The post Blockonnet – A Platform That Will Prove To Be More Decentralized Than Avalanche (AVAX) appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide

Decentralization enhances security, privacy, and transparency in a cryptocurrency platform. 

All these features empower users to be more independent and autonomous in their financial life.

Many crypto projects and platforms are striving to be more decentralized than ever before. 

But in this quest for decentralization, some organizations have proven to be more decentralized than their counterparts. 

We will review two platforms in this article, Avalanche (AVAX) and Blockonnet. 

Both are decentralised platforms, but one surpasses the other in the aspect of decentralization.

Blockonnet – A Crypto Project With A Decentralized Financial System

Blockonnet is a crypto project that aims to create an ecosystem that will be not only decentralised but also interoperable from all angles.

This platform intends to assist cryptocurrency holders in storing their assets in a secured place.

 As we know, cryptocurrencies are always at the mercy of natural calamities that befall wallets and platforms, poorly designed security, or hackers.

Therefore to tackle this issue, Blockonnet offers the opportunity to restore all crypto assets, which includes NFTs, seed phrases, pins, and other essentials, through a backup plan. 

They also intend to use an advanced DAM system incorporated with blockchain technology that has evolved with time compared to how it was in its formative years.

Some features that will be included in these DAM systems are file storage blockchains that have the edge of decentralization over the custom file management solutions like CDNs.

In addition, there won’t be a tug of war over ownership rights because Blockonnet employs smart contract technologies instead of analog contracts that require human governance.

They believe that with Blockchain technology and DAM systems, they can achieve their vision of a world where everyone has sole ownership over their money and identity.

In addition, they have a non-custodial wallet that securely stores cryptocurrencies and enables individuals easy access to their assets.

Further, the wallet will encompass numerous ways to set up a transaction with different costs and speeds for each method.

Avalanche (AVAX) – A Decentralised Crypto Platform That Leverages Blockchain Technology

On the other hand, Avalanche is regarded as one of the fastest platforms in the DeFi space; it is an open-sourced programmable smart contract platform for dApps.  

But beneath the Blockchain speed are some technicalities that have been left unattended, like security and transparency. 

Avalanche (AVAX) is a secured platform, no doubt, because it operates on PoS instead of PoW, enabling it to have Sybil resistance. 

Aside from that, it also utilizes blockchain sharding to secure staked assets.

But numerous times, the hackers exploit some vulnerabilities on the platform smart contract to cart away funds.

Some unchecked loopholes are ownership checks, missing signer checks, and external program validation failures.

Aside from those loopholes, Avalanche (AVAX) has a pretty good system that does all it can to protect the funds of users entrusted to their care.

In addition, they have a crypto wallet that is decentralized, secured, and simple to use, just like the Blockonnet network.

It supports a wide range of cryptocurrencies, which include Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), AVAX, its native token, e.t.c.

The platform also allows users to manage NFT assets on their wallet interface.

Conclusion

The Blockonnet network is an upcoming project that aims to create a financial world that is truly decentralised, using cryptocurrencies as an enzyme to speed the process.

Avalanche (AVAX), on the other hand, is a household name in the industry and is regarded as the blockchain with the fastest smart contract. 

Both platforms aim for decentralization, but Blockonnet will be more decentralized than Avalanche (AVAX) despite being an upcoming project.

Disclaimer: This is a press release post. Coinpedia does not endorse or is responsible for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company.

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