The Solana cryptocurrency is based on the Solana blockchain. The cryptocurrency experienced massive popularity in 2021 alongside other Layer-1 projects attempting to ‘kill’ Ethereum. At one point, it had a market valuation of over $66 billion, ranking it the fifth-largest cryptocurrency. The reign of Solana and other Layer-1s is over. AI-powered crypto projects such as Avorak are coming to light with immense potential than Ethereum ‘killers’ like SOL.
What is Solana?
A blockchain platform called Solana is intended to run scalable, decentralized apps. It was started in 2017 and is an open-source initiative run by the Solana Foundation in Geneva. San Francisco-based Solana Labs developed the blockchain.
Solana dramatically reduces transaction fees and executes transactions much more quickly than competitor blockchains like Ethereum. Despite its fame, SOL was not spared from the 2022 cryptocurrency carnage. SOL’s market value had decreased to almost $11.71 billion by October 3, 2022. It fell to ninth place in the market capitalization rankings.
What is Layer 1?
Layer 1 is the fundamental basis network of a blockchain platform. It carries out every on-chain transaction and acts as the final word in a public ledger. The majority of networks need to log a user’s cryptocurrency wallet using asymmetric key pairs together with the related coin or token balances in order to conduct a transaction.
The deal goes through a consensus method to validate and complete the trade or sale, which will be unique to each platform. Furthermore, layer 1 blockchains offer a native currency that is used to pay transaction costs (gas fees) during transactions.
What is Avorak?
Avorak is an ecosystem of AI technology that aims to speed up human-led processes and cut down on the amount of time needed for exclusive and premium Ai-powered activities like automated trading bots that generate premium trading indicators for clients.
The engine of this ecosystem will be the AVRK coin. It will serve as the payment token for purchasing credits or subscribing to services. Additionally, it will be necessary to hold it in order to receive a cut of the money generated by the Avorak AI services.
Long-term investors will have a ‘Share Increase’ staking option available in the first year, allowing AVRK holders to lock their tokens for up to 12 months in exchange for a share of the last publicly available non-LP tokens.
Will Avorak and AI crypto dominate the next run?
Incorporating AI into blockchain technology also holds the possibility of an exciting future. Avorak stands in the way as a market leader using both technologies to achieve what no other project has achieved so far.
The blockchain-AI-based solutions will give users control over digital transactions while upholding their privacy rights. Users can join in on the project through its Initial Coin Offering (ICO) by purchasing AVRK tokens at a significantly discounted price. AVRK tokens will significantly benefit holders. First, the token has a maximum supply of 40 million tokens. The limited supply will heavily impact its demand as the project establishes its roots in the crypto community.
Besides the limited supply, the devs at Avorak Labs have also established a burning feature that will allow 2% of incoming AVRK tokens to be permanently removed from circulation, subsequently reducing its supply. Moreover, AVRK holders will have various options to earn passive income from the tokens. First, AVRK participants will enjoy capital gains as the token appreciates in value over time.
Secondly, the token holders can participate in yield farming activities on decentralized exchanges, earning them passive income. AVRK users may also opt to utilize and capitalize on the ‘Earn’ features found on centralized exchanges after the token is listed on these platforms. Avorak AI clearly stands out as the next phase of cryptocurrencies with the potential to shadow smart contracting platforms such as Solana in the next bull market.
For more information on Avorak AI:
Website: https://avorak.ai
Buy AVRK: https://invest.avorak.ai/register
Credit: Source link
