This summer has been a difficult time for the crypto market. Crypto users would have seen the rapid decline in prominent cryptocurrencies such as Bitcoin (BTC), Solana (SOL) and Terra (LUNA) – a daunting time for buyers.
Despite the bearish market, the enthusiasm and interest in cryptocurrencies have maintained and with the decline of upper-echelon cryptocurrencies, users would be looking to purchase cryptocurrencies that have lower risk factors.
Persystic (PSYS) is an upcoming blockchain network that is built on the Binance Smart Chain – a reputable decentralised ecosystem. Along with this newcomer to the market comes Ethereum (ETH), the second most successful blockchain network in the crypto realm.
This editorial will explore if both Persystic (PSYS) and Ethereum (ETH) can contribute to the revival of the crypto market.
The Social Network Token – Persystic Token (PSYS)
As previously mentioned, Persystic (PSYS) is based on the Binance Smart Chain – an open source and decentralised ecosystem. It is best described as a tokenized mixed social network that enables individuals to interact with each other while giving them the ability to form communities based on democratic principles.
Persystic aims to solve the issues that traditional social media networks face such as poor monetisation, government censorship, security and fake content. PSYS permits the creators to take ownership of their work, where they can decide to store or delete their content when they please.
Additionally, the Persystic project wants to enable peer-to-peer (P2P) sharing of content by using decentralised nodes. Users are also able to tip other creators, purchase content and perform other transactions within the network.
The past decade has seen prominent social media platforms such as Twitter, Instagram and Facebook transcend outside of the entertainment sphere and have instead become an integral part of a daily routine for many active internet users. By targeting a market which has an approximate revenue of $42.39 billion in 2022, Persystic are capitalising on creating an innovative platform that aims to enhance the social media experience. It is currently in its presale stage, so if you are a buyer looking for a crypto coin that is low risk, then PSYS is a viable option.
The Smart Contracts Pioneer – Ethereum (ETH)
Ethereum (ETH) is primarily known for being the second most successful cryptocurrency behind Bitcoin. It quickly rose in popularity due to pioneering the smart contract mechanism – computer programs that automatically execute the necessary actions to fulfil an agreement between parties online.
Smart contracts were designed to eliminate the need for an intermediary’s involvement between contractors, reducing transaction costs while also increasing transaction reliability. intermediary for contractors, reducing the transaction costs while also increasing reliability.
The year of 2022 has seen Ethereum mention its plan to move from a proof-of-work consensus to a proof-of-stake algorithm, to improve scalability and sustainability.
This transition will be known as Ethereum 2.0 and is scheduled to come to fruition in August 2022. Ethereum has continued to advance with the power of blockchain technology, which has made it one of the most dominant cryptocurrencies on the market. Its large ecosystem and consistent development is what users can have trust in when purchasing the ETH coin.
If you would like to read more on the Persystic Token (PSYS) Article, Read Here: What Is The Persystic Token?
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