain short, light and responsive.
ABEY takes an average of 2 minutes to create a new block, a time that has been shown by several authoritative studies to be as close to optimal as possible. It is much faster than conventional chains.
2. What is the highest skill level that ABEY can achieve?
In theory, the ABEY blockchain can be continuously expanded according to user requirements.
For example, the first use case was built on the basic platform of the ABEY aPay Systems blockchain payment service. It processes transactions much faster and can handle more bandwidth than the Visa / Mastercard system.
APay supports converting Bitcoin, Ethereum, Bitcoin Cash and Litecoin into a proprietary token called ACASH or ACT. This cryptocurrency can be used to send money to other users, to buy goods and services, and soon it will be possible to download ACT to a debit card. From here, the tokens can be exchanged for fiat money at any ATM worldwide and used by any provider that accepts Visa or Mastercard.
The platform aims to bridge the gap between cryptocurrencies and the real world, and this is done with underlying technology that supports transaction efficiency coming from the same team that created ABEY.
3. Are there any other features of preparation for ABEY?
Right now, we are checking if smart contracts can be executed on top of the ABEY blockchain. This is a great achievement and a promise because we do it in a completely different way from Ethereum and other blockchains.
The ABEY development team designed and built a loosely coupled smart contract implementation architecture. This means that smart contracts can be developed in any programming language, with any compiler, and you do not face the limitations shown on Ethereum.
We intend to announce many of the world’s first features that no other smart contract platform has offered. I am confident that ABEY will soon change the way smart contracts are created and operated on blockchains.
4. Could you tell us more about this smart contract feature?
Initially, the first ABEY smart contracts will be written in the C programming language. This – together with other popular programming languages - will help raise developer awareness of the ABEY blockchain, its usability and acceptance.
We offer the developer community an easy way to access smart contracts instead of asking them to learn a new programming language like Solidity or Vyper.
C is one of the three most popular programming languages. There are over 5.4 million C and C ++ developers in the world, but less than 10,000 developers know the Solidity that is required for the Ethereum blockchain. Over the past five years, we have found that Ethereum’s adoption among the developer community has been very slow.
We aim to address this issue by developing smart contracts in the most popular programming languages on the planet, which means millions of developers can leverage their existing skills.
Another major hack was how ABEY managed to reduce the bandwidth needed to create smart contracts by an average of 50% compared to Ethereum.
The first smart contracts on the ABEY blockchain will offer the same functionality as the ERC-20 smart contracts on Ethereum – a mechanism that allows anyone to create and manage ICOs on top of the ABEY blockchain.