DDecentralization enhances security, privacy and transparency in cryptocurrency platforms.
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 pursuit of decentralization, few organizations have proved to be more decentralized than their counterparts.
We will review two platforms in this article, Avalanche (AVAX) and Blockonnet.
Both are decentralized platforms, but one tends to overtake the other in terms of decentralization.
Blockonnet – a crypto project with a decentralized financial system
Blockonnet is a crypto project that aims to create an ecosystem that will not only be decentralized but also interoperable from all angles.
The platform intends to help cryptocurrency holders to store their assets in a safe place.
As we know, cryptocurrencies are always at the mercy of natural disasters that befall wallets and platforms, poorly designed security or hackers.
So to tackle this problem, Blockonet provides an opportunity to restore all crypto assets through a backup plan, which includes NFTs, seed phrases, PINs and other essentials.
They also intend to use an advanced DAM system incorporated with blockchain technology that has evolved over time compared to its early years.
Some of the features that are included in these DAM systems are file storage blockchains that have the edge of decentralization over custom file management solutions such as CDNs.
Furthermore, there will be no tug of war over ownership rights as Blockonet 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 gives individuals easy access to their assets.
In addition, the wallet will include multiple ways to set up transactions with varying costs and speeds for each method.
Avalanche (AVAX) – A decentralized crypto platform that leverages blockchain technology
Avalanche, on the other hand, is considered to be one of the fastest platforms in the DeFi field; It is an open-source programmable smart contract platform for dApps.
But beneath the speed of the blockchain there are some technical things like security and transparency that have been overlooked.
Avalanche (AVX) is a secure platform, no doubt, as it operates on POS instead of PoW, which helps it resist CIBIL.
In addition, it also uses blockchain sharding to secure the assets at stake.
But at times, hackers exploit some vulnerabilities on the platform smart contracts to extract funds.
Some undocumented flaws are ownership checks, missing signer checks, and external program verification failures.
Aside from those flaws, Avalanche (AVX) has a very good system that makes every effort to protect the funds of the users entrusted with their care.
In addition, they have a crypto wallet that is decentralized, secure, and easy to use, just like the blockchain network.
It supports a wide range of cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), AVX, its native token, etc.
The platform also allows users to manage NFT assets on its wallet interface.
conclusion
The Blockonet Network is an upcoming project that aims to create a truly decentralized financial world, using cryptocurrencies as an enzyme to speed up the process.
Avalanche (AVAX), on the other hand, is a household name in the industry and is considered to be the fastest smart contract blockchain.
Both platforms aim for decentralization, but despite being an upcoming project Blockonet will be more decentralized than Avalanche (AVX).
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