Can Proprivex Surpass Ethereum and Avalanche Succeed as a Blockchain Ecosystem

Records are essential in any organization or sphere for their content and as evidence of communication, decisions, actions and history. Having records not only ensures that information of vital historical, tax and legal value is identified and preserved, but it also helps provide access to background information that serves as a guide for future actions.

The crypto sphere is no exception when keeping records. Its decentralized nature makes record keeping a must and an essential block for the sustainability of the crypto space. This led to the creation of blockchain technology in 2008 by Satoshi Nakomoto (nickname).

The Blockchain Ecosystem

A blockchain is a type of digital ledger technology made up of cryptographically linked blocks. Blocks are described as a continuously growing list containing a cryptographic hash (used for identification and ranking) of the previous block, timestamp, and transaction data. Due to the interconnectivity of the blocks, they form a chain structure. Blockchains are operated by peer two peer (P2P) networks.

Blockchain is a method of recording information that makes it difficult to hack into the system. Indeed, the transactions are irreversible. Once data is saved in a given block, it cannot be altered without changing all subsequent blocks.

A blockchain ecosystem is a network of blockchain participants who share business goals and processes. It consists of a group of elements capable of interacting with each other and with the surrounding world to create an environment with the desired special characteristics.

It also includes an agreed governance structure, which clarifies acceptable user behavior, data ownership, funding, exit and entry criteria, and information sharing terms for users.

With the growing rise of cryptocurrencies and blockchain, there has been an increase in the number of blockchain systems being developed, the oldest being Ethereum. Many blockchain ecosystems are still in the works, the most promising being Proprivex.

This article seeks to engage two of the most successful blockchains, Ethereum and Avalanche, what contributed to their success, and whether Proprivex can follow.

Ethereum (ETH) – Can it overtake Bitcoin?

Ethereum was initially launched on30 July 2015. It is an open-source, decentralized blockchain ecosystem where users can build distributed applications and smart contracts. The goal was to create a safe and reliable system where individuals could interact, explore and transact without the need for intermediaries.

Like any ecosystem, the medium of exchange/native currency in Ethereum is Ether, also known as ETH. Ether is the only currency accepted by the protocol as payment for transaction fees, which also go to the miner. By 2022, with a market capitalization of 177.596 billion and a current circulating supply of 122.15 million, Ether had become the second largest cryptocurrency by market capitalization.

Its success is mainly attributed to the first-mover advantage and the composability of smart contracts. The platform was also the first to allow programmers to build and deploy applications, attracting many software developers.

Consensys has over 200,000 Ethereum developers, and the platform has 4x more developers than any other crypto ecosystem. The composability of smart contracts has also helped a lot in bringing attention to the platform.

The idea that existing contracts and apps can be used to create apps has sparked the interest of many cryptocurrency holders and developers, resulting in many users for the platform.

Avalanche (AVAX) – The fastest on the market

Developed by Ava labs and released in 2020, Avalanche is an open-source blockchain equipped with smart contract functionality. It is a base layer network that allows developers to build and deploy decentralized applications and integrates multiple decentralized finance (DeFi) ecosystems into the platform.

Avalanche is built on three blockchains; The Exchange Chain, the default blockchain on which assets are created and traded, and the Contract Chain (C-Chain) are responsible for developing and executing smart contracts. At the same time, the platform chain (P-Chain) coordinates the validators and allows the creation and management of subnets.

Avalanche is the fastest smart contract in the industry, which has helped gain traction for the platform. The platform’s native currency is AVAX. It serves as a means of distributing payment rewards, participating in governance (DAO), and enabling transactions on the network.

Avalanche uses the same Solidity language that Ethereum uses to write its smart contracts. Avalanche also uses a consensus mechanism that builds on the Proof of Stake (PoS) foundation, which is much more energy efficient and has become more popular as attention has turned to the effects of mining. of crypto on the planet. This gives Avalanche an advantage as she can rest easy knowing that her actions have no bearing on the fragile environment and climate.

Propivex (PPX) – Plans to Jump Above the Competition

Proprivex is a blockchain ecosystem created to help combat the complexity of managing multiple crypto assets and provide maximum security to its users by managing these assets under an intuitive platform.

The platform is expected to launch in the fourth quarter of 2022 and offers users a wide range of services. It aims to provide solvency for most problems encountered by crypto users.

The platform decided to use many programs already available, such as using Avalanche to create and execute its smart contracts, building the framework of its DeFi yield aggregator entirely on the ultra-fast and efficient Solana, etc. .

This gives the advantage of the platform over other ecosystems as it can also provide the same benefits that other platforms possess to its users. Access to top industry experts will also help Propivex gain traction, especially among new users.

The ecosystem’s official utility token is Proprivex’s token, PPX. All services rendered on the platform will be billed and paid in PPX tokens. Unlike most ecosystems, other tokens are allowed as a medium of exchange, but the use of PPX would certainly have a lot of incentive to boost the usage of the token and make it more attractive to users.

The Proprivex ecosystem will be a community-driven platform as it operates under a Decentralized Autonomous Organization (DAO). This means that its users and holders can participate in the development and decisions made in the ecosystem through democratic voting.

Voting weight differs based on activity level, asset diversity, and wallet size, which incentivizes users to be as active as possible and engage a lot in the ecosystem in terms of holding shares. assets and tokens.

Proprivex has a lot to offer in the crypto sphere, and it has the potential to become one of the leading ecosystems in the near future.

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Can Proprivex Surpass Ethereum and Avalanche Succeed as a Blockchain Ecosystem

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