Cryptocurrency is undoubtedly the fastest-growing technology in the world today. The sheer speed and pace at which it is growing reveal the tremendous efforts that crypto firms invest in creating new products while improving on the old. Yet, cryptocurrency faces several high-profile challenges from within. These challenges are not fatal, but cryptocurrency must overcome them.
NFTY Portal is a new solution built to address these challenges and create a new world within the industry where everyone can adopt digital assets without limitations. NFTY Portal is an innovative blockchain network that hosts several products. These products work together in an ecosystem to bridge the gap between traditional finance, centralized crypto platforms, and decentralized finance.
What Challenges Do Other Blockchains and Exchanges Face?
There are dozens of blockchain networks in the crypto industry, ranging from the older ones such as Bitcoin and Ethereum to the recent ones such as Polkadot, Solana, Cardano, Binance Smart Chain, etc. These innovative chains have achieved a lot in the crypto industry, from pioneering blockchain-driven solutions to opening a new world of other digital asset technology.
Cryptocurrency exchanges are integral to the growth and development of the industry. Traders carry out their trading on exchanges, and it must be seamless and without hitches. But that is not always the case. Traders face several challenges on different blockchains and crypto exchanges. These challenges, while not fatal to traders, significantly impact their activities.
These challenges are slow networks, high transaction and minting fees, network congestion, limitations on available assets, little or no multi-chain and cross-chain activity, and limitations to creating and deploying liquidity pools for intelligent contracts. NFTY addresses these issues through its new and exciting blockchain and decentralized exchange (DEX: NFTY Portal) built on three principles: Safety, increased Efficiency, and Effectiveness (SEE).
What Makes NFTY Portal Unique?
According to the COO of NFTY, Arron Brown, the blockchain and DEX will grow into the “gold standard” for blockchain networks and DEXs. NFTY deploys impressive and innovative features that make it unique. NFTY has five key attributes:
Dynamic Block System
NFTY deploys a dynamic block system that expands or retracts to accommodate transactions. Blocks expand to accommodate rising transaction volumes and retract when transaction volume decreases. In that way, network congestion is impossible on NFTY.
Hybrid Consensus and Reward Protocols
NFTY uses hybrid consensus and reward protocol. NFTY deploys both proof-of-work (PoW) and proof-of-stake protocols (PoS) together. PoW creates a mining pool to which miners contribute hashes, while PoS creates a liquidity pool for mining. These two widely used protocols have individual shortcomings. NFTY PoW/PoS Hybrid ensures that the blockchain benefits from the complementary strengths of both protocols.
Terminal Velocity RateX (VRX)
The Terminal VRX is a difficulty targeting protocol that aggregates the difficulty of the previous six blocks on NFTY and determines the difficulty of the next block using that information. The predicted difficulty informs the block of potential changes and creates a 50-50 chance for PoW and PoS to deploy in true decentralization.
Fractal engines or side chains run alongside the main NFTY blockchain. Although the NFTY blockchain handles any task, fractal engines permit other developers to interact with the blockchain without constant permission. Once built, the chains continue to function independently.
NFTY Demi-nodes solves the potential security risk associated with the bitcore code. Malicious users can explore the bitcore code through the “hash rate is safety” belief. NFTY Demi-nodes solves that problem by carefully selecting only trusted nodes. Demi-nodes are preselected nodes that users can define within NFTY. NFTY Demi-nodes is a self-cleaning technology that prevents attacks by disallowing potentially harmful nodes through intelligent preemptive actions.
NFTY Flash Sync is a product of the Demi-nodes. Flash Sync removes the traditional waiting period for wallet synchronization and deploys nodes on mobile devices. In that way. Flash Sync makes mobile devices contributors to the security of NFTY and NFTY Portal.
NFTY combines these features to create an ecosystem where traders can access digital assets from other blockchains, perform DEX swaps, and mint NFTs. The NFTY Portal overcomes the limitations of traditional CEXs and DEXs to unlock new possibilities in cryptocurrency. But it is all carried by a gigantic, efficient, and powerful blockchain, NFTY.