aBey Blockchain Co-Creator Dr. Ciprian Pungila Delivers Keynote Address on Opening Day of Malta Blockchain Summit 2019
The aBey Foundation released the full text and video of Dr. Ciprian Pungila’s keynote address during the opening session of the Malta Blockchain Summit 2019. Dr. Pungila is co-creator of aBey blockchain technology and serves as chief scientist of the non-profit aBey Foundation. The Malta Blockchain Summit ran November 7-8.
Dr. Ciprian Pungila of the aBey Foundation delivered the keynote address to the Malta Blockchain Summit 2019. Dr. Pungila’s speech addressed technological supremacy through high-performance blockchains.
Dr. Pungila’s speech addressed technological supremacy through high-performance blockchains. Introducing innovative ways to empower blockchains through heterogeneous architectures and high-performance computation, a notable topic in Dr. Pungila’s talk covered what he called “performance-based retail transactions.”
Dr. Pungila reviewed key facts about the aBey blockchain, saying “aBey first saw the light of day in July 2018, and by the blockchain’s first anniversary had amassed more than 100,000 active users.” aBey’s growth rate exceeds Bitcoin’s early growth by a factor of more than eight times.
Dr. Pungila continued, “The aBey blockchain’s features include support for blazing speeds of a very high-transaction volume, refundable transactions (a world’s first), intrinsic lending, including on-the-spot lending with instant compliance checks using Vault Lending Gateways (a world’s first), support for affiliate marketing referrals and payment of commissions using Trusted Payments Gateways (a world’s first), payment processing on chain and a multi-layered approach to e-commerce, making aBey a complex, hybrid blockchain in terms of interoperability. Optional account names that can replace long cryptic numbers are intrinsic to aBey and are not a paid service as with other blockchains, and this greatly enhances users’ discovery of other permissionless users in their networks.”
A richly featured WordPress plugin, aBeyWPP, will be released in 2020, bringing click-to-buy and transaction status functionality to more than 75 million websites. In addition, the aBey Foundation endorses and offers grants for active and on-going research efforts supporting the aBey blockchain’s development, with some of the research having been already published by prestigious international publishers such as Springer International.
As an early adopter and licensee, high-volume online payments processor aPay Systems of Malta has integrated parts of aBey’s core components as the aPay’s technical underpinning. aPay CEO Philipp Sauerborn said, “As a blockchain-focused payments processor handling very high volumes of transactions per second, our B2B and B2C users demand speedy transaction completions. Using aBey technology we are able to meet and exceed their expectations. Before we licensed and merged aBey’s technology into our own, transactions written to other blockchains required minutes, even hours to complete. Now, utilizing the aBey blockchain, we typically complete every transaction in milliseconds. There is no other blockchain which can deliver such speed and flexibility, strongly demanded by businesses and consumers.”
At the Malta Blockchain Summit 2019, aPay Systems demonstrated how to execute live transactions from the aPay blockchain to stored value China UnionPay, Visa and MasterCard card accounts, with reads and writes executed in fractions of a second, all underpinned by aBey blockchain technology.
“aBey was designed and built to stand amongst the world’s fastest and most flexible open-source blockchains, while at the same time providing tangible solutions for use-cases of common day-to-day e-commerce, a concept that no other platform currently implements natively,” Dr. Pungila said. “It’s clear that the fintech industry has been disrupted by the agenda of the blockchain industry. And while it’s still unclear how that disruption is going to change lives or how it’s going to actually change due to legislation in various countries, I think that it’s clear at some point a lot of our society will have to embrace this change.”