aBey is an eCommerce-centric blockchain that aims at making eCommerce faster, cheaper, and more accessible than before. At its one-year anniversary, the Liechtenstein-based foundation counts more than 100,000 active users.
Today, Liechtenstein-based aBey Foundation celebrates its first anniversary. The e-commerce centric blockchain looks back at a good year.
Dr. Ciprian Pungila, chief scientist and co-creator of aBey said, “Since the public launch of aBey on July 30, 2018, we have amassed more than 100,000 active users within the first twelve months of that date. aBey’s growth rate exceeds Bitcoin’s early growth by a factor of more than eight times.”
aBey is an open-source blockchain for eCommerce platforms
aBey is a non-profit foundation that acts as the keeper of the native open-source aBey blockchain protocol and platform. According to the website, aBey’s mission is to “shape the future of eCommerce” by making eCommerce “faster, safer, cheaper and more accessible than ever before.”
The foundation provides and maintains the core technology, a multi-layered, scalable, secure model of a programmable blockchain approach to digital currency, aimed towards high-volume eCommerce systems.
According to a recent press release, the aBey blockchain offers the following advantages:
- increased transaction speed of up to 100k transactions per second,
- refundable transactions,
- intrinsic lending,
- support for affiliate marketing referrals and payment of commissions using Trusted Payments Gateways,
- payment processing on-chain and a simple crypto wallet.
Blockchain in eCommerce: multiple use cases
Blockchain technology can help advance eCommerce in different ways. Primary use cases are payments, supply chain management, and security. Especially the latter has become important, considering the many data scandals in recent history.
Philipp Sauerborn, who is listed on aBey’s website as founder and advisor, believes that in the future, eCommerce platforms will have to offer ways how retailers can reward customers for providing quality data willingly. Via aBey, retailers can reward buyers for providing and sharing data, for completing surveys, using offers, making referrals, voting, liking, and any other form of interaction on the platform.
Blockchain could also be used as a source to verify the reviews on products or services, which are critical to a retailer’s success in the eCommerce universe. Deploying blockchain can help curb fake reviews, as blockchain can create a digital map of someone, one which cannot be modified. This way, one could ensure only verified users who bought the product can give a review.
Malta-based aPay Systems benefits from high transaction speed
The first adopter of the aBay blockchain is Malta-based aPay Systems, a high-volume online payments processor that provides financial services to individuals and businesses in fiat and digital assets.
Philipp Sauerborn from the aBey foundation is also the CEO of aPay Systems. He says, “As a payments processor with inter-chain operability and up to 100K transactions per second, our B2B and B2C users demand speedy transaction completions.”
He adds, “Before we migrated to aBey’s blockchain, transactions written to popular blockchains would require hours, even days to complete. Now, with aBey, we can complete every single transaction in milliseconds. There is no other blockchain on earth which can deliver such speed and flexibility, which is demanded by businesses and consumers.”
Pungila agrees that transaction speed is key on eCommerce platforms, “aBey was designed and built to be the world’s fastest and most flexible open-source blockchain,” he said. “We see spectacular adoption, and we can’t wait to see what other applications will be built on aBey.”