Many blockchains have sprung up since Satoshi’s publication of the Bitcoin whitepaper. However, several haven’t turned out as planned or perceived. Inclusive blockchains have become very much like the mythical pot of gold at the end of the rainbow.
We reached out to Nick Agar, Founder of the AXIA blockchain project to talk about this. Here is what he had to say.
Nick Agar Founder of AXIA
- What are hyper-deflationary digital currencies?
There are very few in existence despite their potential to act as a better store of value and a superior counter to the inflation/hyper-inflation that is being seen around the world.
The AXIA model is as follows: AXIA Coin has a limited supply that reduces based on participation, activity and staking across the network and its expanding ecosystem; in essence, its supply will only decrease, never increase and the velocity through which it decreases can grow over time as a result of more activity and use cases.
- What makes hyper-deflationary digital currencies different from regular digital currencies?
Most digital currencies have either an infinite supply or little to no utility and/or fundamental value.
AXIA Coin on the other hand continually becomes more scarce and more rare to provide greater value and that value is enhanced by all of the utility, use cases, products and platforms that exist on the AXIA Network and in the AXIA Ecosystem.
- Please, can you explain the concept behind AXIA?
AXIA is a project that is building a digital ecosystem around AXIA Coin, the first ever hyper-deflationary asset-supported digital currency that can be used globally.
The tokenomics of AXIA are completely unique in the industry as the total supply is constantly reducing as a result of any form of participation, staking and other activities across its vast ecosystem.
This offers holders and users of AXIA Coin a value proposition that has never existed before in any market, from traditional finance to crypto.
AXIA establishes a better store of value with a monetary system and tokenomics that goes well beyond what are considered deflationary instruments as AXIA Coin will become more and more scarce over time, which can not only protect purchasing power but can enhance it.
The unique economic system and significant amount of utility of AXIA Coin makes it stand in contrast to the rest of the market.
The goal is for the AXIA Network to become the top blockchain network in the market and bring the industry to the mainstream. AXIA will also help to support other projects and empower individuals to take more control of their present and future with a better technological solution that has the power to change things for the better for people all around the world.
- Congratulations on the launch of the AXIA Testnet! What’s next for AXIA?
The testnet is an exciting step as it will give developers the opportunity to test out the next generation network and begin to think about building on it.
After the launch of the testnet, the team will begin planning for the mainnet release offering superior economics, energy efficiency, more decentralization and inclusivity.
This is where the AXIA Network will truly take its rightful place among the top crypto projects in the space and set a new standard for the industry due to its modern capabilities and nearly infinite use cases.
- Please can you tell us about the Proof-of-Participation (PoP) protocol?
The AXIA Network uses the inclusive Proof-of-Participation (PoP) protocol, the AXIA upgraded version of Proof-of-Stake (PoS).
Consensus protocols with deterministic finality, such this require a set of registered validators of bonded size. Validators stake AXIA Coin and help secure the AXIA Network by validating the transaction proofs.
The validators receive unrivaled staking rewards in AXIA Coin for each block that is published on the chain.
The security and inclusiveness of the AXIA Network is further enhanced through nominators.
Nominators play a vital role in the AXIA staking and security process as they can stake their AXIA Coin simply through using any electronic device such as a mobile phone in order to select and nominate trustworthy validators.
Related: How do Cryptocurrencies Gain Their Value?
- What are the benefits of Proof-of-Participation (PoP) as opposed to other consensus models?
The AXIA PoP is not only much more efficient than regular Proof-of-Work (PoW) protocols, but also considerably more secure than conventional forms of PoS such as DPoS (Delegated Proof of Stake), PPoS (Pure Proof of Stake) and BPoS (Bonded Proof of Stake).
This will increase the level of decentralization and is unmatched by any other PoS-based blockchain.
- What are the various issues and problems in other blockchain networks that AXIA aims to solve?
High transaction fees/costs
Lack of interoperability
High barriers to entry
Energy inefficiency/damage to environment
Lack of decentralization
- What is the AXIA Corechain? What are Allychains?
The core blockchain is the AXIA CoreChain that empowers the shared security for the network and the inclusive consensus.
In addition, there are AllyChains that are connected to the CoreChain which inherit the shared security.
The AllyChains are application-specific blockchains with their own governance, native token, and business processes, each of which will benefit from all the strategic advantages that the AXIA Network offers all participants.
The AXIA Network deploys cutting-edge blockchain and smart contract technology to solve the challenges in the existing 1st and 2nd generation blockchain networks.
It enables a robust infrastructure and superior tokenomics to design decentralized applications (dApps) in other domains.
Its architecture provides a strong framework consisting of the main CoreChain and the affiliated AllyChains, combined with features like a highly energy-efficient inclusive consensus, mobile staking and cross-chain transaction routing, all benefiting from the hyper-deflationary economics of the AXIA Network as a whole to form a truly sophisticated, participatory blockchain.
- What is the relationship between the Corechain and Allychains?
The AXIA Network can broadly be separated into two sets – the CoreChain and AllyChains, with each of these having three subsets; Validators, Nominators and Collators.
Members of each AllyChain interact among themselves rather than conversing with participants in other AllyChains.
For a well scaled out multi-chain, the strategy of peer make-up for each class of participants will differ. Collators will need to continuously be in contact with the set of elected Validators.
The CoreChain is the main chain, which serves as the communication layer for all AllyChains.
This communication layer further facilitates the interoperability between multiple AllyChains with each of them being part of the same CoreChain.
There is not an intrinsic requirement for CoreChain to support the smart contracts of AllyChains.
This is due to the fact that the AllyChains on the AXIA Network have complete freedom and autonomy to enable their own token with their own token standards. This provides an even higher level of decentralization.
- Please, can you tell us about the AXIA Coin?
AXIA Coin is the first ever hyper-deflationary, asset-supported digital currency that can be used globally today.
The supply is constantly reducing as a result of participation, staking and activity across the AXIA Network.
AXIA Coin establishes a better store of value based on its superior economic design.
There is also the ability to use AXIA Coin as a medium of exchange with debit cards and other means and payment features across the world.
And the soon-to-be-released AXIA Treasury can grow over time to provide a strong underlying asset support for the project as a whole.
- What is mobile staking?
Staking is the process of actively participating in transaction validation on the network in order to help it function.
Before, this process could be highly technical, and involve heavy computing power, among other issues.
With the AXIA Network, anybody can stake instantly through a simple app on any mobile device and start generating favorable rewards for themselves due to the innovative economic design.
This can open the door to new opportunities for people around the world and bring blockchain to the masses for the first time.
Related: How Staking is the Next Step in Crypto
- How can web3 users get access to AXIA Coins?
Simple: the concept of WEB3 is delivering the power back to users.
Beyond all of the AXIA platforms and DeFi products that will enable this following the network launch, participants can already get access to AXIA Coins through the “Use-to-Earn” apps of AXIA.
While “Play-to-Earn” has become a popular gaming moniker in WEB3, AXIA is pioneering the “Use-to-Earn” concept through using either AXplorer (Internet browser) or AXchat (messaging app), with over a dozen more on the way.
Users can not only enjoy enhanced privacy and data protection, but actually earn daily AXIA Coin rewards for doing what they were already doing like browsing the web or texting and calling family.
- Please can you tell us about the Asset-Supporting structure of the AXIA Treasury?
The AXIA Treasury was instituted to implement an additional layer of support for AXIA Coin to not only create the means for an even safer store of value, but augment the overall value proposition for holders and users of AXIA Coin knowing that it can grow over time.
So, beyond the value derived from the AXIA Network, platforms, ecosystem applications, businesses and partnerships, along with the utility to use AXIA Coin as the prefered currency, the AXIA Treasury can provide even more additional support for participants.
Whenever coins are acquired within the AXIA Ecosystem, the AXIA Treasury increases according to the acquired value. Moreover, the Total Supply is reduced by the corresponding amount of coins.
If there is an associated fee, the Treasury grows that much more and further enhances the reduction of Total Supply from that one singular instance.
The asset that is exchanged for AXIA Coin will be placed into the AXIA Treasury.
Proceeds generated from any of the AXIA platforms, applications or businesses as well as associated partnerships within the ecosystem and across the network are also deposited into the AXIA Treasury.
The Treasury will have the means to consistently grow as the ecosystem continues to expand thus providing greater support and strength for AXIA Coin.
As AXIA is a non-profit organization all the value generated in the system will go directly into the AXIA Treasury.
- What are the parameters for coin buring on the AXIA network?
Please see last week’s blog post which outlines this exactly: https://medium.com/@AXIACoin/axia-101-axia-coin-burning-explained-d76df60389a0
- Can you tell us about the other components of the AXIA ecosystem?
AXIA apps offer “use-to-earn” features, like AXchat and AXplorer.
AXIA Tel offers fully encrypted smartphones that have more privacy and security and can also reward you for daily use. Furthermore, there will be cost-efficient global phone plans and a roaming WiFi box for free WiFi anywhere in the world.
There are also AXIA DeFi platforms that will be released following the network, including an NFT Platform, decentralized exchange, and more.
- How did the AXIA project start? What’s the main inspiration for the project?
The project started several years ago when I was working in Finance and became disillusioned with the industry, based on all the inefficiencies, unfairness and lack of transparency that still exist today.
This, plus the advent of blockchain opened the doors to new possibilities.
AXIA was created to develop a more fair and rewarding economic system that can bring new forms of productivity into the system and prosperity to millions around the world.
- Can you tell us about your web3 backstory?
I would rather focus on the AXIA mission, which is to create a new economy that benefits everyday consumers.
- How will AXIA change the web3 space?
AXIA will truly help to pioneer the concept and drive the space forward with technologies that finally put the power back in the hands of participants rather than profit and corporate interest.
- Any plans for a full launch this year?
Yes, the AXIA Network mainnet will also be launching this year.
- How can developers onboard into the AXIA ecosystem?
Visit our Wiki, GitHub (both going live tomorrow), or our Discord channel.
Related: E-Crypto News Round Table Discussion on Blockchain Technology & Legacy Systems