Can Proprivex Outpace Ethereum and Landslide Success as a Blockchain Ecosystem

Records are essential in any organization or sphere for the content and as evidence of communication, decisions, actions and history. Having records not only ensures that information of vital historical, fiscal and legal value is identified and preserved, but it also helps provide access to antecedent information that acts as a guiding light for future actions.

The cryptosphere is no exception when keeping records. Its decentralized nature makes record keeping a must and an important block to the sustainability of the crypto space. It led to the creation of blockchain technology in 2008 by Satoshi Nakomoto (pseudo).

The Blockchain Ecosystem

A blockchain is a type of Digital Ledger technology that consists of blocks linked together by cryptography. The blocks are described as a continuously growing list containing a cryptographic hash (used for identification and archiving) of the previous block, a timestamp and transaction data. Due to the interconnection of the blocks, they form a chain structure. Blockchains are managed by peer two peer (P2P) networks.

Blockchain is a method of recording information that makes it difficult for the system to be hacked. This is because transactions are irreversible. Once data is recorded in a given block, it cannot be changed without changing all subsequent blocks.

A blockchain ecosystem is a network of participants in a blockchain that share business goals and processes. It consists of a group of elements that are able to interact with each other and the outside world to create an environment with desired special properties.

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

With the increasing 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 keep up.

Ethereum (ETH) – Can It Take Over Bitcoin?

Ethereum was originally launched on 30th of July 2015. It is an open source, decentralized blockchain ecosystem where users can build distributed applications and smart contracts. The aim was to create a safe and reliable system where individuals could interact, explore and trade without the need for an intermediary.

Like any ecosystem, the medium of exchange / native currency in Ethereum is Ether, also called ETH. Ether is the only currency the protocol accepts as payment for a transaction fee, which also goes to the miner. By 2022, with a market cap of 177.596B and a current circulating supply of 122.15M, Ether had risen to become the second largest cryptocurrency by market cap.

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

Consensys has over 200,000 active Ethereum developers, and the platform has 4x more developers than any other crypto ecosystem. The composition of smart contracts also contributed a lot to gaining attention for the platform.

The idea that existing contracts and applications can be merged to create applications piqued the interest of many crypto holders and developers, resulting in many users of the platform.

Avalanche (AVAX) – 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 distribute decentralized apps and has multiple decentralized finance (DeFi) ecosystems integrated into the platform.

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

Avalanche is the fastest smart contract in the industry, which has helped gain traction for the platform. The native currency of the platform is AVAX. It acts as a means to distribute payment for rewards, participate in governance (DAO) and enable transactions on the network.

Avalanche uses the same Solidity language that is also used by Ethereum to write its smart contracts. Avalanche also uses a consensus mechanism based on Proof of stake (PoS), which is much more energy efficient and has become more popular as attention has turned to the effects of cryptomining on the planet. This gives Avalanche an edge as it can rest knowing that its actions have no implications on the already fragile environment and climate.

Propivex (PPX) – Plans to leapfrog the competition

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

The platform will be launched in the fourth quarter of 2022 and offers users a wide range of services. It aims to provide solidity to most issues faced by crypto users.

The platform decided to use many already available programs, such as using Avalanche, to create and execute its smart contracts, build its DeFi Yield Aggregator framework entirely on the super-fast and efficient Solana, etc.

This gives the platform an edge against other ecosystems, as it can also provide the same benefits that other platforms have to the users. Gaining access to top industry experts will also help Propivex gain traction, especially among new users.

The official utility token of the ecosystem is Proprivex’s token, PPX. All services provided on the platform will be charged and paid for in PPX tokens. Unlike most ecosystems, other tokens are allowed as a medium of exchange, but the use of PPX will be highly motivated to increase the use of the token and make it more attractive to users.

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

The weight of votes varies based on activity level, asset diversity and portfolio volume, giving users many incentives to be as active as possible and engage heavily in the ecosystem when it comes to holding assets and tokens.

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

Disclosure: This is a sponsored press release. Do your research before buying cryptocurrency or investing in a project.

Follow us on Twitter @thevrsoldier to keep you updated with the latest Metaverse, NFT, AI, Cybersecurity, Supercomputer and Cryptocurrency news!